GitLab (NASDAQ:GTLB) Raised to Buy at Needham & Company LLC

Needham & Company LLC upgraded shares of GitLab (NASDAQ:GTLB) from a hold rating to a buy rating in a report published on Monday, Marketbeat.com reports. They currently have $70.00 target price on the stock.

GTLB has been the subject of several other reports. Scotiabank boosted their price objective on shares of GitLab from $59.00 to $65.00 and gave the company a “sector outperform” rating in a research report on Wednesday, September 4th. Royal Bank of Canada boosted their price objective on shares of GitLab from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Wednesday, September 4th. DA Davidson restated a “neutral” rating and issued a $50.00 price target on shares of GitLab in a report on Monday, October 14th. Barclays boosted their price target on shares of GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a report on Thursday, September 5th. Finally, Morgan Stanley started coverage on shares of GitLab in a report on Wednesday, October 9th. They issued an “overweight” rating and a $70.00 price target for the company. Three equities research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, GitLab currently has an average rating of “Moderate Buy” and an average price target of $66.38.

GitLab Trading Down 3.3 %

GTLB stock opened at $53.06 on Monday. GitLab has a 12 month low of $40.19 and a 12 month high of $78.53. The company has a 50-day moving average price of $51.17 and a 200 day moving average price of $50.97. The stock has a market cap of $8.43 billion, a PE ratio of -19.29 and a beta of 0.46.

GitLab (NASDAQ:GTLB) last released its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.05. The company had revenue of $182.58 million during the quarter, compared to analysts’ expectations of $176.86 million. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The firm’s quarterly revenue was up 30.8% on a year-over-year basis. During the same period in the previous year, the company earned ($0.29) EPS. Sell-side analysts forecast that GitLab will post -0.41 EPS for the current year.

Insider Buying and Selling at GitLab

In other GitLab news, CFO Brian G. Robins sold 23,332 shares of the company’s stock in a transaction that occurred 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 transaction, the chief financial officer now owns 259,109 shares in the company, valued at approximately $12,758,527.16. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Karen Blasing sold 3,250 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $54.72, for a total value of $177,840.00. Following the sale, the director now directly owns 141,233 shares of the company’s stock, valued at $7,728,269.76. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Brian G. Robins sold 23,332 shares of the company’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 sale, the chief financial officer now directly owns 259,109 shares in the company, valued at $12,758,527.16. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 103,673 shares of company stock worth $5,523,472. 21.36% of the stock is owned by corporate insiders.

Institutional Trading of GitLab

Large investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC boosted its holdings in shares of GitLab by 2,107.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock valued at $33,000 after acquiring an additional 548 shares during the last quarter. Future Financial Wealth Managment LLC purchased a new stake in GitLab during the first quarter worth $58,000. Banque Cantonale Vaudoise purchased a new stake in GitLab during the first quarter worth $58,000. Quarry LP boosted its holdings in GitLab by 527.0% during the second quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after buying an additional 1,502 shares in the last quarter. Finally, Canton Hathaway LLC boosted 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 buying an additional 435 shares in the last quarter. 91.72% of the stock is owned by hedge funds and other 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.