GitLab (NASDAQ:GTLB) Receives “Outperform” Rating from Royal Bank of Canada

Royal Bank of Canada reaffirmed their outperform rating on shares of GitLab (NASDAQ:GTLB) in a report issued on Thursday, Benzinga reports. The brokerage currently has a $65.00 target price on the stock.

A number of other brokerages have also weighed in on GTLB. DA Davidson lowered their price objective on GitLab from $65.00 to $50.00 and set a neutral rating for the company in a research note on Tuesday, June 4th. Mizuho dropped their price objective on shares of GitLab from $70.00 to $62.00 and set a buy rating on the stock in a research note on Tuesday, June 4th. Barclays lowered their price objective on GitLab from $55.00 to $50.00 and set an equal weight rating for the company in a research note on Tuesday, June 4th. Raymond James raised shares of GitLab from a market perform rating to an outperform rating and set a $70.00 price target for the company in a report on Friday, April 12th. Finally, Citic Securities began coverage on GitLab in a research report on Monday, June 3rd. They set a buy rating and a $80.00 price objective for the company. Four analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $67.30.

GitLab Price Performance

GitLab stock opened at $53.01 on Thursday. The company has a market cap of $8.42 billion, a price-to-earnings ratio of -19.28 and a beta of 0.46. GitLab has a 12 month low of $40.19 and a 12 month high of $78.53. The stock’s 50-day moving average is $50.01 and its 200-day moving average is $58.00.

GitLab (NASDAQ:GTLB) last issued its earnings results on Monday, June 3rd. The company reported ($0.24) earnings per share for the quarter, topping the consensus estimate of ($0.33) by $0.09. The company had revenue of $169.19 million during the quarter, compared to the consensus estimate of $165.66 million. GitLab had a negative return on equity of 19.14% and a negative net margin of 68.52%. Research analysts anticipate that GitLab will post -0.5 EPS for the current year.

Insider Activity

In other GitLab news, CFO Brian G. Robins sold 11,667 shares of the firm’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $43.56, for a total transaction of $508,214.52. Following the completion of the sale, the chief financial officer now directly owns 305,175 shares in the company, valued at approximately $13,293,423. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other GitLab news, CEO Sytse Sijbrandij sold 56,000 shares of the company’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $48.99, for a total value of $2,743,440.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Brian G. Robins sold 11,667 shares of GitLab stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $43.56, for a total value of $508,214.52. Following the sale, the chief financial officer now owns 305,175 shares of the company’s stock, valued at $13,293,423. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 116,943 shares of company stock worth $5,699,980. 21.36% of the stock is owned by corporate insiders.

Institutional Trading of GitLab

A number of institutional investors have recently added to or reduced their stakes in the business. Byrne Asset Management LLC bought a new position in GitLab during the first quarter valued at about $33,000. Allspring Global Investments Holdings LLC raised 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 acquiring an additional 548 shares in the last quarter. Banque Cantonale Vaudoise acquired a new stake in GitLab in the 1st quarter worth approximately $58,000. Future Financial Wealth Managment LLC acquired a new position in GitLab during the first quarter valued at approximately $58,000. Finally, Harvest Fund Management Co. Ltd acquired a new position in GitLab during the fourth quarter valued at approximately $71,000. 91.72% of the stock is currently 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.