GitLab Inc. (NASDAQ:GTLB) Receives $66.22 Average PT from Analysts

GitLab Inc. (NASDAQ:GTLB - Get Free Report) has earned a consensus rating of "Moderate Buy" from the twenty-five brokerages that are currently covering the stock, Marketbeat.com reports. Four research analysts have rated the stock with a hold recommendation, twenty have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $66.22.

Several analysts recently issued reports on the company. Royal Bank of Canada upped their target price on GitLab from $55.00 to $60.00 and gave the stock an "outperform" rating in a report on Wednesday, September 4th. Wells Fargo & Company upped their target price on GitLab from $70.00 to $75.00 and gave the company an "overweight" rating in a research report on Wednesday, September 4th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $55.00 target price on shares of GitLab in a research report on Monday, August 19th. Scotiabank boosted their price target on GitLab from $59.00 to $65.00 and gave the company a "sector outperform" rating in a research note on Wednesday, September 4th. Finally, Barclays boosted their price target on GitLab from $50.00 to $55.00 and gave the company an "equal weight" rating in a research note on Thursday, September 5th.

Insider Activity

In related news, CFO Brian G. Robins sold 23,332 shares of the stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $49.24, for a total value of $1,148,867.68. Following the completion of the sale, the chief financial officer now directly owns 259,109 shares in the company, valued at $12,758,527.16. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other GitLab news, CEO Sytse Sijbrandij sold 56,000 shares of the stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $54.68, for a total transaction of $3,062,080.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Brian G. Robins sold 23,332 shares of the stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $49.24, for a total value of $1,148,867.68. Following the sale, the chief financial officer now owns 259,109 shares of the company's stock, valued at approximately $12,758,527.16. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 103,673 shares of company stock worth $5,523,472. Insiders own 21.36% of the company's stock.

Institutional Trading of GitLab

Large investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC grew its stake in shares of GitLab by 2,107.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company's stock valued at $33,000 after buying an additional 548 shares during the period. Future Financial Wealth Managment LLC bought a new position in GitLab in the 1st quarter valued at about $58,000. Banque Cantonale Vaudoise bought a new position in GitLab in the 1st quarter valued at about $58,000. Quarry LP lifted its position in 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 acquiring an additional 1,502 shares in the last quarter. Finally, Canton Hathaway LLC lifted its position in GitLab by 26.3% in the 2nd quarter. Canton Hathaway LLC now owns 2,086 shares of the company's stock valued at $104,000 after acquiring an additional 435 shares in the last quarter. 91.72% of the stock is currently owned by institutional investors and hedge funds.

GitLab Stock Performance

GTLB stock traded up $0.91 during midday trading on Friday, hitting $55.34. 1,991,164 shares of the company's stock were exchanged, compared to its average volume of 2,418,793. The stock's fifty day moving average price is $50.22 and its 200-day moving average price is $51.04. The company has a market cap of $8.79 billion, a PE ratio of -20.44 and a beta of 0.46. GitLab has a one year low of $40.19 and a one 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 EPS for the quarter, beating 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 return on equity of 15.40% and a negative net margin of 54.62%. The company's quarterly revenue was up 30.8% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.29) earnings per share. On average, analysts expect that GitLab will post -0.41 EPS for the current year.

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.