GitLab (NASDAQ:GTLB) Research Coverage Started at Moffett Nathanson

Moffett Nathanson initiated coverage on shares of GitLab (NASDAQ:GTLBGet Rating) in a research report released on Thursday morning, The Fly reports. The firm issued a buy rating and a $104.00 target price on the stock.

Several other equities research analysts also recently commented on the stock. UBS Group boosted their target price on shares of GitLab to $72.00 in a research report on Tuesday, September 6th. JPMorgan Chase & Co. started coverage on shares of GitLab in a research report on Thursday, September 1st. They set a neutral rating and a $63.00 target price for the company. The Goldman Sachs Group raised shares of GitLab from a neutral rating to a buy rating and boosted their target price for the stock from $69.00 to $80.00 in a research report on Monday, June 27th. Piper Sandler boosted their target price on shares of GitLab from $60.00 to $67.00 in a research report on Wednesday, July 13th. Finally, Scotiabank started coverage on shares of GitLab in a research report on Wednesday, June 8th. They issued an outperform rating and a $62.00 price objective for the company. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, GitLab presently has a consensus rating of Moderate Buy and a consensus price target of $80.46.

GitLab Trading Down 7.9 %

Shares of NASDAQ GTLB opened at $50.83 on Thursday. The firm’s 50-day moving average price is $59.54 and its 200-day moving average price is $51.92. GitLab has a 1-year low of $30.74 and a 1-year high of $137.00. The firm has a market capitalization of $7.56 billion and a P/E ratio of -32.92.

GitLab (NASDAQ:GTLBGet Rating) last announced its quarterly earnings data on Tuesday, September 6th. The company reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.23) by $0.08. The firm had revenue of $101.00 million for the quarter, compared to analyst estimates of $94.44 million. GitLab had a negative net margin of 51.69% and a negative return on equity of 20.93%. The business’s quarterly revenue was up 73.8% compared to the same quarter last year. Equities research analysts forecast that GitLab will post -1.4 EPS for the current year.

Insider Activity

In other news, major shareholder August Capital Management Vii, sold 61,170 shares of the stock in a transaction that occurred on Tuesday, August 16th. The shares were sold at an average price of $67.07, for a total transaction of $4,102,671.90. Following the completion of the transaction, the insider now directly owns 149,737 shares of the company’s stock, valued at approximately $10,042,860.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, major shareholder August Capital Management Vii, sold 61,170 shares of the company’s stock in a transaction that occurred on Tuesday, August 16th. The shares were sold at an average price of $67.07, for a total transaction of $4,102,671.90. Following the sale, the insider now directly owns 149,737 shares in the company, valued at approximately $10,042,860.59. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Howard Hartenbaum sold 18,453 shares of the company’s stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $64.63, for a total transaction of $1,192,617.39. Following the sale, the insider now owns 150,000 shares in the company, valued at $9,694,500. The disclosure for this sale can be found here. Insiders sold 193,196 shares of company stock valued at $11,762,380 in the last three months.

Institutional Trading of GitLab

A number of institutional investors have recently modified their holdings of the business. August Capital Management VII L.L.C. purchased a new stake in shares of GitLab during the 2nd quarter valued at approximately $632,327,000. ICONIQ Capital LLC lifted its stake in GitLab by 252.2% in the 1st quarter. ICONIQ Capital LLC now owns 9,773,455 shares of the company’s stock worth $532,164,000 after purchasing an additional 6,998,187 shares in the last quarter. BlackRock Inc. lifted its stake in GitLab by 13.1% in the 1st quarter. BlackRock Inc. now owns 2,821,575 shares of the company’s stock worth $153,635,000 after purchasing an additional 327,244 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in GitLab by 7,180.6% in the 2nd quarter. Goldman Sachs Group Inc. now owns 1,925,063 shares of the company’s stock worth $102,298,000 after purchasing an additional 1,898,622 shares in the last quarter. Finally, T Ventures Management Co Ltd. purchased a new stake in GitLab in the 4th quarter worth approximately $132,913,000. 42.66% of the stock is currently owned by hedge funds and other institutional investors.

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.

See Also

The Fly logo

Analyst Recommendations for GitLab (NASDAQ:GTLB)

Receive News & Ratings for GitLab Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for GitLab and related companies with MarketBeat.com's FREE daily email newsletter.