GitLab (NASDAQ:GTLB) PT Raised to $65.00

GitLab (NASDAQ:GTLB) had its price target upped by Scotiabank from $59.00 to $65.00 in a research note issued to investors on Wednesday, Benzinga reports. Scotiabank currently has a sector outperform rating on the stock.

GTLB has been the subject of a number of other research reports. Robert W. Baird lifted their target price on GitLab from $59.00 to $62.00 and gave the stock an outperform rating in a report on Wednesday. DA Davidson restated a neutral rating and set a $50.00 price objective on shares of GitLab in a research note on Thursday, August 29th. Cantor Fitzgerald reiterated an overweight rating and issued a $55.00 price objective on shares of GitLab in a research note on Monday, August 19th. Mizuho decreased their target price on shares of GitLab from $70.00 to $62.00 and set a buy rating for the company in a research report on Tuesday, June 4th. Finally, JPMorgan Chase & Co. cut their price target on GitLab from $55.00 to $50.00 and set a neutral rating on the stock in a research report on Tuesday, June 4th. Four equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average target price of $65.87.

GitLab Trading Down 4.9 %

NASDAQ GTLB opened at $53.09 on Wednesday. GitLab has a 12-month low of $40.19 and a 12-month high of $78.53. The company has a fifty day simple moving average of $49.06 and a two-hundred day simple moving average of $53.00. The stock has a market cap of $8.44 billion, a P/E ratio of -19.31 and a beta of 0.44.

GitLab (NASDAQ:GTLB) last released its 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 firm had revenue of $182.58 million for the quarter, compared to the consensus estimate of $176.86 million. During the same period in the prior year, the firm earned ($0.29) EPS. The firm’s revenue was up 30.8% on a year-over-year basis. As a group, sell-side analysts forecast that GitLab will post -0.5 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Robin Schulman sold 2,402 shares of GitLab stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $56.25, for a total value of $135,112.50. Following the sale, the insider now owns 142,933 shares in the company, valued at $8,039,981.25. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, insider Robin Schulman sold 2,402 shares of the company’s stock in a transaction dated Wednesday, July 17th. The shares were 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 approximately $8,039,981.25. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Merline Saintil sold 1,329 shares of GitLab stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $44.28, for a total value of $58,848.12. Following the completion of the sale, the director now owns 7,040 shares in the company, valued at $311,731.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 128,608 shares of company stock worth $6,340,633. Company 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. Sanctuary Advisors LLC acquired a new stake in GitLab during the 2nd quarter worth $199,000. Sycomore Asset Management lifted its stake in shares of GitLab by 135.6% in the second quarter. Sycomore Asset Management now owns 166,574 shares of the company’s stock worth $8,089,000 after buying an additional 95,874 shares in the last quarter. Clearbridge Investments LLC boosted its position in GitLab by 4.8% during the second 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 grew its stake in GitLab by 527.0% during 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, Northwestern Mutual Wealth Management Co. raised its holdings in GitLab by 1,890.6% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 143,008 shares of the company’s stock valued at $7,110,000 after acquiring an additional 135,824 shares during the last quarter. 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.