GitLab (NASDAQ:GTLB) Announces Quarterly Earnings Results

GitLab (NASDAQ:GTLB) issued its quarterly earnings results on Monday. The company reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.16), Zacks reports. GitLab had a negative net margin of 6.83% and a negative return on equity of 11.72%.

GitLab Stock Performance

Shares of NASDAQ GTLB traded down $3.96 during trading hours on Monday, hitting $56.25. The stock had a trading volume of 6,563,439 shares, compared to its average volume of 2,785,611. The firm’s 50-day moving average price is $64.38 and its two-hundred day moving average price is $58.61. GitLab has a 52 week low of $40.72 and a 52 week high of $76.41. The company has a market capitalization of $9.13 billion, a P/E ratio of -175.78 and a beta of 0.63.

Wall Street Analyst Weigh In

Several research firms recently commented on GTLB. Morgan Stanley increased their target price on shares of GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Barclays increased their price objective on GitLab from $55.00 to $70.00 and gave the company an “equal weight” rating in a research report on Monday, December 9th. The Goldman Sachs Group lifted their target price on GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Canaccord Genuity Group upped their target price on GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a report on Friday, December 6th. Finally, Wells Fargo & Company lifted their price target on GitLab from $80.00 to $85.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. Three research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $76.27.

Insider Activity

In related news, Director Matthew Jacobson sold 547,679 shares of GitLab stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $59.72, for a total value of $32,707,389.88. Following the transaction, the director now owns 58,471 shares in the company, valued at $3,491,888.12. This trade represents a 90.35 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Brian G. Robins sold 10,000 shares of the business’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $70.83, for a total transaction of $708,300.00. Following the transaction, the chief financial officer now directly owns 267,380 shares of the company’s stock, valued at approximately $18,938,525.40. This represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 740,257 shares of company stock worth $44,710,867. 21.36% of the stock is owned by corporate insiders.

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.