KeyCorp Raises GitLab (NASDAQ:GTLB) Price Target to $74.00

GitLab (NASDAQ:GTLB - Free Report) had its price objective raised by KeyCorp from $62.00 to $74.00 in a research report report published on Tuesday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Other equities research analysts also recently issued reports about the company. Bank of America increased their price objective on GitLab from $66.00 to $68.00 and gave the company a "buy" rating in a report on Wednesday, September 4th. Scotiabank increased their price target 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. Royal Bank of Canada lifted their price objective on shares of GitLab from $55.00 to $60.00 and gave the company an "outperform" rating in a research note on Wednesday, September 4th. Morgan Stanley began coverage on shares of GitLab in a research note on Wednesday, October 9th. They set an "overweight" rating and a $70.00 target price for the company. Finally, Wells Fargo & Company boosted their price target on GitLab from $70.00 to $75.00 and gave the company an "overweight" rating in a research report on Wednesday, September 4th. Three equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, GitLab currently has an average rating of "Moderate Buy" and an average target price of $67.17.

GitLab Trading Down 0.3 %

NASDAQ:GTLB traded down $0.19 during midday trading on Tuesday, hitting $66.18. 794,148 shares of the company were exchanged, compared to its average volume of 2,333,046. GitLab has a fifty-two week low of $40.72 and a fifty-two week high of $78.53. The company has a market capitalization of $10.62 billion, a PE ratio of -28.36 and a beta of 0.45. The company has a fifty day simple moving average of $55.59 and a 200 day simple moving average of $51.64.

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 analysts' consensus estimates of $0.10 by $0.05. The business had revenue of $182.58 million for the quarter, compared to analysts' expectations of $176.86 million. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The business's revenue was up 30.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.29) earnings per share. As a group, equities research analysts expect that GitLab will post -0.41 EPS for the current year.

Insider Buying and Selling

In other GitLab news, CFO Brian G. Robins sold 16,668 shares of the company's stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $53.67, for a total value of $894,571.56. Following the sale, the chief financial officer now owns 250,109 shares of the company's stock, valued at $13,423,350.03. This represents a 6.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sytse Sijbrandij sold 56,000 shares of the firm's stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $54.68, for a total transaction of $3,062,080.00. The disclosure for this sale can be found here. Insiders have sold a total of 185,033 shares of company stock worth $10,569,356 in the last quarter. Company insiders own 21.36% of the company's stock.

Institutional Investors Weigh In On GitLab

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. State Street Corp boosted its stake in shares of GitLab by 5.8% during the third quarter. State Street Corp now owns 2,032,206 shares of the company's stock valued at $104,740,000 after acquiring an additional 111,997 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of GitLab by 7.0% during the third quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company's stock worth $104,476,000 after buying an additional 132,548 shares in the last quarter. Fiera Capital Corp raised its position in shares of GitLab by 1.4% in the third quarter. Fiera Capital Corp now owns 1,259,429 shares of the company's stock valued at $64,911,000 after buying an additional 16,961 shares during the last quarter. Bamco Inc. NY lifted its stake in shares of GitLab by 0.4% during the third quarter. Bamco Inc. NY now owns 1,253,244 shares of the company's stock valued at $64,592,000 after buying an additional 4,874 shares during the period. Finally, Renaissance Technologies LLC boosted its position in GitLab by 168.8% during the second quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company's stock worth $59,196,000 after acquiring an additional 747,712 shares during the last quarter. Hedge funds and other institutional investors 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.