Needham & Company LLC Reaffirms Hold Rating for GitLab (NASDAQ:GTLB)

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

Other analysts also recently issued reports about the company. KeyCorp decreased their price target on GitLab from $70.00 to $62.00 and set an overweight rating for the company in a research report on Tuesday, June 4th. Citic Securities initiated coverage on GitLab in a research note on Monday, June 3rd. They set a buy rating and a $80.00 target price on the stock. Mizuho cut their price target on shares of GitLab from $70.00 to $62.00 and set a buy rating on the stock in a report on Tuesday, June 4th. Cantor Fitzgerald restated an overweight rating and set a $55.00 price objective on shares of GitLab in a report on Monday, August 19th. Finally, Baird R W upgraded shares of GitLab to a strong-buy rating in a research note on Tuesday, August 27th. Four analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $65.87.

GitLab Price Performance

GTLB opened at $53.09 on Wednesday. GitLab has a 1 year low of $40.19 and a 1 year high of $78.53. The company has a market capitalization of $8.44 billion, a price-to-earnings ratio of -19.31 and a beta of 0.44. The firm’s fifty day moving average price is $49.06 and its two-hundred day moving average price is $53.00.

GitLab (NASDAQ:GTLB) last released 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. The business had revenue of $182.58 million for the quarter, compared to analysts’ expectations of $176.86 million. GitLab had a negative net margin of 68.52% and a negative return on equity of 19.14%. The firm’s revenue for the quarter was up 30.8% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.29) earnings per share. As a group, equities analysts anticipate that GitLab will post -0.5 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Brian G. Robins sold 23,332 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $49.24, for a total transaction of $1,148,867.68. Following the completion of the transaction, the chief financial officer now directly owns 259,109 shares in the company, valued at approximately $12,758,527.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other GitLab news, CFO Brian G. Robins sold 11,667 shares of the company’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $45.46, for a total value of $530,381.82. Following the transaction, the chief financial officer now directly owns 293,508 shares in the company, valued at approximately $13,342,873.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Brian G. Robins sold 23,332 shares of GitLab stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $49.24, for a total value of $1,148,867.68. Following the sale, the chief financial officer now owns 259,109 shares of the company’s stock, valued at approximately $12,758,527.16. The disclosure for this sale can be found here. Insiders have sold 128,608 shares of company stock worth $6,340,633 in the last three months. 21.36% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC lifted its position in GitLab by 2,107.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock valued at $33,000 after purchasing an additional 548 shares during the last quarter. Banque Cantonale Vaudoise purchased a new stake in shares of GitLab during the 1st quarter valued at $58,000. Future Financial Wealth Managment LLC bought a new stake in shares of GitLab during the 1st quarter worth $58,000. Quarry LP grew its position in GitLab by 75.1% in the fourth quarter. Quarry LP now owns 1,166 shares of the company’s stock worth $73,000 after acquiring an additional 500 shares in the last quarter. Finally, Tucker Asset Management LLC purchased a new position in GitLab in the fourth quarter worth $83,000. 91.72% of the stock is currently owned by institutional investors.

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.