GitLab’s (GTLB) Overweight Rating Reiterated at Piper Sandler

Piper Sandler reiterated their overweight rating on shares of GitLab (NASDAQ:GTLB) in a research report report published on Wednesday,Benzinga reports. The firm currently has a $85.00 price target on the stock.

Other research analysts also recently issued reports about the stock. Raymond James cut their price objective on shares of GitLab from $80.00 to $60.00 and set an “outperform” rating for the company in a report on Wednesday. Royal Bank of Canada reduced their target price on GitLab from $68.00 to $62.00 and set an “outperform” rating on the stock in a research note on Wednesday. UBS Group cut their price objective on shares of GitLab from $85.00 to $73.00 and set a “buy” rating for the company in a research note on Wednesday. Needham & Company LLC lowered their target price on GitLab from $85.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, Macquarie decreased their price objective on shares of GitLab from $90.00 to $75.00 and set an “outperform” rating on the stock in a research report on Wednesday. Four investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $63.59.

GitLab Stock Down 5.7%

Shares of GTLB opened at $41.23 on Wednesday. The stock has a market cap of $6.76 billion, a P/E ratio of -128.84 and a beta of 0.75. The business’s fifty day moving average is $46.45 and its 200 day moving average is $55.40. GitLab has a 12-month low of $37.90 and a 12-month high of $74.18.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.02. The business had revenue of $214.51 million during the quarter, compared to the consensus estimate of $213.21 million. GitLab had a negative net margin of 6.83% and a negative return on equity of 11.72%. The firm’s quarterly revenue was up 26.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.03 EPS. On average, analysts expect that GitLab will post -0.31 EPS for the current year.

Insider Transactions at GitLab

In related news, insider Sytse Sijbrandij sold 108,600 shares of the firm’s stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $42.87, for a total value of $4,655,682.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Karen Blasing sold 3,250 shares of the firm’s stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $51.58, for a total value of $167,635.00. Following the completion of the transaction, the director now owns 108,733 shares of the company’s stock, valued at approximately $5,608,448.14. The trade was a 2.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 461,584 shares of company stock valued at $23,192,574. 16.37% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On GitLab

A number of institutional investors have recently modified their holdings of GTLB. Norges Bank purchased a new stake in shares of GitLab during the 4th quarter worth about $279,089,000. 1832 Asset Management L.P. increased its stake in shares of GitLab by 2,456.8% in the 1st quarter. 1832 Asset Management L.P. now owns 2,295,000 shares of the company’s stock worth $107,865,000 after acquiring an additional 2,205,238 shares during the last quarter. Ameriprise Financial Inc. raised its position in shares of GitLab by 276.9% during the 4th quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company’s stock valued at $121,435,000 after buying an additional 1,583,221 shares during the period. Artisan Partners Limited Partnership raised its holdings in GitLab by 55.7% in the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock valued at $227,318,000 after buying an additional 1,443,160 shares during the period. Finally, Alliancebernstein L.P. raised its position in GitLab by 4,042.0% in the fourth quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company’s stock valued at $82,011,000 after purchasing an additional 1,420,248 shares during the period. Hedge funds and other institutional investors own 95.04% 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.