GitLab (NASDAQ:GTLB) Price Target Raised to $60.00 at Royal Bank of Canada

GitLab (NASDAQ:GTLB) had its target price upped by Royal Bank of Canada from $55.00 to $60.00 in a research report report published on Wednesday morning, Benzinga reports. They currently have an outperform rating on the stock.

A number of other equities research analysts have also commented on the company. Mizuho reduced their price target on GitLab from $70.00 to $62.00 and set a buy rating on the stock in a research report on Tuesday, June 4th. Cantor Fitzgerald reiterated an overweight rating and issued a $55.00 target price on shares of GitLab in a report on Monday, August 19th. Barclays lowered their price target on shares of GitLab from $55.00 to $50.00 and set an equal weight rating for the company in a report on Tuesday, June 4th. JPMorgan Chase & Co. reduced their price objective on shares of GitLab from $55.00 to $50.00 and set a neutral rating on the stock in a research note on Tuesday, June 4th. Finally, Citic Securities started coverage on shares of GitLab in a research note on Monday, June 3rd. They set a buy rating and a $80.00 target price for the company. Four research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $65.63.

GitLab Trading Up 21.6 %

NASDAQ:GTLB opened at $54.35 on Wednesday. The stock’s 50-day moving average is $48.86 and its 200-day moving average is $53.12. GitLab has a 1-year low of $40.19 and a 1-year high of $78.53. The stock has a market cap of $8.64 billion, a P/E ratio of -19.76 and a beta of 0.46.

GitLab (NASDAQ:GTLB) last posted its earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.05. The firm had revenue of $182.58 million for the quarter, compared to analyst estimates of $176.86 million. GitLab had a negative net margin of 68.52% and a negative return on equity of 19.14%. The company’s revenue for the quarter was up 30.8% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.29) EPS. As a group, equities analysts forecast that GitLab will post -0.5 EPS for the current year.

Insiders Place Their Bets

In other news, insider Robin Schulman sold 2,402 shares of the firm’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $56.25, for a total transaction of $135,112.50. Following the completion of the sale, the insider now directly owns 142,933 shares of the company’s stock, valued at approximately $8,039,981.25. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, insider Robin Schulman sold 2,402 shares of the business’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $56.25, for a total transaction of $135,112.50. Following the sale, the insider now directly owns 142,933 shares in the company, valued at approximately $8,039,981.25. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Sytse Sijbrandij sold 56,000 shares of the firm’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $48.99, for a total transaction of $2,743,440.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 140,275 shares of company stock valued at $6,848,847. Insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Victory Capital Management Inc. lifted its holdings in GitLab by 766.9% in the fourth quarter. Victory Capital Management Inc. now owns 254,483 shares of the company’s stock worth $16,022,000 after buying an additional 225,129 shares during the period. Natixis Advisors L.P. grew its holdings in shares of GitLab by 36.9% during the fourth quarter. Natixis Advisors L.P. now owns 16,142 shares of the company’s stock valued at $1,016,000 after buying an additional 4,353 shares during the last quarter. Amalgamated Bank boosted its stake in GitLab by 2.6% during the 4th quarter. Amalgamated Bank now owns 19,236 shares of the company’s stock valued at $1,211,000 after purchasing an additional 488 shares during the last quarter. M&T Bank Corp bought a new stake in GitLab in the 4th quarter worth about $271,000. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of GitLab by 10.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 531,731 shares of the company’s stock worth $33,478,000 after acquiring an additional 51,612 shares during the period. Hedge funds and other institutional investors 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.