TD Cowen Raises GitLab (NASDAQ:GTLB) Price Target to $70.00

GitLab (NASDAQ:GTLB) had its target price increased by equities researchers at TD Cowen from $63.00 to $70.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. TD Cowen’s price target suggests a potential upside of 5.07% from the company’s current price.

GTLB has been the subject of several other reports. Wells Fargo & Company upped their target price on GitLab from $70.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Bank of America raised their price objective on shares of GitLab from $66.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. BTIG Research boosted their target price on shares of GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Royal Bank of Canada lifted their price target on shares of GitLab from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Wednesday, September 4th. Finally, Morgan Stanley started coverage on GitLab in a research report on Wednesday, October 9th. They issued an “overweight” rating and a $70.00 price objective for the company. Three investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, GitLab has a consensus rating of “Moderate Buy” and an average price target of $66.67.

GitLab Trading Up 2.8 %

NASDAQ:GTLB opened at $66.62 on Thursday. The company has a market cap of $10.69 billion, a P/E ratio of -27.69 and a beta of 0.45. GitLab has a twelve month low of $40.72 and a twelve month high of $78.53. The company’s 50-day moving average price is $55.08 and its 200-day moving average price is $51.49.

GitLab (NASDAQ:GTLB) last released its earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.05. The business had revenue of $182.58 million for the quarter, compared to analyst estimates of $176.86 million. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The business’s revenue was up 30.8% on a year-over-year basis. During the same period last year, the company posted ($0.29) EPS. On average, analysts expect that GitLab will post -0.41 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Sytse Sijbrandij sold 84,776 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $59.64, for a total transaction of $5,056,040.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Brian G. Robins sold 16,668 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $53.67, for a total value of $894,571.56. Following the sale, the chief financial officer now owns 250,109 shares of the company’s stock, valued at approximately $13,423,350.03. The trade was a 6.25 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 185,033 shares of company stock worth $10,569,356 over the last 90 days. 21.36% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Future Financial Wealth Managment LLC acquired a new stake in GitLab during the 3rd quarter worth $52,000. True Wealth Design LLC purchased a new position in shares of GitLab during the third quarter worth about $56,000. Rakuten Securities Inc. increased its position in shares of GitLab by 268.1% during the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after purchasing an additional 1,032 shares in the last quarter. Quarry LP lifted its holdings in shares of GitLab by 527.0% in the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock valued at $89,000 after purchasing an additional 1,502 shares during the last quarter. Finally, Capital Performance Advisors LLP acquired a new stake in shares of GitLab in the 3rd quarter valued at about $96,000. Institutional investors and hedge funds own 91.72% of the company’s stock.

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.