GitLab’s (GTLB) Buy Rating Reaffirmed at Canaccord Genuity Group

Canaccord Genuity Group reaffirmed their buy rating on shares of GitLab (NASDAQ:GTLBFree Report) in a report released on Tuesday, Benzinga reports. They currently have a $74.00 price target on the stock.

Several other equities analysts have also commented on GTLB. Scotiabank upped their target price on GitLab from $60.00 to $70.00 and gave the company a sector outperform rating in a report on Tuesday, December 5th. The Goldman Sachs Group upped their target price on GitLab from $70.00 to $80.00 and gave the company a buy rating in a report on Wednesday, December 6th. BTIG Research began coverage on GitLab in a report on Monday, November 13th. They set a buy rating and a $56.00 target price for the company. Mizuho lowered their target price on GitLab from $87.00 to $75.00 and set a buy rating for the company in a report on Tuesday. Finally, DA Davidson increased their price objective on GitLab from $60.00 to $75.00 and gave the stock a neutral rating in a report on Monday, February 5th. Five analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $68.40.

View Our Latest Research Report on GitLab

GitLab Price Performance

Shares of GTLB opened at $57.70 on Tuesday. The stock’s 50-day moving average is $67.92 and its two-hundred day moving average is $56.00. The stock has a market cap of $8.98 billion, a PE ratio of -20.98 and a beta of 0.52. GitLab has a 12 month low of $26.24 and a 12 month high of $78.53.

GitLab (NASDAQ:GTLBGet Free Report) last released its quarterly earnings results on Monday, March 4th. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.08 by $0.07. GitLab had a negative return on equity of 17.47% and a negative net margin of 73.14%. The business had revenue of $163.80 million for the quarter, compared to analysts’ expectations of $157.89 million. During the same quarter in the previous year, the firm posted ($0.26) earnings per share. The company’s revenue was up 33.3% compared to the same quarter last year. On average, research analysts anticipate that GitLab will post -0.81 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Brian G. Robins sold 37,498 shares of GitLab stock in a transaction dated Monday, December 11th. The stock was sold at an average price of $59.90, for a total value of $2,246,130.20. Following the transaction, the chief financial officer now owns 426,840 shares of the company’s stock, valued at approximately $25,567,716. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other GitLab news, Director Susan L. Bostrom sold 40,000 shares of GitLab stock in a transaction dated Tuesday, December 12th. The stock was sold at an average price of $60.87, for a total transaction of $2,434,800.00. Following the transaction, the director now owns 220,869 shares of the company’s stock, valued at approximately $13,444,296.03. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Brian G. Robins sold 37,498 shares of GitLab stock in a transaction dated Monday, December 11th. The shares were sold at an average price of $59.90, for a total value of $2,246,130.20. Following the transaction, the chief financial officer now directly owns 426,840 shares in the company, valued at approximately $25,567,716. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,036,699 shares of company stock worth $128,327,796. 28.04% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On GitLab

Large investors have recently made changes to their positions in the company. Quarry LP bought a new stake in shares of GitLab in the 2nd quarter valued at approximately $30,000. FMR LLC lifted its holdings in GitLab by 80.0% in the 3rd quarter. FMR LLC now owns 603 shares of the company’s stock worth $27,000 after purchasing an additional 268 shares during the last quarter. Ossiam acquired a new stake in GitLab in the 1st quarter worth approximately $27,000. Ramirez Asset Management Inc. acquired a new stake in GitLab in the 3rd quarter worth approximately $36,000. Finally, Lazard Asset Management LLC acquired a new stake in GitLab in the 1st quarter worth approximately $47,000. Institutional investors own 54.15% of the company’s stock.

About GitLab

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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.

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Analyst Recommendations for GitLab (NASDAQ:GTLB)

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