GitLab (NASDAQ:GTLB) Price Target Raised to $55.00 at Barclays

GitLab (NASDAQ:GTLB - Get Free Report) had its target price hoisted by equities research analysts at Barclays from $50.00 to $55.00 in a report released on Thursday, Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Barclays's target price would suggest a potential downside of 1.52% from the company's previous close.

Several other brokerages have also issued reports on GTLB. Needham & Company LLC reiterated a "hold" rating on shares of GitLab in a research note on Wednesday. Royal Bank of Canada increased their price target on shares of GitLab from $55.00 to $60.00 and gave the company an "outperform" rating in a report on Wednesday. Baird R W raised GitLab to a "strong-buy" rating in a report on Tuesday, August 27th. Canaccord Genuity Group dropped their price target on shares of GitLab from $74.00 to $65.00 and set a "buy" rating for the company in a research report on Wednesday, June 5th. Finally, UBS Group upped their price objective on shares of GitLab from $62.00 to $65.00 and gave the stock a "buy" rating in a research report on Wednesday. Four investment 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. According to data from MarketBeat.com, GitLab currently has a consensus rating of "Moderate Buy" and a consensus price target of $65.83.

GitLab Stock Up 2.8 %

Shares of GTLB traded up $1.50 during trading hours on Thursday, reaching $55.85. The company's stock had a trading volume of 4,383,441 shares, compared to its average volume of 2,581,981. The company has a 50 day moving average of $48.99 and a two-hundred day moving average of $53.14. GitLab has a 1-year low of $40.19 and a 1-year high of $78.53. The firm has a market cap of $8.87 billion, a price-to-earnings ratio of -20.31 and a beta of 0.46.

GitLab (NASDAQ:GTLB - Get Free Report) last released its quarterly earnings results 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. GitLab had a negative net margin of 68.52% and a negative return on equity of 19.14%. The company had revenue of $182.58 million during the quarter, compared to analysts' expectations of $176.86 million. During the same period in the prior year, the company earned ($0.29) earnings per share. The business's quarterly revenue was up 30.8% compared to the same quarter last year. As a group, analysts forecast that GitLab will post -0.5 EPS for the current fiscal year.

Insider Activity at GitLab

In related news, CFO Brian G. Robins sold 11,667 shares of GitLab stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $43.56, for a total transaction of $508,214.52. Following the sale, the chief financial officer now directly owns 305,175 shares in the company, valued at $13,293,423. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Brian G. Robins sold 23,334 shares of the firm's stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $50.24, for a total transaction of $1,172,300.16. Following the completion of the sale, the chief financial officer now owns 282,441 shares of the company's stock, valued at $14,189,835.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Brian G. Robins sold 11,667 shares of the company's stock in a transaction that occurred on 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 in the company, valued at $13,293,423. The disclosure for this sale can be found here. Insiders have sold 140,275 shares of company stock worth $6,848,847 over the last 90 days. 21.36% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of GitLab by 12.9% during the 4th 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 grew its position in GitLab by 78.5% during the first quarter. Capital Research Global Investors now owns 7,040,410 shares of the company's stock valued at $410,597,000 after buying an additional 3,096,437 shares during the period. Norges Bank purchased a new stake in GitLab during the fourth quarter valued at approximately $222,591,000. Fiera Capital Corp raised its position in GitLab by 1.2% in the second quarter. Fiera Capital Corp now owns 1,242,468 shares of the company's stock worth $61,776,000 after acquiring an additional 14,687 shares during the period. Finally, 1832 Asset Management L.P. purchased a new position in shares of GitLab during the 4th quarter worth $76,918,000. 91.72% of the stock is owned by hedge funds and other institutional investors.

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.