GitLab (NASDAQ:GTLB) PT Raised to $55.00

GitLab (NASDAQ:GTLB) had its price objective hoisted by Barclays from $50.00 to $55.00 in a research note released on Thursday morning, Benzinga reports. Barclays currently has an equal weight rating on the stock.

Other analysts also recently issued research reports about the company. Needham & Company LLC reiterated a hold rating on shares of GitLab in a research note on Wednesday, September 4th. Robert W. Baird boosted their price target on GitLab from $59.00 to $62.00 and gave the company an outperform rating in a research note on Wednesday, September 4th. Cantor Fitzgerald reiterated an overweight rating and set a $55.00 price target on shares of GitLab in a research note on Monday, August 19th. KeyCorp lowered their target price on GitLab from $70.00 to $62.00 and set an overweight rating on the stock in a research note on Tuesday, June 4th. Finally, TD Cowen upped their target price on GitLab from $58.00 to $63.00 and gave the stock a buy rating in a research note on Wednesday, September 4th. Four equities research 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. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $65.87.

GitLab Stock Performance

Shares of GTLB opened at $53.09 on Thursday. The stock has a 50-day moving average of $49.06 and a two-hundred day moving average of $52.77. The stock has a market cap of $8.44 billion, a P/E ratio of -19.31 and a beta of 0.44. GitLab has a one year low of $40.19 and a one year high of $78.53.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.05. The business 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 quarter in the previous year, the business earned ($0.29) EPS. Analysts predict that GitLab will post -0.5 EPS for the current fiscal year.

Insider Buying and Selling at GitLab

In other GitLab news, Director Merline Saintil sold 1,329 shares of the stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $44.28, for a total transaction of $58,848.12. Following the completion of the transaction, the director now owns 7,040 shares of the company’s stock, valued at $311,731.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Merline Saintil sold 1,329 shares of the company’s stock in a transaction that occurred on 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 directly owns 7,040 shares in the company, valued at $311,731.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Brian G. Robins sold 23,332 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $49.24, for a total value of $1,148,867.68. Following the completion of the sale, the chief financial officer now owns 259,109 shares of the company’s stock, valued at $12,758,527.16. The disclosure for this sale can be found here. Insiders sold 128,608 shares of company stock valued at $6,340,633 over the last quarter. 21.36% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Sanctuary Advisors LLC purchased a new position in GitLab in the second quarter worth approximately $199,000. Sycomore Asset Management grew its position in 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 acquiring an additional 95,874 shares during the period. Clearbridge Investments LLC grew its position in GitLab by 4.8% in 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 period. Quarry LP grew its position in GitLab by 527.0% in the second quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after acquiring an additional 1,502 shares during the period. Finally, Northwestern Mutual Wealth Management Co. grew its position in GitLab by 1,890.6% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 143,008 shares of the company’s stock worth $7,110,000 after acquiring an additional 135,824 shares during the period. 91.72% of the stock is currently owned by hedge funds and other institutional investors.

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.