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

GitLab (NASDAQ:GTLB) had its price objective upped by UBS Group from $62.00 to $65.00 in a research note published on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

GTLB has been the subject of several other reports. Canaccord Genuity Group decreased their price objective on shares of GitLab from $74.00 to $65.00 and set a buy rating for the company in a research note on Wednesday, June 5th. Citic Securities started coverage on shares of GitLab in a research report on Monday, June 3rd. They set a buy rating and a $80.00 target price for the company. Needham & Company LLC reaffirmed a hold rating on shares of GitLab in a research report on Wednesday. BTIG Research boosted their price objective on GitLab from $58.00 to $63.00 and gave the company a buy rating in a report on Wednesday. Finally, Wells Fargo & Company raised their target price on GitLab from $70.00 to $75.00 and gave the stock an overweight rating in a report on Wednesday. Four investment analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, GitLab currently has a consensus rating of Moderate Buy and a consensus price target of $65.63.

GitLab Price Performance

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

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

Insiders Place Their Bets

In other news, CEO Sytse Sijbrandij sold 56,000 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $48.99, for a total value of $2,743,440.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO Sytse Sijbrandij sold 56,000 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $48.99, for a total value of $2,743,440.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Brian G. Robins sold 11,667 shares of GitLab stock in a transaction 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 in the company, valued at approximately $13,293,423. The disclosure for this sale can be found here. In the last three months, insiders sold 140,275 shares of company stock worth $6,848,847. Corporate insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

A number of hedge funds have recently bought and sold shares of GTLB. Norges Bank purchased a new position in shares of GitLab during the 4th quarter worth $222,591,000. Capital Research Global Investors raised its stake in GitLab by 78.5% during the first quarter. Capital Research Global Investors now owns 7,040,410 shares of the company’s stock worth $410,597,000 after purchasing an additional 3,096,437 shares during the period. 1832 Asset Management L.P. acquired a new position in GitLab in the 4th quarter valued at about $76,918,000. Vanguard Group Inc. grew its stake in shares of GitLab by 12.9% in the 4th quarter. Vanguard Group Inc. now owns 9,388,440 shares of the company’s stock valued at $591,096,000 after buying an additional 1,070,994 shares during the period. Finally, Westfield Capital Management Co. LP acquired a new stake in shares of GitLab during the 1st quarter worth approximately $49,196,000. Institutional investors and hedge funds own 91.72% of the company’s stock.

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.