GitLab (NASDAQ:GTLB – Free Report) had its price objective raised by UBS Group from $55.00 to $62.00 in a research note issued to investors on Wednesday, Benzinga reports. They currently have a buy rating on the stock.
GTLB has been the topic of several other reports. Wolfe Research initiated coverage on shares of GitLab in a report on Tuesday, June 20th. They issued a market perform rating on the stock. Royal Bank of Canada upped their price objective on shares of GitLab from $60.00 to $62.00 and gave the company an outperform rating in a report on Wednesday. Scotiabank upped their price objective on shares of GitLab from $58.00 to $60.00 and gave the company an outperform rating in a report on Wednesday. TD Cowen boosted their target price on shares of GitLab from $56.00 to $63.00 and gave the company an outperform rating in a research report on Wednesday. Finally, Truist Financial boosted their target price on shares of GitLab from $60.00 to $65.00 and gave the company a buy rating in a research report on Wednesday. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $61.94.
View Our Latest Report on GitLab
GitLab Trading Up 0.5 %
Shares of GTLB opened at $49.99 on Wednesday. The company has a market cap of $7.64 billion, a price-to-earnings ratio of -37.31 and a beta of 0.18. GitLab has a 1-year low of $26.24 and a 1-year high of $62.12. The company’s fifty day simple moving average is $48.14 and its 200 day simple moving average is $41.69.
GitLab (NASDAQ:GTLB – Get Free Report) last released its quarterly earnings data on Tuesday, September 5th. The company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.03) by $0.04. GitLab had a negative net margin of 42.84% and a negative return on equity of 22.82%. The firm had revenue of $139.58 million for the quarter, compared to the consensus estimate of $129.81 million. During the same period in the previous year, the company earned ($0.40) earnings per share. The company’s quarterly revenue was up 38.1% on a year-over-year basis. As a group, research analysts forecast that GitLab will post -1.03 earnings per share for the current year.
Insider Buying and Selling
In related news, CEO Sytse Sijbrandij sold 230,000 shares of the company’s stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $53.06, for a total transaction of $12,203,800.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Sytse Sijbrandij sold 230,000 shares of the stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $53.06, for a total value of $12,203,800.00. 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 10,000 shares of the stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $51.07, for a total transaction of $510,700.00. Following the completion of the transaction, the chief financial officer now directly owns 520,134 shares of the company’s stock, valued at approximately $26,563,243.38. The disclosure for this sale can be found here. Insiders sold 290,580 shares of company stock valued at $15,179,123 over the last quarter. 28.04% of the stock is owned by company insiders.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently made changes to their positions in GTLB. Raymond James & Associates lifted its holdings in shares of GitLab by 62.6% in the first quarter. Raymond James & Associates now owns 4,289 shares of the company’s stock worth $234,000 after acquiring an additional 1,652 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of GitLab by 3,816.3% in the first quarter. Bank of New York Mellon Corp now owns 182,343 shares of the company’s stock worth $9,930,000 after acquiring an additional 177,687 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of GitLab by 13.1% in the first quarter. BlackRock Inc. now owns 2,821,575 shares of the company’s stock worth $153,635,000 after acquiring an additional 327,244 shares during the last quarter. Blair William & Co. IL increased its stake in shares of GitLab by 229.4% in the first quarter. Blair William & Co. IL now owns 34,096 shares of the company’s stock valued at $1,857,000 after buying an additional 23,746 shares during the period. Finally, Sei Investments Co. acquired a new position in shares of GitLab in the first quarter valued at approximately $1,634,000. Institutional investors own 54.15% of the company’s stock.
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.
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