Brokerages Set GitLab Inc. (NASDAQ:GTLB) Target Price at $66.05

Shares of GitLab Inc. (NASDAQ:GTLB) have earned a consensus recommendation of “Moderate Buy” from the twenty-four brokerages that are covering the firm, Marketbeat.com reports. Four equities research analysts have rated the stock with a hold recommendation, nineteen have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $66.05.

Several equities analysts have recently weighed in on GTLB shares. Citic Securities assumed coverage on shares of GitLab in a research note on Monday, June 3rd. They issued a “buy” rating and a $80.00 price target on the stock. Bank of America boosted their target price on GitLab from $66.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Needham & Company LLC reaffirmed a “hold” rating on shares of GitLab in a report on Wednesday, September 4th. Cantor Fitzgerald reissued an “overweight” rating and set a $55.00 price objective on shares of GitLab in a research note on Monday, August 19th. Finally, DA Davidson reaffirmed a “neutral” rating and issued a $50.00 target price on shares of GitLab in a research note on Thursday, August 29th.

GitLab Trading Up 0.5 %

GTLB stock opened at $51.65 on Monday. GitLab has a 12-month low of $40.19 and a 12-month high of $78.53. The business’s 50-day moving average is $49.39 and its 200 day moving average is $51.56. The stock has a market cap of $8.21 billion, a price-to-earnings ratio of -18.73 and a beta of 0.44.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share (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 firm had revenue of $182.58 million for the quarter, compared to analyst estimates of $176.86 million. During the same period in the previous year, the company posted ($0.29) earnings per share. The business’s revenue was up 30.8% on a year-over-year basis. As a group, equities analysts forecast that GitLab will post -0.41 EPS for the current fiscal year.

Insider Transactions at GitLab

In other GitLab news, CEO Sytse Sijbrandij sold 56,000 shares of the stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $48.99, for a total value of $2,743,440.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, CFO Brian G. Robins sold 23,334 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $50.24, for a total value of $1,172,300.16. Following the transaction, the chief financial officer now owns 282,441 shares of the company’s stock, valued at $14,189,835.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sytse Sijbrandij sold 56,000 shares of GitLab stock in a transaction dated 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 have sold 132,725 shares of company stock valued at $6,675,734. 21.36% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On GitLab

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Sanctuary Advisors LLC purchased a new position in GitLab in the second quarter valued at approximately $199,000. Sycomore Asset Management grew its position in shares of GitLab by 135.6% in the 2nd quarter. Sycomore Asset Management now owns 166,574 shares of the company’s stock valued at $8,089,000 after buying an additional 95,874 shares during the last quarter. Clearbridge Investments LLC raised its stake in GitLab by 4.8% during the 2nd quarter. Clearbridge Investments LLC now owns 523,820 shares of the company’s stock worth $26,044,000 after acquiring an additional 23,899 shares in the last quarter. Quarry LP raised its stake in GitLab by 527.0% during the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after acquiring an additional 1,502 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in GitLab by 1,890.6% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 143,008 shares of the company’s stock valued at $7,110,000 after acquiring an additional 135,824 shares in the last quarter. Institutional investors and hedge funds 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.