GitLab (NASDAQ:GTLB) Price Target Raised to $70.00

GitLab (NASDAQ:GTLB) had its price objective upped by TD Cowen from $63.00 to $70.00 in a report issued on Thursday morning,Benzinga reports. TD Cowen currently has a buy rating on the stock.

A number of other analysts have also recently weighed in on the stock. Scotiabank increased their price objective on shares of GitLab from $59.00 to $65.00 and gave the stock a “sector outperform” rating in a report on Wednesday, September 4th. Baird R W upgraded shares of GitLab to a “strong-buy” rating in a research note on Tuesday, August 27th. Cantor Fitzgerald upgraded GitLab to a “strong-buy” rating in a research report on Tuesday, November 12th. BTIG Research raised their target price on GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Finally, Barclays boosted their price target on GitLab from $50.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 5th. Three equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $66.67.

GitLab Price Performance

Shares of GTLB opened at $66.62 on Thursday. The business’s fifty day moving average price is $55.32 and its 200 day moving average price is $51.55. GitLab has a 12-month low of $40.72 and a 12-month high of $78.53. The stock has a market capitalization of $10.69 billion, a PE ratio of -28.47 and a beta of 0.45.

GitLab (NASDAQ:GTLB) last issued its 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. The firm had revenue of $182.58 million for 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%. GitLab’s revenue was up 30.8% on a year-over-year basis. During the same quarter last year, the company posted ($0.29) earnings per share. As a group, research analysts anticipate that GitLab will post -0.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Brian G. Robins sold 16,668 shares of GitLab stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $53.67, for a total value of $894,571.56. Following the transaction, the chief financial officer now directly owns 250,109 shares of the company’s stock, valued at $13,423,350.03. This trade represents a 6.25 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Sytse Sijbrandij sold 84,776 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $59.64, for a total transaction of $5,056,040.64. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 185,033 shares of company stock worth $10,569,356. 21.36% of the stock is owned by insiders.

Hedge Funds Weigh In On GitLab

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Future Financial Wealth Managment LLC purchased a new stake in shares of GitLab in the third quarter valued at $52,000. True Wealth Design LLC acquired a new position in GitLab during the third quarter valued at $56,000. Rakuten Securities Inc. lifted its stake in GitLab by 268.1% in the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after acquiring an additional 1,032 shares in the last quarter. Quarry LP boosted its position 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 during the period. Finally, Capital Performance Advisors LLP purchased a new position in GitLab during the 3rd quarter valued at about $96,000. 91.72% of the stock is currently owned by hedge funds and other institutional investors.

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.