GitLab (NASDAQ:GTLB) Price Target Increased to $66.00 by Analysts at Royal Bank of Canada

GitLab (NASDAQ:GTLBGet Rating) had its target price upped by stock analysts at Royal Bank of Canada from $64.00 to $66.00 in a research report issued on Tuesday, The Fly reports. Royal Bank of Canada’s target price indicates a potential upside of 65.66% from the company’s previous close.

Several other analysts also recently weighed in on GTLB. KeyCorp lifted their price target on shares of GitLab from $50.00 to $63.00 and gave the company an “overweight” rating in a research note on Monday, April 25th. Piper Sandler decreased their price target on shares of GitLab from $75.00 to $60.00 in a research note on Tuesday. Truist Financial decreased their price target on shares of GitLab from $105.00 to $95.00 in a research note on Tuesday, May 10th. Bank of America decreased their price target on shares of GitLab from $125.00 to $105.00 and set a “buy” rating for the company in a research note on Wednesday, March 9th. Finally, The Goldman Sachs Group reduced their price objective on shares of GitLab from $86.00 to $69.00 and set a “neutral” rating for the company in a research note on Thursday, April 14th. One analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $89.00.

Shares of NASDAQ:GTLB opened at $39.84 on Tuesday. GitLab has a 1 year low of $30.74 and a 1 year high of $137.00. The business has a 50 day simple moving average of $46.48 and a two-hundred day simple moving average of $61.84.

GitLab (NASDAQ:GTLBGet Rating) last announced its earnings results on Monday, June 6th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.27) by $0.09. The business had revenue of $87.40 million for the quarter, compared to analysts’ expectations of $78.13 million. The business’s revenue was up 75.2% compared to the same quarter last year. Analysts anticipate that GitLab will post -1.34 EPS for the current fiscal year.

In other GitLab news, major shareholder 2021 Gp L.L.C. Gv purchased 255,647 shares of GitLab stock in a transaction dated Tuesday, May 10th. The shares were acquired at an average cost of $34.65 per share, with a total value of $8,858,168.55. Following the completion of the transaction, the insider now owns 479,695 shares in the company, valued at approximately $16,621,431.75. The transaction was disclosed in a filing with the SEC, which is available at this link.

Several hedge funds have recently modified their holdings of GTLB. Caliber Wealth Management LLC purchased a new stake in shares of GitLab during the fourth quarter valued at $722,000. Tybourne Capital Management HK Ltd. purchased a new stake in shares of GitLab during the fourth quarter valued at $27,267,000. ARK Investment Management LLC purchased a new stake in shares of GitLab during the fourth quarter valued at $199,000. Founders Circle Capital LLC purchased a new stake in shares of GitLab during the fourth quarter valued at $50,858,000. Finally, Renaissance Capital LLC purchased a new stake in shares of GitLab during the fourth quarter valued at $370,000. 21.30% of the stock is currently owned by institutional investors and hedge funds.

About GitLab (Get Rating)

GitLab Inc, through its subsidiaries, develops software for the software development lifecycle in the United States, Europe, and the Asia Pacific. The company 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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