Truist Financial Reaffirms “Buy” Rating for GitLab (NASDAQ:GTLB)

Truist Financial restated their buy rating on shares of GitLab (NASDAQ:GTLBFree Report) in a report released on Monday morning, Benzinga reports. The firm currently has a $80.00 price target on the stock.

GTLB has been the topic of a number of other reports. Wolfe Research raised shares of GitLab from a peer perform rating to an outperform rating and set a $75.00 target price on the stock in a report on Wednesday, March 6th. Barclays increased their price target on shares of GitLab from $50.00 to $55.00 and gave the company an equal weight rating in a report on Tuesday, December 5th. DA Davidson lowered their price target on shares of GitLab from $75.00 to $65.00 and set a neutral rating on the stock in a report on Tuesday, March 5th. Bank of America lowered their price target on shares of GitLab from $88.00 to $85.00 and set a buy rating on the stock in a report on Tuesday, March 5th. Finally, Royal Bank of Canada reissued an outperform rating and issued a $80.00 price target on shares of GitLab in a report on Tuesday, March 5th. Four investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $70.80.

Read Our Latest Analysis on GTLB

GitLab Stock Performance

Shares of GTLB stock opened at $56.51 on Monday. The firm’s 50-day moving average is $65.74 and its 200-day moving average is $57.11. The stock has a market cap of $8.80 billion, a price-to-earnings ratio of -20.55 and a beta of 0.45. GitLab has a 52-week low of $26.24 and a 52-week high of $78.53.

GitLab (NASDAQ:GTLBGet Free Report) last issued its earnings results on Monday, March 4th. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.07. The company had revenue of $163.80 million for the quarter, compared to analysts’ expectations of $157.89 million. GitLab had a negative net margin of 73.14% and a negative return on equity of 18.26%. GitLab’s quarterly revenue was up 33.3% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.26) EPS. Sell-side analysts predict that GitLab will post -0.96 EPS for the current fiscal year.

Insider Buying and Selling at GitLab

In other GitLab news, CFO Brian G. Robins sold 13,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 9th. The shares were sold at an average price of $60.88, for a total value of $791,440.00. Following the sale, the chief financial officer now owns 407,300 shares in the company, valued at $24,796,424. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Brian G. Robins sold 13,000 shares of the firm’s stock in a transaction on Tuesday, January 9th. The shares were sold at an average price of $60.88, for a total transaction of $791,440.00. Following the completion of the transaction, the chief financial officer now owns 407,300 shares of the company’s stock, valued at $24,796,424. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Robin Schulman sold 1,704 shares of the firm’s stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $65.00, for a total transaction of $110,760.00. Following the transaction, the insider now directly owns 60,132 shares of the company’s stock, valued at approximately $3,908,580. The disclosure for this sale can be found here. Insiders have sold 906,342 shares of company stock worth $54,851,137 over the last quarter. Corporate insiders own 28.04% of the company’s stock.

Hedge Funds Weigh In On GitLab

Several large investors have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in GitLab by 12.9% during the fourth quarter. Vanguard Group Inc. now owns 9,388,440 shares of the company’s stock worth $591,096,000 after buying an additional 1,070,994 shares during the last quarter. Morgan Stanley raised its stake in GitLab by 3.0% during the fourth quarter. Morgan Stanley now owns 7,845,971 shares of the company’s stock worth $356,521,000 after buying an additional 228,085 shares during the last quarter. HMI Capital Management L.P. raised its stake in GitLab by 53.9% during the second quarter. HMI Capital Management L.P. now owns 7,406,153 shares of the company’s stock worth $378,528,000 after buying an additional 2,594,437 shares during the last quarter. Invesco Ltd. increased its stake in GitLab by 71.3% in the third quarter. Invesco Ltd. now owns 4,236,833 shares of the company’s stock valued at $191,590,000 after purchasing an additional 1,762,944 shares in the last quarter. Finally, 1832 Asset Management L.P. increased its stake in GitLab by 152.1% in the fourth quarter. 1832 Asset Management L.P. now owns 3,952,200 shares of the company’s stock valued at $179,588,000 after purchasing an additional 2,384,500 shares in the last quarter. Institutional investors own 91.72% of the company’s stock.

GitLab Company Profile

(Get Free Report)

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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