GitLab (NASDAQ:GTLB) Raised to "Strong-Buy" at Cantor Fitzgerald

GitLab (NASDAQ:GTLB - Get Free Report) was upgraded by stock analysts at Cantor Fitzgerald to a "strong-buy" rating in a research note issued to investors on Tuesday,Zacks.com reports.

Other equities research analysts have also issued reports about the company. Bank of America raised their price objective on GitLab from $66.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday, September 4th. DA Davidson reissued a "neutral" rating and issued a $50.00 price objective on shares of GitLab in a research note on Monday, October 14th. Scotiabank boosted their price objective on shares of GitLab from $59.00 to $65.00 and gave the stock a "sector outperform" rating in a research note on Wednesday, September 4th. Baird R W upgraded shares of GitLab to a "strong-buy" rating in a report on Tuesday, August 27th. Finally, BTIG Research upped their price objective on shares of GitLab from $58.00 to $63.00 and gave the company a "buy" rating in a report on Wednesday, September 4th. Three equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $66.38.

GitLab Stock Performance

GTLB traded up $1.07 during trading on Tuesday, reaching $62.00. The stock had a trading volume of 714,623 shares, compared to its average volume of 2,335,206. The stock has a market cap of $9.95 billion, a PE ratio of -26.04 and a beta of 0.45. GitLab has a one year low of $40.72 and a one year high of $78.53. The business has a 50-day moving average of $54.26 and a 200-day moving average of $51.16.

GitLab (NASDAQ:GTLB - Get Free Report) last posted its earnings results on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, topping the consensus estimate 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 company's quarterly revenue was up 30.8% compared to the same quarter last year. During the same period last year, the company posted ($0.29) EPS. Equities research analysts forecast that GitLab will post -0.41 EPS for the current fiscal year.

Insider Transactions at GitLab

In other GitLab news, CFO Brian G. Robins sold 16,668 shares of GitLab stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $53.67, for a total value of $894,571.56. Following the completion of the transaction, the chief financial officer now directly owns 250,109 shares in the company, valued at $13,423,350.03. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, CEO Sytse Sijbrandij sold 56,000 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total value of $3,062,080.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Brian G. Robins sold 16,668 shares of the stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $53.67, for a total transaction of $894,571.56. Following the completion of the transaction, the chief financial officer now owns 250,109 shares of the company's stock, valued at $13,423,350.03. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 97,007 shares of company stock valued at $5,320,233. 21.36% of the stock is currently owned by insiders.

Institutional Investors Weigh In On GitLab

Several hedge funds and other institutional investors have recently bought and sold shares of GTLB. Allspring Global Investments Holdings LLC increased its stake in GitLab by 2,107.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company's stock worth $33,000 after purchasing an additional 548 shares in the last quarter. Future Financial Wealth Managment LLC purchased a new position in GitLab in the 3rd quarter worth about $52,000. Rakuten Securities Inc. increased its stake in GitLab by 268.1% in the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company's stock worth $73,000 after purchasing an additional 1,032 shares in the last quarter. Quarry LP grew its stake in GitLab by 527.0% during the 2nd quarter. Quarry LP now owns 1,787 shares of the company's stock valued at $89,000 after acquiring an additional 1,502 shares in the last quarter. Finally, Capital Performance Advisors LLP purchased a new position in GitLab during the 3rd quarter valued at about $96,000. 91.72% of the stock is currently owned by institutional investors.

GitLab Company Profile

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.