DA Davidson Increases GitLab (NASDAQ:GTLB) Price Target to $70.00

GitLab (NASDAQ:GTLB) had its price target increased by equities research analysts at DA Davidson from $50.00 to $70.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “neutral” rating on the stock. DA Davidson’s target price would indicate a potential upside of 1.71% from the stock’s previous close.

GTLB has been the topic of several other research reports. Cantor Fitzgerald lifted their price target on GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday. Barclays raised their price target on GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a report on Thursday, September 5th. Truist Financial reaffirmed a “buy” rating and set a $90.00 price objective (up from $80.00) on shares of GitLab in a research report on Friday. TD Cowen raised their target price on GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Finally, Wells Fargo & Company upped their price target on GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday. Three research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $74.56.

GitLab Trading Up 4.2 %

NASDAQ GTLB traded up $2.78 on Friday, hitting $68.82. 9,192,156 shares of the company were exchanged, compared to its average volume of 2,376,925. The stock has a fifty day moving average of $57.60 and a 200-day moving average of $52.22. GitLab has a 12 month low of $40.72 and a 12 month high of $78.53. The company has a market cap of $11.05 billion, a PE ratio of -29.41 and a beta of 0.54.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.10 by $0.05. The business had revenue of $182.58 million for the quarter, compared to the consensus estimate of $176.86 million. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. GitLab’s revenue for the quarter was up 30.8% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.29) earnings per share. On average, analysts expect that GitLab will post -0.41 earnings per share for the current year.

Insider Activity

In other GitLab news, CFO Brian G. Robins sold 16,668 shares of the company’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $53.67, for a total value of $894,571.56. Following the transaction, the chief financial officer now directly owns 250,109 shares of the company’s stock, valued at $13,423,350.03. This represents a 6.25 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Sytse Sijbrandij sold 84,776 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $59.64, for a total value of $5,056,040.64. The disclosure for this sale can be found here. Insiders have sold a total of 185,033 shares of company stock worth $10,569,356 over the last three months. Corporate insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Franklin Resources Inc. boosted its holdings in GitLab by 0.8% during the 3rd quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company’s stock worth $146,774,000 after acquiring an additional 21,976 shares during the last quarter. State Street Corp grew its position in shares of GitLab by 5.8% during the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company’s stock valued at $104,740,000 after purchasing an additional 111,997 shares in the last quarter. Geode Capital Management LLC lifted its position in GitLab by 7.0% during the third quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company’s stock valued at $104,476,000 after purchasing an additional 132,548 shares during the last quarter. Fiera Capital Corp lifted its stake in GitLab by 1.4% during the third quarter. Fiera Capital Corp now owns 1,259,429 shares of the company’s stock worth $64,911,000 after purchasing an additional 16,961 shares during the last quarter. Finally, Bamco Inc. NY boosted its stake in shares of GitLab by 0.4% in the 3rd quarter. Bamco Inc. NY now owns 1,253,244 shares of the company’s stock valued at $64,592,000 after purchasing an additional 4,874 shares in the last quarter. 91.72% of the stock is owned by institutional investors.

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.