Recent Investment Analysts’ Ratings Changes for GitLab (GTLB)

A number of research firms have changed their ratings and price targets for GitLab (NASDAQ: GTLB):

• 9/12/2023 – GitLab is now covered by analysts at Canaccord Genuity Group Inc.. They set a “buy” rating and a $62.00 price target on the stock.
• 9/12/2023 – GitLab is now covered by analysts at Canaccord Genuity Group Inc.. They set a “buy” rating and a $62.00 price target on the stock.
• 9/11/2023 – GitLab is now covered by analysts at Sanford C. Bernstein. They set an “outperform” rating and a $62.00 price target on the stock.
• 9/6/2023 – GitLab had its price target raised by analysts at Piper Sandler from $52.00 to $65.00. They now have an “overweight” rating on the stock.
• 9/6/2023 – GitLab had its price target raised by analysts at Barclays PLC from $60.00 to $65.00. They now have an “overweight” rating on the stock.
• 9/6/2023 – GitLab had its “outperform” rating reaffirmed by analysts at William Blair.
• 9/6/2023 – GitLab had its price target raised by analysts at TD Cowen from $56.00 to $63.00. They now have an “outperform” rating on the stock.
• 9/6/2023 – GitLab had its price target raised by analysts at Royal Bank of Canada from $60.00 to $62.00. They now have an “outperform” rating on the stock.
• 9/6/2023 – GitLab had its price target raised by analysts at Scotiabank from $58.00 to $60.00. They now have an “outperform” rating on the stock.
• 9/6/2023 – GitLab had its price target raised by analysts at DA Davidson from $45.00 to $50.00. They now have a “neutral” rating on the stock.
• 9/6/2023 – GitLab had its price target raised by analysts at UBS Group AG from $55.00 to $62.00. They now have a “buy” rating on the stock.
• 9/6/2023 – GitLab had its price target raised by analysts at Truist Financial Co. from $60.00 to $65.00. They now have a “buy” rating on the stock.
• 9/6/2023 – GitLab had its price target raised by analysts at Bank of America Co. from $60.00 to $62.00. They now have a “buy” rating on the stock.
• 9/6/2023 – GitLab had its price target raised by analysts at Mizuho from $45.00 to $51.00.
• 7/19/2023 – GitLab had its price target raised by analysts at Scotiabank from $50.00 to $58.00.
• 7/18/2023 – GitLab had its price target raised by analysts at KeyCorp from $50.00 to $60.00.

GitLab Stock Performance

GitLab stock opened at $49.93 on Friday. The firm has a market cap of $7.63 billion, a PE ratio of -39.31 and a beta of 0.18. The firm’s 50 day moving average price is $48.29 and its two-hundred day moving average price is $42.01. GitLab Inc. has a twelve month low of $26.24 and a twelve month high of $61.83.

GitLab (NASDAQ:GTLB) last posted its earnings results on Tuesday, September 5th. The company reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.03) by $0.04. The company had revenue of $139.58 million during the quarter, compared to the consensus estimate of $129.81 million. GitLab had a negative net margin of 37.77% and a negative return on equity of 21.02%. The company’s revenue for the quarter was up 38.1% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.40) earnings per share. Equities analysts anticipate that GitLab Inc. will post -1.13 EPS for the current fiscal year.

Insiders Place Their Bets

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $52.82, for a total value of $528,200.00. Following the completion of the sale, the chief financial officer now directly owns 486,849 shares of the company’s stock, valued at $25,715,364.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CRO Michael Eugene Mcbride sold 7,900 shares of the company’s stock in a transaction on Wednesday, July 5th. The shares were sold at an average price of $50.37, for a total transaction of $397,923.00. Following the completion of the sale, the executive now directly owns 823,898 shares of the company’s stock, valued at approximately $41,499,742.26. The transaction 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 company’s stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $52.82, for a total transaction of $528,200.00. Following the sale, the chief financial officer now directly owns 486,849 shares of the company’s stock, valued at $25,715,364.18. The disclosure for this sale can be found here. Insiders sold 292,900 shares of company stock valued at $15,480,323 over the last ninety days. Corporate insiders own 28.04% of the company’s stock.

Institutional Trading of GitLab

Several large investors have recently modified their holdings of the company. Virginia Retirement Systems ET AL bought a new stake in shares of GitLab during the 2nd quarter worth $894,000. California State Teachers Retirement System boosted its holdings in GitLab by 31.9% in the 2nd quarter. California State Teachers Retirement System now owns 75,287 shares of the company’s stock valued at $3,848,000 after purchasing an additional 18,191 shares during the period. Osaic Holdings Inc. boosted its holdings in GitLab by 5.7% in the 2nd quarter. Osaic Holdings Inc. now owns 5,271 shares of the company’s stock valued at $269,000 after purchasing an additional 285 shares during the period. Coppell Advisory Solutions LLC bought a new stake in GitLab in the 2nd quarter valued at $43,000. Finally, Nuveen Asset Management LLC boosted its holdings in GitLab by 283.1% in the 2nd quarter. Nuveen Asset Management LLC now owns 138,558 shares of the company’s stock valued at $7,082,000 after purchasing an additional 102,394 shares during the period. 54.15% of the stock is owned by institutional investors.

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.