Brokerages Set GitLab Inc. (NASDAQ:GTLB) Price Target at $70.73

GitLab Inc. (NASDAQ:GTLB) has earned an average rating of “Moderate Buy” from the twenty-three analysts that are presently covering the firm, MarketBeat reports. Three research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $70.73.

GTLB has been the topic of several research reports. KeyCorp started coverage on GitLab in a research report on Tuesday, March 19th. They issued an “overweight” rating and a $70.00 price objective on the stock. Truist Financial reissued a “buy” rating and set a $80.00 price target on shares of GitLab in a research report on Monday, April 1st. Mizuho lowered their price objective on shares of GitLab from $87.00 to $75.00 and set a “buy” rating for the company in a research report on Tuesday, March 5th. Wells Fargo & Company assumed coverage on shares of GitLab in a research report on Tuesday, April 9th. They set an “overweight” rating and a $70.00 target price on the stock. Finally, Wolfe Research raised shares of GitLab from a “peer perform” rating to an “outperform” rating and set a $75.00 price target for the company in a report on Wednesday, March 6th.

GitLab Stock Performance

Shares of NASDAQ:GTLB opened at $55.46 on Friday. The stock has a 50-day simple moving average of $59.87 and a 200-day simple moving average of $58.40. The stock has a market capitalization of $8.80 billion, a P/E ratio of -20.17 and a beta of 0.45. GitLab has a 1 year low of $26.24 and a 1 year high of $78.53.

GitLab (NASDAQ:GTLB) last released its quarterly earnings data on Monday, March 4th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate 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 the consensus estimate of $157.89 million. During the same period in the previous year, the firm earned ($0.26) earnings per share. GitLab’s revenue for the quarter was up 33.3% on a year-over-year basis. Analysts predict that GitLab will post -0.96 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Robin Schulman sold 15,712 shares of GitLab stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $75.02, for a total value of $1,178,714.24. Following the completion of the transaction, the insider now directly owns 60,132 shares of the company’s stock, valued at approximately $4,511,102.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other GitLab news, CEO Sytse Sijbrandij sold 230,000 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $53.59, for a total value of $12,325,700.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Robin Schulman sold 15,712 shares of the firm’s stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $75.02, for a total value of $1,178,714.24. Following the completion of the sale, the insider now owns 60,132 shares in the company, valued at $4,511,102.64. The disclosure for this sale can be found here. Over the last three months, insiders have sold 492,638 shares of company stock valued at $28,048,607. Company insiders own 28.04% of the company’s stock.

Institutional Trading of GitLab

Large investors have recently modified their holdings of the company. Norges Bank acquired a new stake in GitLab in the 4th quarter valued at approximately $222,591,000. Invesco Ltd. grew its stake in shares of GitLab by 71.3% in the third quarter. Invesco Ltd. now owns 4,236,833 shares of the company’s stock worth $191,590,000 after purchasing an additional 1,762,944 shares in the last quarter. 1832 Asset Management L.P. acquired a new position in shares of GitLab during the fourth quarter valued at $76,918,000. Vanguard Group Inc. raised its stake in shares of GitLab by 12.9% during the fourth quarter. Vanguard Group Inc. now owns 9,388,440 shares of the company’s stock valued at $591,096,000 after purchasing an additional 1,070,994 shares in the last quarter. Finally, Balyasny Asset Management L.P. lifted its holdings in GitLab by 520.6% in the fourth quarter. Balyasny Asset Management L.P. now owns 748,636 shares of the company’s stock worth $47,134,000 after purchasing an additional 627,999 shares during the period. Institutional investors and hedge funds own 91.72% of the company’s stock.

About GitLab

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.