GitLab (NASDAQ:GTLB) Price Target Raised to $68.00 at Bank of America

GitLab (NASDAQ:GTLB) had its price objective raised by equities researchers at Bank of America from $66.00 to $68.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s target price indicates a potential upside of 52.19% from the company’s current price.

Other equities analysts have also issued reports about the stock. DA Davidson restated a “neutral” rating and issued a $50.00 price target on shares of GitLab in a research report on Thursday, August 29th. Baird R W raised GitLab to a “strong-buy” rating in a report on Tuesday, August 27th. KeyCorp cut their price objective on GitLab from $70.00 to $62.00 and set an “overweight” rating for the company in a research report on Tuesday, June 4th. Canaccord Genuity Group decreased their target price on GitLab from $74.00 to $65.00 and set a “buy” rating on the stock in a report on Wednesday, June 5th. Finally, Robert W. Baird started coverage on GitLab in a research note on Tuesday, August 27th. They issued an “outperform” rating and a $59.00 target price 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. Based on data from MarketBeat.com, GitLab presently has an average rating of “Moderate Buy” and a consensus target price of $65.83.

GitLab Price Performance

NASDAQ:GTLB opened at $44.68 on Wednesday. The company has a fifty day moving average price of $48.75 and a 200 day moving average price of $53.11. The stock has a market cap of $7.10 billion, a P/E ratio of -16.25 and a beta of 0.46. GitLab has a one year low of $40.19 and a one year high of $78.53.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings results on Tuesday, September 3rd. The company reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.05. The firm had revenue of $182.58 million for the quarter, compared to analyst estimates of $176.86 million. GitLab had a negative net margin of 68.52% and a negative return on equity of 19.14%. The business’s revenue for the quarter was up 30.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.29) EPS. As a group, equities research analysts anticipate that GitLab will post -0.5 EPS for the current year.

Insider Buying and Selling at GitLab

In other news, Director Karen Blasing sold 4,430 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $56.25, for a total transaction of $249,187.50. Following the completion of the sale, the director now owns 150,983 shares of the company’s stock, valued at approximately $8,492,793.75. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CFO Brian G. Robins sold 11,667 shares of the business’s stock in a transaction dated 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 $13,293,423. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Karen Blasing sold 4,430 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $56.25, for a total transaction of $249,187.50. Following the completion of the transaction, the director now owns 150,983 shares of the company’s stock, valued at approximately $8,492,793.75. The disclosure for this sale can be found here. Insiders have sold a total of 140,275 shares of company stock valued at $6,848,847 in the last ninety days. 21.36% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On GitLab

A number of hedge funds have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC grew its position in shares of GitLab by 2,107.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after buying an additional 548 shares during the period. Banque Cantonale Vaudoise bought a new position in shares of GitLab during the 1st quarter worth about $58,000. Future Financial Wealth Managment LLC acquired a new stake in shares of GitLab in the 1st quarter valued at about $58,000. Quarry LP raised its stake in GitLab by 75.1% during the 4th quarter. Quarry LP now owns 1,166 shares of the company’s stock worth $73,000 after buying an additional 500 shares during the period. Finally, Tucker Asset Management LLC bought a new stake in shares of GitLab during the fourth quarter valued at 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.