Brokerages Set GitLab Inc. (NASDAQ:GTLB) PT at $66.38

Shares of GitLab Inc. (NASDAQ:GTLB) have been assigned an average recommendation of “Moderate Buy” from the twenty-five research firms that are covering the stock, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and two have assigned a strong buy rating to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $66.38.

GTLB has been the topic of a number of recent analyst reports. Robert W. Baird increased their price target on GitLab from $59.00 to $62.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. Scotiabank raised their price target on GitLab from $59.00 to $65.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, September 4th. TD Cowen upped their price objective on shares of GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. UBS Group boosted their target price on shares of GitLab from $62.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Finally, Barclays upped their price target on shares of GitLab from $50.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 5th.

Insider Activity

In other GitLab news, CAO Erin Mannix sold 1,433 shares of the stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $52.80, for a total transaction of $75,662.40. Following the transaction, the chief accounting officer now directly owns 72,448 shares in the company, valued at $3,825,254.40. This represents a 1.94 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Brian G. Robins sold 16,668 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $53.67, for a total transaction of $894,571.56. Following the completion of the sale, the chief financial officer now directly owns 250,109 shares of the company’s stock, valued at $13,423,350.03. The trade was a 6.25 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 97,007 shares of company stock worth $5,320,233 over the last ninety days. Corporate insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

Large investors have recently modified their holdings of the stock. 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 valued at $410,597,000 after buying an additional 3,096,437 shares in the last quarter. Westfield Capital Management Co. LP bought a new stake in shares of GitLab in the 1st quarter valued at approximately $49,196,000. DNB Asset Management AS acquired a new stake in shares of GitLab during the 2nd quarter valued at approximately $37,851,000. Renaissance Technologies LLC lifted its stake in GitLab by 168.8% during the second quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company’s stock worth $59,196,000 after purchasing an additional 747,712 shares during the last quarter. Finally, Primecap Management Co. CA boosted its holdings in GitLab by 269.5% in the second quarter. Primecap Management Co. CA now owns 827,040 shares of the company’s stock worth $41,120,000 after purchasing an additional 603,200 shares during the period. Institutional investors own 91.72% of the company’s stock.

GitLab Trading Up 0.2 %

NASDAQ:GTLB opened at $59.96 on Tuesday. GitLab has a 12-month low of $40.72 and a 12-month high of $78.53. The firm has a market cap of $9.62 billion, a price-to-earnings ratio of -25.62 and a beta of 0.45. The company’s 50-day moving average is $54.50 and its two-hundred day moving average is $51.24.

GitLab (NASDAQ:GTLB) last posted 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 net margin of 54.62% and a negative return on equity of 15.40%. The business had revenue of $182.58 million during the quarter, compared to analyst estimates of $176.86 million. During the same quarter in the previous year, the business posted ($0.29) earnings per share. The company’s revenue was up 30.8% on a year-over-year basis. On average, equities research analysts forecast that GitLab will post -0.41 earnings per share for the current fiscal year.

About GitLab

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.