GitLab Inc. (NASDAQ:GTLB) Receives Average Recommendation of “Moderate Buy” from Brokerages

GitLab Inc. (NASDAQ:GTLB) has earned an average rating of “Moderate Buy” from the twenty-five ratings firms that are presently covering the stock, Marketbeat Ratings reports. Four 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. The average 12-month price target among brokers that have issued a report on the stock in the last year is $66.22.

A number of analysts have recently issued reports on the company. Wells Fargo & Company boosted their target price on GitLab from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. BTIG Research boosted their price objective on shares of GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Scotiabank raised their price objective on GitLab from $59.00 to $65.00 and gave the company a “sector outperform” rating in a research report on Wednesday, September 4th. Robert W. Baird raised their target price on GitLab from $59.00 to $62.00 and gave the company an “outperform” rating in a report on Wednesday, September 4th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $55.00 price target on shares of GitLab in a report on Monday, August 19th.

GitLab Stock Performance

GitLab stock opened at $54.43 on Friday. GitLab has a 1 year low of $40.19 and a 1 year high of $78.53. The firm has a 50 day moving average price of $50.22 and a 200 day moving average price of $51.04. The company has a market cap of $8.65 billion, a price-to-earnings ratio of -19.79 and a beta of 0.46.

GitLab (NASDAQ:GTLB) last released its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.05. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. 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 prior year, the firm posted ($0.29) EPS. The business’s revenue for the quarter was up 30.8% on a year-over-year basis. Sell-side analysts predict that GitLab will post -0.41 EPS for the current year.

Insider Activity at GitLab

In other GitLab news, CAO Erin Mannix sold 1,433 shares of the company’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $52.80, for a total value of $75,662.40. Following the completion of the transaction, the chief accounting officer now owns 72,448 shares in the company, valued at approximately $3,825,254.40. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO Sytse Sijbrandij sold 56,000 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total value of $3,062,080.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Erin Mannix sold 1,433 shares of the stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $52.80, for a total transaction of $75,662.40. Following the completion of the transaction, the chief accounting officer now owns 72,448 shares of the company’s stock, valued at $3,825,254.40. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 103,673 shares of company stock worth $5,523,472 in the last ninety days. 21.36% of the stock is owned by insiders.

Institutional Trading of GitLab

Institutional investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC raised its holdings in GitLab by 2,107.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after purchasing an additional 548 shares in the last quarter. Future Financial Wealth Managment LLC acquired a new position in shares of GitLab during the 3rd quarter valued at $52,000. Banque Cantonale Vaudoise bought a new stake in shares of GitLab in the 1st quarter worth $58,000. Quarry LP lifted its holdings in shares of GitLab by 527.0% in the second quarter. Quarry LP now owns 1,787 shares of the company’s stock valued at $89,000 after buying an additional 1,502 shares during the period. Finally, Canton Hathaway LLC grew its holdings in GitLab by 26.3% during the second quarter. Canton Hathaway LLC now owns 2,086 shares of the company’s stock worth $104,000 after acquiring an additional 435 shares during the period. 91.72% of the stock is owned by institutional investors and hedge funds.

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.