GitLab's (GTLB) "Buy" Rating Reiterated at Truist Financial

GitLab (NASDAQ:GTLB - Get Free Report)'s stock had its "buy" rating reiterated by equities researchers at Truist Financial in a research note issued to investors on Friday,Benzinga reports. They presently have a $90.00 price objective on the stock, up from their prior price objective of $80.00. Truist Financial's target price indicates a potential upside of 33.95% from the company's previous close.

Several other equities analysts have also recently issued reports on the company. Barclays lifted their price objective on GitLab from $50.00 to $55.00 and gave the company an "equal weight" rating in a research note on Thursday, September 5th. UBS Group increased their price objective on shares of GitLab from $62.00 to $65.00 and gave the company a "buy" rating in a research report on Wednesday, September 4th. Piper Sandler lifted their price objective on shares of GitLab from $75.00 to $85.00 and gave the stock an "overweight" rating in a research report on Friday. TD Cowen increased their target price on GitLab from $63.00 to $70.00 and gave the company a "buy" rating in a report on Thursday, November 21st. Finally, Baird R W upgraded GitLab to a "strong-buy" rating in a research note on Tuesday, August 27th. Three investment analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, GitLab currently has a consensus rating of "Moderate Buy" and an average price target of $74.56.

GitLab Price Performance

Shares of GTLB stock traded up $1.15 on Friday, hitting $67.19. The stock had a trading volume of 12,913,277 shares, compared to its average volume of 1,952,928. The company's 50 day moving average price is $57.91 and its 200-day moving average price is $52.28. GitLab has a 1 year low of $40.72 and a 1 year high of $78.53.

GitLab (NASDAQ:GTLB - Get Free Report) last issued its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.10 by $0.05. The company had revenue of $182.58 million for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.29) earnings per share. On average, sell-side analysts anticipate that GitLab will post -0.41 EPS for the current year.

Insider Activity

In related news, insider Robin Schulman sold 2,990 shares of the stock in a transaction that occurred on Thursday, October 10th. The shares were sold at an average price of $55.00, for a total transaction of $164,450.00. Following the completion of the sale, the insider now directly owns 136,076 shares of the company's stock, valued at $7,484,180. This represents a 2.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Erin Mannix sold 1,433 shares of GitLab stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $52.80, for a total value of $75,662.40. Following the transaction, the chief accounting officer now directly owns 72,448 shares in the company, valued at approximately $3,825,254.40. This trade represents a 1.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 185,033 shares of company stock valued at $10,569,356 in the last three months. Corporate insiders own 21.36% of the company's stock.

Institutional Investors Weigh In On GitLab

Several institutional investors and hedge funds have recently modified their holdings of the business. Future Financial Wealth Managment LLC acquired a new stake in shares of GitLab in the third quarter worth about $52,000. True Wealth Design LLC bought a new position in GitLab during the third quarter valued at about $56,000. Rakuten Securities Inc. increased its position in shares of GitLab by 268.1% during the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company's stock valued at $73,000 after purchasing an additional 1,032 shares during the period. Quarry LP raised its stake in shares of GitLab by 527.0% in the 2nd quarter. Quarry LP now owns 1,787 shares of the company's stock valued at $89,000 after buying an additional 1,502 shares in the last quarter. Finally, Capital Performance Advisors LLP acquired a new position in GitLab in the third quarter worth about $96,000. Institutional investors and hedge funds own 91.72% of the company's stock.

About GitLab

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.