GitLab Inc. (NASDAQ:GTLB) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of GitLab Inc. (NASDAQ:GTLBGet Free Report) have earned a consensus rating of “Moderate Buy” from the twenty-two analysts that are presently covering the stock, MarketBeat reports. Six investment analysts have rated the stock with a hold rating and sixteen 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 $63.89.

Several equities analysts have recently weighed in on the company. Barclays raised their price objective on GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a report on Tuesday, December 5th. BTIG Research assumed coverage on shares of GitLab in a research note on Monday, November 13th. They issued a “buy” rating and a $56.00 target price for the company. KeyCorp cut their target price on shares of GitLab from $65.00 to $57.00 and set an “overweight” rating for the company in a research note on Monday, October 23rd. Scotiabank raised their target price on shares of GitLab from $60.00 to $70.00 and gave the company a “sector outperform” rating in a research note on Tuesday, December 5th. Finally, Mizuho upgraded shares of GitLab from a “neutral” rating to a “buy” rating and set a $73.00 target price for the company in a research note on Monday, January 8th.

Get Our Latest Stock Analysis on GTLB

GitLab Price Performance

Shares of NASDAQ GTLB opened at $77.60 on Friday. The stock has a market capitalization of $12.08 billion, a price-to-earnings ratio of -27.91 and a beta of 0.52. The business has a 50-day moving average of $64.89 and a 200-day moving average of $52.79. GitLab has a fifty-two week low of $26.24 and a fifty-two week high of $78.53.

GitLab (NASDAQ:GTLBGet Free Report) last announced its quarterly earnings data on Monday, December 4th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.10. The company had revenue of $149.67 million during the quarter, compared to analysts’ expectations of $141.54 million. GitLab had a negative return on equity of 19.66% and a negative net margin of 79.11%. GitLab’s revenue for the quarter was up 32.5% compared to the same quarter last year. During the same quarter last year, the company earned ($0.33) EPS. On average, sell-side analysts expect that GitLab will post -0.89 EPS for the current year.

Insider Transactions at GitLab

In other news, CEO Sytse Sijbrandij sold 159,433 shares of the firm’s stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $49.12, for a total transaction of $7,831,348.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO Sytse Sijbrandij sold 159,433 shares of the firm’s stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $49.12, for a total transaction of $7,831,348.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Susan L. Bostrom sold 40,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 12th. The stock was sold at an average price of $60.87, for a total transaction of $2,434,800.00. Following the transaction, the director now directly owns 220,869 shares in the company, valued at $13,444,296.03. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,152,589 shares of company stock valued at $132,921,780. 28.04% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in GTLB. Raymond James & Associates increased its stake in GitLab by 62.6% in the first quarter. Raymond James & Associates now owns 4,289 shares of the company’s stock valued at $234,000 after acquiring an additional 1,652 shares during the last quarter. Bank of New York Mellon Corp increased its stake in 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 valued at $9,930,000 after acquiring an additional 177,687 shares during the last quarter. BlackRock Inc. increased its stake in GitLab by 13.1% in the first quarter. BlackRock Inc. now owns 2,821,575 shares of the company’s stock valued at $153,635,000 after acquiring an additional 327,244 shares during the last quarter. Blair William & Co. IL increased its stake in 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 acquiring an additional 23,746 shares during the last quarter. Finally, Sei Investments Co. bought a new position in GitLab in the first quarter valued at approximately $1,634,000. 54.15% of the stock is owned by institutional investors.

About GitLab

(Get Free Report

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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Analyst Recommendations for GitLab (NASDAQ:GTLB)

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