GitLab (NASDAQ:GTLB) Lifted to “Outperform” at Raymond James

Raymond James upgraded shares of GitLab (NASDAQ:GTLB) from a market perform rating to an outperform rating in a research note issued to investors on Friday, MarketBeat.com reports. The brokerage currently has $70.00 price objective on the stock.

A number of other equities analysts have also recently commented on GTLB. Canaccord Genuity Group reaffirmed a buy rating and issued a $74.00 price target on shares of GitLab in a research note on Tuesday, March 5th. Cantor Fitzgerald decreased their target price on shares of GitLab from $80.00 to $70.00 and set an overweight rating on the stock in a research note on Tuesday, March 5th. TD Cowen dropped their price target 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. Bank of America decreased their price objective on shares of GitLab from $88.00 to $85.00 and set a buy rating on the stock in a research report on Tuesday, March 5th. Finally, Wells Fargo & Company began coverage on shares of GitLab in a report on Tuesday, April 9th. They set an overweight rating and a $70.00 target price for the company. Three investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat.com, GitLab presently has a consensus rating of Moderate Buy and an average price target of $70.73.

GitLab Stock Performance

GTLB stock opened at $57.07 on Friday. The company has a market capitalization of $9.05 billion, a PE ratio of -20.75 and a beta of 0.45. GitLab has a one year low of $26.24 and a one year high of $78.53. The company’s 50 day moving average price is $63.76 and its two-hundred day moving average price is $57.80.

GitLab (NASDAQ:GTLB) last issued its earnings results on Monday, March 4th. The company reported $0.15 EPS for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $157.89 million. During the same quarter last year, the company earned ($0.26) EPS. The firm’s revenue was up 33.3% compared to the same quarter last year. On average, research analysts predict that GitLab will post -0.96 EPS for the current year.

Insiders Place Their Bets

In other news, CAO Erin Mannix sold 958 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $59.53, for a total value of $57,029.74. Following the sale, the chief accounting officer now directly owns 74,908 shares of the company’s stock, valued at approximately $4,459,273.24. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CAO Erin Mannix sold 958 shares of the company’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $59.53, for a total value of $57,029.74. Following the transaction, the chief accounting officer now owns 74,908 shares in the company, valued at approximately $4,459,273.24. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Robin Schulman sold 1,704 shares of the firm’s stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $65.00, for a total transaction of $110,760.00. Following the sale, the insider now owns 60,132 shares of the company’s stock, valued at $3,908,580. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 893,342 shares of company stock worth $54,059,697. 28.04% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On GitLab

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Invesco Ltd. lifted its holdings in shares of GitLab by 71.3% during the third quarter. Invesco Ltd. now owns 4,236,833 shares of the company’s stock valued at $191,590,000 after purchasing an additional 1,762,944 shares in the last quarter. Wellington Management Group LLP lifted its stake in GitLab by 280.3% during the 3rd quarter. Wellington Management Group LLP now owns 628,987 shares of the company’s stock valued at $28,443,000 after acquiring an additional 463,584 shares during the period. Black Swift Group LLC purchased a new stake in shares of GitLab during the 4th quarter valued at about $1,574,000. Polar Capital Holdings Plc bought a new stake in shares of GitLab in the third quarter worth approximately $7,558,000. Finally, Vanguard Group Inc. raised its holdings in shares of GitLab by 6.8% during the third quarter. Vanguard Group Inc. now owns 8,317,446 shares of the company’s stock valued at $376,115,000 after purchasing an additional 530,702 shares during the last quarter. 91.72% of the stock is owned by institutional investors.

GitLab Company Profile

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.