GitLab (NASDAQ:GTLB) Rating Reiterated by Truist Financial

GitLab (NASDAQ:GTLBGet Free Report)‘s stock had its “buy” rating restated by investment analysts at Truist Financial in a report issued on Monday, Benzinga reports. They currently have a $80.00 price objective on the stock. Truist Financial’s price objective suggests a potential upside of 44.90% from the company’s previous close.

Several other equities research analysts have also recently weighed in on the stock. Canaccord Genuity Group reaffirmed a “buy” rating and set a $74.00 price objective on shares of GitLab in a research report on Tuesday, March 5th. Wolfe Research raised shares of GitLab from a “peer perform” rating to an “outperform” rating and set a $75.00 price objective for the company in a research report on Wednesday, March 6th. TD Cowen cut their price objective on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a research report on Tuesday, March 5th. UBS Group cut their price objective on shares of GitLab from $81.00 to $75.00 and set a “buy” rating for the company in a research report on Tuesday, March 5th. Finally, KeyCorp began coverage on shares of GitLab in a report on Tuesday, March 19th. They issued an “overweight” rating and a $70.00 target price for the company. Four investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. Based on data from MarketBeat, GitLab currently has a consensus rating of “Moderate Buy” and a consensus target price of $70.80.

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GitLab Stock Performance

Shares of GitLab stock opened at $55.21 on Monday. The firm has a 50-day moving average of $65.98 and a 200-day moving average of $57.11. The stock has a market cap of $8.60 billion, a PE ratio of -20.08 and a beta of 0.46. GitLab has a 52-week low of $26.24 and a 52-week high of $78.53.

GitLab (NASDAQ:GTLBGet Free Report) last announced its earnings results on Monday, March 4th. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.07. GitLab had a negative net margin of 73.14% and a negative return on equity of 18.26%. The company had revenue of $163.80 million during the quarter, compared to analysts’ expectations of $157.89 million. During the same quarter in the previous year, the business posted ($0.26) earnings per share. GitLab’s quarterly revenue was up 33.3% on a year-over-year basis. Equities research analysts predict that GitLab will post -0.96 earnings per share for the current fiscal year.

Insider Activity

In other GitLab news, insider Robin Schulman sold 1,704 shares of the stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $65.00, for a total transaction of $110,760.00. Following the completion of the sale, the insider now owns 60,132 shares of the company’s stock, valued at approximately $3,908,580. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other GitLab news, insider Robin Schulman sold 1,704 shares of the stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $65.00, for a total transaction of $110,760.00. Following the completion of the sale, the insider now owns 60,132 shares of the company’s stock, valued at approximately $3,908,580. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Brian G. Robins sold 13,000 shares of the stock in a transaction that occurred on Tuesday, January 9th. The shares were sold at an average price of $60.88, for a total transaction of $791,440.00. Following the sale, the chief financial officer now directly owns 407,300 shares of the company’s stock, valued at approximately $24,796,424. The disclosure for this sale can be found here. Insiders sold 846,342 shares of company stock valued at $51,486,337 over the last quarter. 28.04% of the stock is owned by company insiders.

Institutional Trading of GitLab

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GTLB. Norges Bank bought a new position in shares of GitLab during the 4th quarter worth approximately $222,591,000. HMI Capital Management L.P. boosted its holdings in shares of GitLab by 53.9% during the 2nd quarter. HMI Capital Management L.P. now owns 7,406,153 shares of the company’s stock worth $378,528,000 after buying an additional 2,594,437 shares in the last quarter. 1832 Asset Management L.P. boosted its holdings in shares of GitLab by 152.1% during the 4th quarter. 1832 Asset Management L.P. now owns 3,952,200 shares of the company’s stock worth $179,588,000 after buying an additional 2,384,500 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of GitLab by 73.8% during the 3rd quarter. Vanguard Group Inc. now owns 4,649,197 shares of the company’s stock worth $238,132,000 after buying an additional 1,973,796 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of GitLab by 7,180.6% during the 2nd quarter. Goldman Sachs Group Inc. now owns 1,925,063 shares of the company’s stock worth $102,298,000 after buying an additional 1,898,622 shares in the last quarter. Institutional investors and hedge funds own 91.72% of the company’s stock.

GitLab Company Profile

(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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