GitLab (NASDAQ:GTLB) Rating Reiterated by Needham & Company LLC

Needham & Company LLC reiterated their hold rating on shares of GitLab (NASDAQ:GTLB) in a report published on Wednesday morning, Benzinga reports.

A number of other equities analysts have also recently commented on the company. DA Davidson reaffirmed a neutral rating and issued a $50.00 price target on shares of GitLab in a research note on Thursday, August 29th. Royal Bank of Canada reaffirmed an outperform rating and issued a $65.00 target price on shares of GitLab in a research note on Thursday, July 18th. Barclays dropped their price target on shares of GitLab from $55.00 to $50.00 and set an equal weight rating for the company in a research report on Tuesday, June 4th. Cantor Fitzgerald restated an overweight rating and issued a $55.00 price objective on shares of GitLab in a research report on Monday, August 19th. Finally, Citic Securities initiated coverage on shares of GitLab in a research note on Monday, June 3rd. They set a buy rating and a $80.00 price objective for the company. Four research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $65.87.

GitLab Stock Performance

Shares of GTLB opened at $53.09 on Wednesday. GitLab has a fifty-two week low of $40.19 and a fifty-two week high of $78.53. The firm has a market cap of $8.44 billion, a price-to-earnings ratio of -19.31 and a beta of 0.44. The firm has a 50 day moving average price of $49.06 and a 200-day moving average price of $53.00.

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

Insider Buying and Selling at GitLab

In other news, CEO Sytse Sijbrandij sold 56,000 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $48.99, for a total value of $2,743,440.00. The transaction was disclosed in a filing with the SEC, which is available through this link. In other GitLab news, Director Merline Saintil sold 1,329 shares of the firm’s stock in a transaction that occurred on Wednesday, June 26th. The shares were 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 the SEC website. Also, CEO Sytse Sijbrandij sold 56,000 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $48.99, for a total value of $2,743,440.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 128,608 shares of company stock valued at $6,340,633. 21.36% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in shares of GitLab in the fourth quarter worth $222,591,000. Capital Research Global Investors boosted its stake in GitLab by 78.5% in the 1st quarter. Capital Research Global Investors now owns 7,040,410 shares of the company’s stock worth $410,597,000 after purchasing an additional 3,096,437 shares in the last quarter. 1832 Asset Management L.P. purchased a new stake in GitLab during the 4th quarter valued at about $76,918,000. Vanguard Group Inc. increased its stake in GitLab by 12.9% during the 4th quarter. Vanguard Group Inc. now owns 9,388,440 shares of the company’s stock valued at $591,096,000 after purchasing an additional 1,070,994 shares in the last quarter. Finally, Westfield Capital Management Co. LP purchased a new position in GitLab in the first quarter worth about $49,196,000. 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.