GitLab (NASDAQ:GTLB - Free Report) had its price objective upped by Piper Sandler from $75.00 to $85.00 in a report published on Friday,Benzinga reports. They currently have an overweight rating on the stock.
A number of other research firms have also recently commented on GTLB. Robert W. Baird upped their price objective on shares of GitLab from $62.00 to $75.00 and gave the company an "outperform" rating in a research report on Friday. Cantor Fitzgerald upgraded GitLab to a "strong-buy" rating in a report on Tuesday, November 12th. KeyCorp boosted their price objective on GitLab from $74.00 to $80.00 and gave the company an "overweight" rating in a research report on Friday. Wells Fargo & Company increased their target price on GitLab from $70.00 to $75.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 4th. Finally, Morgan Stanley assumed coverage on shares of GitLab in a research note on Wednesday, October 9th. They issued an "overweight" rating and a $70.00 price target on the stock. Three research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $74.56.
Read Our Latest Analysis on GitLab
GitLab Stock Performance
Shares of GTLB stock traded up $1.15 during trading hours on Friday, reaching $67.19. The company had a trading volume of 12,913,277 shares, compared to its average volume of 1,952,928. GitLab has a 1-year low of $40.72 and a 1-year high of $78.53. The company has a 50 day moving average of $57.91 and a 200 day moving average of $52.28.
GitLab (NASDAQ:GTLB - Get Free Report) last issued its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.10 by $0.05. The firm had revenue of $182.58 million during the quarter, compared to analysts' expectations of $176.86 million. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The business's revenue for the quarter was up 30.8% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.29) earnings per share. Equities research analysts forecast that GitLab will post -0.41 EPS for the current year.
Insider Activity
In related news, CAO Erin Mannix sold 1,433 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $52.80, for a total value of $75,662.40. Following the sale, the chief accounting officer now owns 72,448 shares in the company, valued at approximately $3,825,254.40. This represents a 1.94 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sytse Sijbrandij sold 84,776 shares of GitLab stock in a transaction on Monday, November 18th. The stock was sold at an average price of $59.64, for a total transaction of $5,056,040.64. The disclosure for this sale can be found here. Insiders sold a total of 185,033 shares of company stock valued at $10,569,356 in the last quarter. Company insiders own 21.36% of the company's stock.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently bought and sold shares of the stock. Cetera Advisors LLC acquired a new position in GitLab in the 1st quarter valued at $368,000. M&G Plc bought a new position in shares of GitLab during the second quarter worth approximately $10,266,000. Wealth Enhancement Advisory Services LLC raised its position in shares of GitLab by 5.6% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 67,474 shares of the company's stock valued at $3,355,000 after buying an additional 3,570 shares in the last quarter. Tran Capital Management L.P. boosted its stake in shares of GitLab by 127.6% in the second quarter. Tran Capital Management L.P. now owns 200,628 shares of the company's stock valued at $9,975,000 after buying an additional 112,490 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in GitLab during the second quarter worth approximately $214,000. Institutional investors and hedge funds own 91.72% of the company's stock.
GitLab Company Profile
(
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GitLab Inc, through its subsidiaries, develops software for the software development lifecycle in the United States, Europe, and the Asia Pacific. It offers GitLab, a DevOps platform, which is a single application that leads to faster cycle time and allows visibility throughout and control over various stages of the DevOps lifecycle.
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