Wells Fargo & Company Issues Positive Forecast for GitLab (NASDAQ:GTLB) Stock Price

GitLab (NASDAQ:GTLB - Get Free Report) had its target price boosted by equities research analysts at Wells Fargo & Company from $75.00 to $80.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Wells Fargo & Company's target price indicates a potential upside of 19.07% from the company's previous close.

A number of other research analysts also recently issued reports on the stock. Piper Sandler upped their target price on shares of GitLab from $75.00 to $85.00 and gave the company an "overweight" rating in a research report on Friday. Canaccord Genuity Group increased their price objective on shares of GitLab from $65.00 to $78.00 and gave the company a "buy" rating in a report on Friday. DA Davidson reaffirmed a "neutral" rating and set a $50.00 target price on shares of GitLab in a report on Monday, October 14th. Robert W. Baird upped their target price on shares of GitLab from $62.00 to $75.00 and gave the company an "outperform" rating in a research report on Friday. Finally, Cantor Fitzgerald upgraded GitLab to a "strong-buy" rating in a research report on Tuesday, November 12th. Three investment analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $74.56.

GitLab Stock Up 1.7 %

Shares of GTLB stock traded up $1.15 during trading on Friday, reaching $67.19. The company had a trading volume of 12,913,277 shares, compared to its average volume of 1,952,928. The firm's 50 day simple moving average is $57.91 and its two-hundred day simple moving average is $52.28. GitLab has a one year low of $40.72 and a one year high of $78.53.

GitLab (NASDAQ:GTLB - Get Free Report) last released its earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, topping analysts' consensus estimates of $0.10 by $0.05. The company had revenue of $182.58 million during the quarter, compared to the consensus estimate of $176.86 million. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The firm's quarterly revenue was up 30.8% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.29) earnings per share. As a group, research analysts predict that GitLab will post -0.41 EPS for the current year.

Insider Buying and Selling

In related news, insider Robin Schulman sold 2,990 shares of the firm's stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $55.00, for a total value of $164,450.00. Following the completion of the transaction, the insider now owns 136,076 shares of the company's stock, valued at approximately $7,484,180. This trade represents a 2.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sytse Sijbrandij sold 56,000 shares of GitLab stock in a transaction on Tuesday, October 15th. The shares were 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. Over the last three months, insiders sold 185,033 shares of company stock worth $10,569,356. 21.36% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of GTLB. Renaissance Technologies LLC raised its stake in shares of GitLab by 168.8% during the 2nd quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company's stock worth $59,196,000 after purchasing an additional 747,712 shares in the last quarter. Primecap Management Co. CA raised its position in GitLab by 269.5% during the second quarter. Primecap Management Co. CA now owns 827,040 shares of the company's stock worth $41,120,000 after acquiring an additional 603,200 shares in the last quarter. Los Angeles Capital Management LLC acquired a new stake in GitLab in the third quarter valued at $30,827,000. Atreides Management LP acquired a new stake in GitLab in the third quarter valued at $25,605,000. Finally, William Blair Investment Management LLC bought a new position in shares of GitLab in the 2nd quarter valued at about $16,071,000. 91.72% of the stock is owned by institutional investors and hedge funds.

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.