Royal Bank of Canada Boosts GitLab (NASDAQ:GTLB) Price Target to $60.00

GitLab (NASDAQ:GTLB) had its price target raised by Royal Bank of Canada from $55.00 to $60.00 in a report published on Wednesday, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

Other equities research analysts also recently issued reports about the stock. Bank of America boosted their price objective on shares of GitLab from $66.00 to $68.00 and gave the stock a buy rating in a research note on Wednesday. BTIG Research lowered their price target on GitLab from $71.00 to $58.00 and set a buy rating for the company in a report on Tuesday, June 4th. Baird R W raised GitLab to a strong-buy rating in a research report on Tuesday, August 27th. Cantor Fitzgerald reaffirmed an overweight rating and issued a $55.00 target price on shares of GitLab in a research report on Monday, August 19th. Finally, TD Cowen lowered their target price on GitLab from $76.00 to $58.00 and set a buy rating for the company in a research note on Tuesday, August 27th. Four analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, GitLab presently has a consensus rating of Moderate Buy and a consensus target price of $65.87.

GitLab Stock Down 4.9 %

GTLB stock opened at $53.09 on Wednesday. GitLab has a 52 week low of $40.19 and a 52 week high of $78.53. The company has a market cap of $8.44 billion, a price-to-earnings ratio of -19.31 and a beta of 0.44. The business has a fifty day simple moving average of $49.06 and a 200-day simple moving average of $52.88.

GitLab (NASDAQ:GTLB) last released its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.05. The company had revenue of $182.58 million for the quarter, compared to the consensus estimate of $176.86 million. GitLab had a negative return on equity of 19.14% and a negative net margin of 68.52%. The company’s quarterly revenue was up 30.8% compared to the same quarter last year. During the same period last year, the business posted ($0.29) EPS. As a group, analysts expect that GitLab will post -0.5 earnings per share for the current fiscal year.

Insider Buying and Selling

In other GitLab news, CFO Brian G. Robins sold 23,332 shares of the company’s stock in a transaction that occurred on 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 sale, the chief financial officer now owns 259,109 shares in the company, valued at $12,758,527.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other GitLab 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 sale, the chief financial officer now owns 259,109 shares in the company, valued at $12,758,527.16. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Karen Blasing sold 4,430 shares of the stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $56.25, for a total transaction of $249,187.50. Following the sale, the director now directly owns 150,983 shares in the company, valued at $8,492,793.75. The disclosure for this sale can be found here. Over the last three months, insiders sold 128,608 shares of company stock worth $6,340,633. Corporate insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC lifted its holdings 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 worth $33,000 after purchasing an additional 548 shares during the last quarter. Banque Cantonale Vaudoise acquired a new position in shares of GitLab during the first quarter valued at $58,000. Future Financial Wealth Managment LLC bought a new position in shares of GitLab during the first quarter worth about $58,000. Quarry LP increased its holdings in shares of GitLab by 75.1% in the 4th quarter. Quarry LP now owns 1,166 shares of the company’s stock worth $73,000 after acquiring an additional 500 shares during the period. Finally, Tucker Asset Management LLC bought a new stake in GitLab in the 4th quarter valued at about $83,000. 91.72% of the stock is currently owned by institutional investors and hedge funds.

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.