Royal Bank Of Canada Reaffirms Outperform Rating for GitLab (NASDAQ:GTLB)

GitLab (NASDAQ:GTLB)‘s stock had its “outperform” rating reissued by equities research analysts at Royal Bank Of Canada in a report released on Wednesday,Benzinga reports. They presently have a $62.00 price target on the stock. Royal Bank Of Canada’s price objective indicates a potential upside of 40.18% from the stock’s current price.

Other research analysts also recently issued reports about the stock. Barclays reduced their price objective on shares of GitLab from $58.00 to $47.00 and set an “equal weight” rating on the stock in a research report on Wednesday, June 11th. BTIG Research lowered their price objective on shares of GitLab from $86.00 to $67.00 and set a “buy” rating for the company in a report on Wednesday, June 11th. Piper Sandler restated an “overweight” rating and set a $85.00 price target on shares of GitLab in a research report on Wednesday, June 11th. Raymond James Financial reduced their price target on GitLab from $80.00 to $60.00 and set an “outperform” rating on the stock in a research note on Wednesday, June 11th. Finally, Macquarie decreased their price target on shares of GitLab from $90.00 to $75.00 and set an “outperform” rating for the company in a research note on Wednesday, June 11th. Four research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $63.59.

GitLab Stock Up 3.9%

NASDAQ GTLB opened at $44.23 on Wednesday. GitLab has a 12-month low of $37.90 and a 12-month high of $74.18. The company has a 50-day simple moving average of $46.25 and a two-hundred day simple moving average of $53.98. The firm has a market cap of $7.31 billion, a price-to-earnings ratio of 442.30 and a beta of 0.75.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings results on Tuesday, June 10th. The company reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.02. GitLab had a net margin of 2.17% and a negative return on equity of 4.07%. The company had revenue of $214.51 million during the quarter, compared to analyst estimates of $213.21 million. During the same period in the prior year, the business posted $0.03 EPS. The firm’s revenue was up 26.8% compared to the same quarter last year. Equities analysts expect that GitLab will post -0.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In other GitLab news, insider Sytse Sijbrandij sold 108,600 shares of the company’s stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $42.87, for a total transaction of $4,655,682.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Brian G. Robins sold 45,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $53.04, for a total transaction of $2,386,800.00. Following the completion of the sale, the chief financial officer now owns 344,105 shares in the company, valued at $18,251,329.20. This represents a 11.57% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 377,300 shares of company stock worth $17,615,809 in the last three months. Insiders own 16.37% of the company’s stock.

Institutional Investors Weigh In On GitLab

Large investors have recently added to or reduced their stakes in the stock. M&T Bank Corp grew its holdings in shares of GitLab by 3.1% in the fourth quarter. M&T Bank Corp now owns 4,965 shares of the company’s stock worth $280,000 after acquiring an additional 148 shares during the period. OneDigital Investment Advisors LLC grew its position in GitLab by 4.3% during the fourth quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock valued at $228,000 after buying an additional 166 shares during the period. Utah Retirement Systems increased its holdings in GitLab by 3.1% during the fourth quarter. Utah Retirement Systems now owns 6,600 shares of the company’s stock valued at $372,000 after buying an additional 200 shares during the last quarter. Mariner LLC increased its holdings in GitLab by 1.7% during the fourth quarter. Mariner LLC now owns 12,583 shares of the company’s stock valued at $709,000 after buying an additional 214 shares during the last quarter. Finally, True Wealth Design LLC raised its position in GitLab by 20.0% in the fourth quarter. True Wealth Design LLC now owns 1,297 shares of the company’s stock worth $73,000 after acquiring an additional 216 shares during the period. Institutional investors own 95.04% 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.