GitLab (NASDAQ:GTLB) Price Target Raised to $65.00 at Scotiabank

GitLab (NASDAQ:GTLB) had its price objective lifted by Scotiabank from $59.00 to $65.00 in a research note issued to investors on Wednesday, Benzinga reports. They currently have a sector outperform rating on the stock.

A number of other analysts have also recently issued reports on the company. Barclays lowered their price objective on GitLab from $55.00 to $50.00 and set an equal weight rating on the stock in a research report on Tuesday, June 4th. Canaccord Genuity Group lowered their price target on shares of GitLab from $74.00 to $65.00 and set a buy rating on the stock in a report on Wednesday, June 5th. BTIG Research reduced their price objective on shares of GitLab from $71.00 to $58.00 and set a buy rating for the company in a report on Tuesday, June 4th. Mizuho decreased their target price on shares of GitLab from $70.00 to $62.00 and set a buy rating on the stock in a research report on Tuesday, June 4th. Finally, Citic Securities initiated coverage on shares of GitLab in a research report on Monday, June 3rd. They issued a buy rating and a $80.00 price target for the company. Four research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $65.63.

GitLab Price Performance

Shares of GitLab stock opened at $54.35 on Wednesday. The company has a market cap of $8.64 billion, a PE ratio of -19.76 and a beta of 0.46. The firm has a fifty day moving average price of $48.86 and a two-hundred day moving average price of $53.12. GitLab has a fifty-two week low of $40.19 and a fifty-two week high of $78.53.

GitLab (NASDAQ:GTLB) last released its earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.05. GitLab had a negative net margin of 68.52% and a negative return on equity of 19.14%. The business had revenue of $182.58 million during the quarter, compared to analysts’ expectations of $176.86 million. During the same quarter last year, the company earned ($0.29) earnings per share. The firm’s revenue was up 30.8% on a year-over-year basis. Analysts expect that GitLab will post -0.5 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Robin Schulman sold 2,402 shares of GitLab stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $56.25, for a total value 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Robin Schulman sold 2,402 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $56.25, for a total value of $135,112.50. Following the transaction, the insider now 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 11,667 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $43.56, for a total transaction of $508,214.52. Following the sale, the chief financial officer now directly owns 305,175 shares of the company’s stock, valued at $13,293,423. The disclosure for this sale can be found here. In the last quarter, insiders have sold 140,275 shares of company stock valued at $6,848,847. 21.36% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC increased its holdings in GitLab by 2,107.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock valued at $33,000 after purchasing an additional 548 shares during the last quarter. Banque Cantonale Vaudoise bought a new stake in shares of GitLab in the 1st quarter valued at about $58,000. Future Financial Wealth Managment LLC bought a new stake in shares of GitLab in the 1st quarter valued at about $58,000. Quarry LP raised its position in shares of GitLab by 75.1% in the 4th quarter. Quarry LP now owns 1,166 shares of the company’s stock valued at $73,000 after acquiring an additional 500 shares during the period. Finally, Tucker Asset Management LLC bought a new position in GitLab during the 4th quarter worth approximately $83,000. 91.72% of the stock is currently 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.