GitLab Inc. (NASDAQ:GTLB) Receives $66.22 Consensus Target Price from Brokerages

Shares of GitLab Inc. (NASDAQ:GTLB) have earned a consensus rating of “Moderate Buy” from the twenty-five research firms that are presently covering the company, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold recommendation, twenty-one have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $66.38.

Several research analysts have weighed in on the company. UBS Group boosted their price target on GitLab from $62.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Wells Fargo & Company boosted their price target on GitLab from $70.00 to $75.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Scotiabank boosted their price target on GitLab from $59.00 to $65.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, September 4th. Morgan Stanley assumed coverage on GitLab in a research report on Wednesday, October 9th. They set an “overweight” rating and a $70.00 price target on the stock. Finally, Bank of America boosted their price target on GitLab from $66.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th.

Insider Buying and Selling at GitLab

In other GitLab news, CAO Erin Mannix sold 1,433 shares of GitLab stock in a transaction on Thursday, September 19th. The stock was 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 directly owns 72,448 shares of the company’s stock, valued at $3,825,254.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Erin Mannix sold 1,433 shares of the business’s stock in a transaction on Thursday, September 19th. The stock was 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 approximately $3,825,254.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sytse Sijbrandij sold 56,000 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $54.68, for a total value of $3,062,080.00. The disclosure for this sale can be found here. Insiders sold 103,673 shares of company stock valued at $5,523,472 in the last three months. Corporate insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

A number of institutional investors have recently modified their holdings of GTLB. Capital Research Global Investors raised its holdings in shares of GitLab by 78.5% during the 1st quarter. Capital Research Global Investors now owns 7,040,410 shares of the company’s stock worth $410,597,000 after buying an additional 3,096,437 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of GitLab by 12.9% during the 4th quarter. Vanguard Group Inc. now owns 9,388,440 shares of the company’s stock worth $591,096,000 after buying an additional 1,070,994 shares in the last quarter. Westfield Capital Management Co. LP acquired a new position in GitLab in the 1st quarter worth about $49,196,000. DNB Asset Management AS acquired a new position in GitLab in the 2nd quarter worth about $37,851,000. Finally, Renaissance Technologies LLC increased its holdings in GitLab by 168.8% in the 2nd quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company’s stock worth $59,196,000 after purchasing an additional 747,712 shares in the last quarter. Institutional investors and hedge funds own 91.72% of the company’s stock.

GitLab Stock Performance

Shares of GitLab stock opened at $55.64 on Friday. The business’s 50 day simple moving average is $51.39 and its 200 day simple moving average is $51.00. GitLab has a 52-week low of $40.19 and a 52-week high of $78.53. The firm has a market cap of $8.84 billion, a PE ratio of -20.23 and a beta of 0.46.

GitLab (NASDAQ:GTLB) last announced its earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analyst estimates of $176.86 million. During the same quarter last year, the firm earned ($0.29) EPS. GitLab’s revenue for the quarter was up 30.8% compared to the same quarter last year. As a group, equities research analysts predict that GitLab will post -0.41 EPS for the current year.

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.