GitLab Inc. (NASDAQ:GTLB) Given Average Rating of “Buy” by Brokerages

GitLab Inc. (NASDAQ:GTLBGet Rating) has been given a consensus rating of “Buy” by the twelve analysts that are currently covering the company, Marketbeat reports. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $78.91.

Several brokerages have recently weighed in on GTLB. Scotiabank began coverage on shares of GitLab in a report on Wednesday, June 8th. They set an “outperform” rating and a $62.00 price objective on the stock. Piper Sandler reduced their price objective on shares of GitLab from $75.00 to $60.00 and set an “overweight” rating for the company in a research report on Tuesday, June 7th. The Goldman Sachs Group reduced their target price on shares of GitLab from $86.00 to $69.00 and set a “neutral” rating for the company in a research report on Thursday, April 14th. KeyCorp raised their price objective on shares of GitLab from $50.00 to $63.00 and gave the stock an “overweight” rating in a report on Monday, April 25th. Finally, Cowen cut their price objective on shares of GitLab to $60.00 in a report on Friday, May 27th.

In related news, major shareholder 2021 Gp L.L.C. Gv bought 13,528 shares of the company’s stock in a transaction that occurred on Tuesday, May 24th. The stock was purchased at an average price of $33.72 per share, for a total transaction of $456,164.16. Following the completion of the transaction, the insider now owns 593,402 shares in the company, valued at $20,009,515.44. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Institutional investors and hedge funds have recently made changes to their positions in the company. Ghisallo Capital Management LLC bought a new position in GitLab during the 4th quarter worth about $7,395,000. Blair William & Co. IL purchased a new position in GitLab during the 4th quarter worth approximately $900,000. Capital Research Global Investors purchased a new position in shares of GitLab during the 4th quarter valued at approximately $43,500,000. WINTON GROUP Ltd purchased a new position in shares of GitLab during the 4th quarter valued at approximately $326,000. Finally, Caliber Wealth Management LLC purchased a new position in shares of GitLab during the 4th quarter valued at approximately $722,000. 21.30% of the stock is currently owned by institutional investors and hedge funds.

NASDAQ GTLB opened at $44.01 on Tuesday. GitLab has a 1-year low of $30.74 and a 1-year high of $137.00. The company has a 50 day moving average of $44.77 and a 200-day moving average of $57.89.

GitLab (NASDAQ:GTLBGet Rating) last announced its quarterly earnings data on Monday, June 6th. The company reported ($0.18) EPS for the quarter, beating the consensus estimate of ($0.27) by $0.09. The firm had revenue of $87.40 million for the quarter, compared to analyst estimates of $78.13 million. The business’s quarterly revenue was up 75.2% compared to the same quarter last year. On average, sell-side analysts anticipate that GitLab will post -1.38 earnings per share for the current year.

GitLab Company Profile (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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Analyst Recommendations for GitLab (NASDAQ:GTLB)

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