Morgan Stanley Issues Positive Forecast for GitLab (NASDAQ:GTLB) Stock Price

GitLab (NASDAQ:GTLB) had its price objective lifted by Morgan Stanley from $70.00 to $77.00 in a research report sent to investors on Friday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

GTLB has been the topic of several other reports. Bank of America upped their target price on shares of GitLab from $66.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. The Goldman Sachs Group upped their target price on shares of GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a research note on Friday. Wells Fargo & Company upped their target price on shares of GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday. Cantor Fitzgerald upped their target price on shares of GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, JPMorgan Chase & Co. upped their target price on shares of GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a research note on Friday. Three research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, GitLab has a consensus rating of “Moderate Buy” and an average price target of $74.56.

GitLab Trading Up 1.7 %

Shares of NASDAQ GTLB opened at $67.19 on Friday. The company’s 50-day simple moving average is $57.91 and its 200-day simple moving average is $52.28. GitLab has a 52-week low of $40.72 and a 52-week high of $78.53.

GitLab (NASDAQ:GTLB) last posted its 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 company 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%. GitLab’s revenue was up 30.8% on a year-over-year basis. During the same period in the previous year, the business posted ($0.29) EPS. Equities analysts expect that GitLab will post -0.41 EPS for the current fiscal year.

Insider Buying and Selling

In other GitLab news, insider Robin Schulman sold 2,990 shares of the company’s stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $55.00, for a total transaction of $164,450.00. Following the completion of the transaction, the insider now owns 136,076 shares in the company, valued at approximately $7,484,180. This represents a 2.15 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 16,668 shares of the company’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $53.67, for a total transaction of $894,571.56. Following the transaction, 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 a total of 185,033 shares of company stock worth $10,569,356 in the last 90 days. Company insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

A number of large investors have recently bought and sold shares of GTLB. Cetera Advisors LLC purchased a new position in GitLab during the 1st quarter worth $368,000. M&G Plc purchased a new position in shares of GitLab in the 2nd quarter valued at about $10,266,000. Wealth Enhancement Advisory Services LLC increased its holdings in shares of GitLab by 5.6% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 67,474 shares of the company’s stock valued at $3,355,000 after purchasing an additional 3,570 shares in the last quarter. Tran Capital Management L.P. increased its holdings in shares of GitLab by 127.6% in the 2nd quarter. Tran Capital Management L.P. now owns 200,628 shares of the company’s stock valued at $9,975,000 after purchasing an additional 112,490 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. purchased a new position in shares of GitLab in the 2nd quarter valued at about $214,000. Hedge funds and other institutional investors own 91.72% of the company’s stock.

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.