UBS Group Increases GitLab (NASDAQ:GTLB) Price Target to $65.00

GitLab (NASDAQ:GTLB - Get Free Report) had its price target lifted by investment analysts at UBS Group from $62.00 to $65.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. UBS Group's target price would suggest a potential upside of 19.60% from the stock's previous close.

Other research analysts have also recently issued reports about the company. TD Cowen reduced their target price on GitLab from $76.00 to $58.00 and set a "buy" rating for the company in a research report on Tuesday, August 27th. BTIG Research raised their price objective on shares of GitLab from $58.00 to $63.00 and gave the stock a "buy" rating in a report on Wednesday. DA Davidson reissued a "neutral" rating and issued a $50.00 target price on shares of GitLab in a research note on Thursday, August 29th. Mizuho cut their price target on shares of GitLab from $70.00 to $62.00 and set a "buy" rating for the company in a research note on Tuesday, June 4th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of GitLab in a report on Wednesday. Four research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, GitLab has an average rating of "Moderate Buy" and a consensus price target of $65.63.

GitLab Stock Performance

Shares of GTLB stock traded up $9.67 on Wednesday, reaching $54.35. 13,604,652 shares of the company's stock traded hands, compared to its average volume of 2,571,767. The business's 50 day moving average price is $48.75 and its two-hundred day moving average price is $53.11. The company has a market capitalization of $8.64 billion, a P/E ratio of -19.67 and a beta of 0.46. GitLab has a 12-month low of $40.19 and a 12-month high of $78.53.

GitLab (NASDAQ:GTLB - Get Free Report) last posted its earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.05. GitLab had a negative return on equity of 19.14% and a negative net margin of 68.52%. The company had revenue of $182.58 million for the quarter, compared to analyst estimates of $176.86 million. During the same period last year, the company earned ($0.29) earnings per share. The business's revenue was up 30.8% compared to the same quarter last year. Research analysts predict that GitLab will post -0.5 earnings per share for the current year.

Insider Buying and Selling at GitLab

In other GitLab news, CEO Sytse Sijbrandij sold 56,000 shares of GitLab stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $48.99, for a total value of $2,743,440.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other GitLab news, CFO Brian G. Robins sold 11,667 shares of GitLab stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $43.56, for a total value of $508,214.52. Following the completion of the transaction, the chief financial officer now directly owns 305,175 shares of the company's stock, valued at $13,293,423. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sytse Sijbrandij sold 56,000 shares of the company's stock in a transaction on Monday, July 15th. The shares were sold at an average price of $48.99, for a total value of $2,743,440.00. The disclosure for this sale can be found here. Insiders have sold a total of 140,275 shares of company stock valued at $6,848,847 over the last three months. 21.36% of the stock is currently owned by insiders.

Institutional Trading of GitLab

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in GitLab by 12.9% during the fourth quarter. Vanguard Group Inc. now owns 9,388,440 shares of the company's stock valued at $591,096,000 after purchasing an additional 1,070,994 shares during the period. Capital Research Global Investors raised its position in shares of GitLab by 78.5% in the 1st quarter. Capital Research Global Investors now owns 7,040,410 shares of the company's stock worth $410,597,000 after acquiring an additional 3,096,437 shares in the last quarter. Norges Bank purchased a new stake in shares of GitLab during the 4th quarter worth $222,591,000. Fiera Capital Corp boosted its position in GitLab by 1.2% during the second quarter. Fiera Capital Corp now owns 1,242,468 shares of the company's stock valued at $61,776,000 after purchasing an additional 14,687 shares in the last quarter. Finally, 1832 Asset Management L.P. purchased a new position in GitLab in the fourth quarter valued at about $76,918,000. 91.72% of the stock is owned by hedge funds and other 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.