GitLab (NASDAQ:GTLB) Upgraded by Raymond James to “Outperform”

Raymond James upgraded shares of GitLab (NASDAQ:GTLB) from a market perform rating to an outperform rating in a report issued on Friday, Marketbeat reports. They currently have $70.00 price objective on the stock.

Several other equities analysts have also issued reports on GTLB. UBS Group decreased their price objective on GitLab from $81.00 to $75.00 and set a buy rating for the company in a research report on Tuesday, March 5th. Royal Bank of Canada reaffirmed an outperform rating and set a $80.00 price target on shares of GitLab in a research report on Tuesday, March 5th. Sanford C. Bernstein upped their price target on GitLab from $71.00 to $76.00 and gave the stock an outperform rating in a research report on Tuesday, March 5th. TD Cowen reduced their price target on GitLab from $80.00 to $76.00 and set an outperform rating for the company in a research report on Tuesday, March 5th. Finally, Wells Fargo & Company started coverage on GitLab in a research report on Tuesday, April 9th. They set an overweight rating and a $70.00 price target for the company. Three analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $70.73.

GitLab Trading Down 5.7 %

Shares of NASDAQ:GTLB opened at $53.83 on Friday. The stock has a market capitalization of $8.54 billion, a P/E ratio of -19.57 and a beta of 0.46. GitLab has a 1-year low of $26.24 and a 1-year high of $78.53. The business has a 50-day moving average price of $63.40 and a two-hundred day moving average price of $57.87.

GitLab (NASDAQ:GTLB) last posted its earnings results on Monday, March 4th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.07. GitLab had a negative return on equity of 18.26% and a negative net margin of 73.14%. The company had revenue of $163.80 million during the quarter, compared to analyst estimates of $157.89 million. During the same period in the previous year, the company earned ($0.26) EPS. The company’s revenue for the quarter was up 33.3% compared to the same quarter last year. As a group, equities analysts predict that GitLab will post -0.96 EPS for the current year.

Insider Activity at GitLab

In related news, CEO Sytse Sijbrandij sold 230,000 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $53.59, for a total value of $12,325,700.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO Sytse Sijbrandij sold 230,000 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $53.59, for a total value of $12,325,700.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Robin Schulman sold 1,704 shares of the stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $65.00, for a total value of $110,760.00. Following the transaction, the insider now owns 60,132 shares in the company, valued at approximately $3,908,580. The disclosure for this sale can be found here. In the last quarter, insiders have sold 513,342 shares of company stock worth $30,378,097. Company insiders own 28.04% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in GTLB. Vanguard Group Inc. grew its holdings 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 worth $591,096,000 after purchasing an additional 1,070,994 shares in the last quarter. Morgan Stanley increased its position in shares of GitLab by 3.0% in the fourth quarter. Morgan Stanley now owns 7,845,971 shares of the company’s stock worth $356,521,000 after purchasing an additional 228,085 shares during the period. Invesco Ltd. increased its position in shares of GitLab by 71.3% in the third quarter. Invesco Ltd. now owns 4,236,833 shares of the company’s stock worth $191,590,000 after purchasing an additional 1,762,944 shares during the period. 1832 Asset Management L.P. increased its position in shares of GitLab by 152.1% in the fourth quarter. 1832 Asset Management L.P. now owns 3,952,200 shares of the company’s stock worth $179,588,000 after purchasing an additional 2,384,500 shares during the period. Finally, BlackRock Inc. increased its position in shares of GitLab by 7.2% in the first quarter. BlackRock Inc. now owns 3,950,657 shares of the company’s stock worth $135,468,000 after purchasing an additional 266,048 shares during the period. Institutional investors own 91.72% of the company’s stock.

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.