GitLab (NASDAQ:GTLB) Price Target Increased to $80.00 by Analysts at Cantor Fitzgerald

GitLab (NASDAQ:GTLBGet Free Report) had its price target lifted by Cantor Fitzgerald from $65.00 to $80.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Cantor Fitzgerald’s target price would indicate a potential upside of 7.27% from the company’s current price.

GTLB has been the topic of several other reports. Scotiabank lifted their target price on GitLab from $60.00 to $70.00 and gave the stock a “sector outperform” rating in a report on Tuesday, December 5th. Mizuho raised GitLab from a “neutral” rating to a “buy” rating and set a $73.00 price objective on the stock in a report on Monday, January 8th. TD Cowen increased their target price on GitLab from $63.00 to $71.00 and gave the company an “outperform” rating in a research report on Tuesday, December 5th. Truist Financial boosted their price target on shares of GitLab from $70.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, January 16th. Finally, The Goldman Sachs Group increased their price objective on shares of GitLab from $70.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, December 6th. Six research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, GitLab presently has an average rating of “Moderate Buy” and a consensus price target of $64.68.

Read Our Latest Analysis on GTLB

GitLab Price Performance

Shares of NASDAQ GTLB traded down $3.02 during mid-day trading on Monday, reaching $74.58. The company’s stock had a trading volume of 909,716 shares, compared to its average volume of 2,059,759. The stock has a fifty day moving average of $64.89 and a two-hundred day moving average of $52.82. The firm has a market capitalization of $11.61 billion, a PE ratio of -26.77 and a beta of 0.52. 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, December 4th. The company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.10. The firm had revenue of $149.67 million during the quarter, compared to analyst estimates of $141.54 million. GitLab had a negative net margin of 79.11% and a negative return on equity of 19.66%. GitLab’s revenue for the quarter was up 32.5% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.33) earnings per share. Analysts anticipate that GitLab will post -0.89 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CAO Erin Mannix sold 1,982 shares of the firm’s stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $63.01, for a total transaction of $124,885.82. Following the transaction, the chief accounting officer now owns 68,692 shares in the company, valued at $4,328,282.92. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other GitLab news, CEO Sytse Sijbrandij sold 159,433 shares of GitLab stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $49.12, for a total value of $7,831,348.96. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Erin Mannix sold 1,982 shares of the stock in a transaction dated Thursday, December 21st. The shares were sold at an average price of $63.01, for a total transaction of $124,885.82. Following the sale, the chief accounting officer now directly owns 68,692 shares of the company’s stock, valued at $4,328,282.92. The disclosure for this sale can be found here. Insiders have sold a total of 2,152,589 shares of company stock valued at $132,921,780 over the last quarter. 28.04% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On GitLab

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Raymond James & Associates grew its stake in GitLab by 62.6% in the 1st quarter. Raymond James & Associates now owns 4,289 shares of the company’s stock valued at $234,000 after acquiring an additional 1,652 shares during the period. Bank of New York Mellon Corp grew its position in shares of GitLab by 3,816.3% in the first quarter. Bank of New York Mellon Corp now owns 182,343 shares of the company’s stock valued at $9,930,000 after purchasing an additional 177,687 shares during the period. BlackRock Inc. increased its stake in shares of GitLab by 13.1% during the first quarter. BlackRock Inc. now owns 2,821,575 shares of the company’s stock worth $153,635,000 after purchasing an additional 327,244 shares in the last quarter. Blair William & Co. IL raised its position in shares of GitLab by 229.4% during the 1st quarter. Blair William & Co. IL now owns 34,096 shares of the company’s stock worth $1,857,000 after purchasing an additional 23,746 shares during the last quarter. Finally, Sei Investments Co. purchased a new position in GitLab in the 1st quarter valued at about $1,634,000. Hedge funds and other institutional investors own 54.15% 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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