Needham & Company LLC Reaffirms Hold Rating for GitLab (NASDAQ:GTLB)

GitLab (NASDAQ:GTLB - Get Free Report)'s stock had its "hold" rating reissued by research analysts at Needham & Company LLC in a research report issued on Wednesday, Benzinga reports.

Several other research analysts also recently commented on GTLB. Baird R W upgraded shares of GitLab to a "strong-buy" rating in a research report on Tuesday, August 27th. BTIG Research lowered their target price on GitLab from $71.00 to $58.00 and set a "buy" rating for the company in a report on Tuesday, June 4th. Bank of America boosted their price target on GitLab from $66.00 to $68.00 and gave the stock a "buy" rating in a report on Wednesday. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $55.00 price objective on shares of GitLab in a research note on Monday, August 19th. Finally, DA Davidson reiterated a "neutral" rating and set a $50.00 target price on shares of GitLab in a research report on Thursday, August 29th. Four investment analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, GitLab has an average rating of "Moderate Buy" and a consensus price target of $65.63.

GitLab Trading Up 21.6 %

NASDAQ GTLB traded up $9.67 during trading on Wednesday, reaching $54.35. The company's stock had a trading volume of 13,604,652 shares, compared to its average volume of 2,571,767. The firm has a 50 day moving average price of $48.75 and a 200 day moving average price of $53.11. GitLab has a 12 month low of $40.19 and a 12 month high of $78.53. The firm has a market capitalization of $8.64 billion, a price-to-earnings ratio of -19.67 and a beta of 0.46.

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, 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 business had revenue of $182.58 million during the quarter, compared to analysts' expectations of $176.86 million. During the same period in the previous year, the company posted ($0.29) earnings per share. The firm's revenue for the quarter was up 30.8% compared to the same quarter last year. On average, equities analysts forecast that GitLab will post -0.5 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Brian G. Robins sold 23,332 shares of the business's stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $49.24, for a total transaction of $1,148,867.68. Following the completion of the transaction, the chief financial officer now directly owns 259,109 shares in the company, valued at approximately $12,758,527.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Brian G. Robins sold 23,332 shares of GitLab stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $49.24, for a total transaction of $1,148,867.68. Following the completion of the sale, the chief financial officer now owns 259,109 shares in the company, valued at approximately $12,758,527.16. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Robin Schulman sold 2,402 shares of the company's stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $56.25, for a total transaction of $135,112.50. Following the completion of the transaction, the insider now owns 142,933 shares in the company, valued at $8,039,981.25. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 140,275 shares of company stock valued at $6,848,847. Company insiders own 21.36% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sycomore Asset Management increased its position in shares of GitLab by 135.6% during the 2nd quarter. Sycomore Asset Management now owns 166,574 shares of the company's stock valued at $8,089,000 after purchasing an additional 95,874 shares during the last quarter. Clearbridge Investments LLC lifted its holdings in shares of GitLab by 4.8% in the 2nd quarter. Clearbridge Investments LLC now owns 523,820 shares of the company's stock worth $26,044,000 after acquiring an additional 23,899 shares during the last quarter. Quarry LP boosted 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 purchasing an additional 1,502 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in shares of GitLab by 1,890.6% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 143,008 shares of the company's stock valued at $7,110,000 after purchasing an additional 135,824 shares during the last quarter. Finally, Algert Global LLC raised its position in GitLab by 270.4% in the 2nd quarter. Algert Global LLC now owns 143,145 shares of the company's stock worth $7,117,000 after purchasing an additional 104,495 shares during the period. 91.72% of the stock is currently 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.