GitLab Inc. (NASDAQ:GTLB) Receives Consensus Rating of “Moderate Buy” from Brokerages

GitLab Inc. (NASDAQ:GTLB) has been assigned a consensus recommendation of “Moderate Buy” from the twenty-three research firms that are covering the firm, Marketbeat.com reports. Three investment analysts have rated the stock with a hold recommendation and twenty have given a buy recommendation to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $70.73.

Several research analysts have weighed in on GTLB shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $80.00 price target on shares of GitLab in a research report on Tuesday, March 5th. UBS Group lowered their price target on GitLab from $81.00 to $75.00 and set a “buy” rating on the stock in a research report on Tuesday, March 5th. Raymond James raised GitLab from a “market perform” rating to an “outperform” rating and set a $70.00 price target on the stock in a research report on Friday, April 12th. KeyCorp started coverage on GitLab in a research report on Tuesday, March 19th. They set an “overweight” rating and a $70.00 price target on the stock. Finally, Bank of America lowered their price target on GitLab from $88.00 to $85.00 and set a “buy” rating on the stock in a research report on Tuesday, March 5th.

GitLab Stock Performance

NASDAQ GTLB opened at $52.47 on Friday. The stock has a market capitalization of $8.32 billion, a price-to-earnings ratio of -19.08 and a beta of 0.46. The stock’s 50 day moving average price is $59.16 and its two-hundred day moving average price is $58.50. GitLab has a 52 week low of $26.24 and a 52 week high of $78.53.

GitLab (NASDAQ:GTLB) last released its earnings results on Monday, March 4th. The company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.08 by $0.07. The firm had revenue of $163.80 million for the quarter, compared to analysts’ expectations of $157.89 million. GitLab had a negative return on equity of 18.26% and a negative net margin of 73.14%. The business’s quarterly revenue was up 33.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.26) EPS. On average, equities research analysts forecast that GitLab will post -0.96 EPS for the current year.

Insider Buying and Selling at GitLab

In other GitLab news, CAO Erin Mannix sold 958 shares of the company’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $59.53, for a total value of $57,029.74. Following the transaction, the chief accounting officer now directly owns 74,908 shares of the company’s stock, valued at approximately $4,459,273.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Robin Schulman sold 30,543 shares of the company’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $75.11, for a total transaction of $2,294,084.73. Following the completion of the sale, the insider now directly owns 60,132 shares in the company, valued at approximately $4,516,514.52. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Erin Mannix sold 958 shares of the company’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $59.53, for a total value of $57,029.74. Following the sale, the chief accounting officer now owns 74,908 shares of the company’s stock, valued at $4,459,273.24. The disclosure for this sale can be found here. Insiders have sold a total of 476,926 shares of company stock valued at $26,869,893 in the last ninety days. 28.04% of the stock is currently owned by corporate insiders.

Institutional Trading of GitLab

Institutional investors have recently modified their holdings of the stock. Invesco Ltd. lifted its position in shares of GitLab by 71.3% during the 3rd quarter. Invesco Ltd. now owns 4,236,833 shares of the company’s stock valued at $191,590,000 after acquiring an additional 1,762,944 shares during the period. Wellington Management Group LLP lifted its position in shares of GitLab by 280.3% during the 3rd quarter. Wellington Management Group LLP now owns 628,987 shares of the company’s stock valued at $28,443,000 after acquiring an additional 463,584 shares during the period. Black Swift Group LLC bought a new stake in shares of GitLab during the 4th quarter valued at $1,574,000. Polar Capital Holdings Plc bought a new stake in shares of GitLab during the 3rd quarter valued at $7,558,000. Finally, Vanguard Group Inc. lifted its position in shares of GitLab by 6.8% during the 3rd quarter. Vanguard Group Inc. now owns 8,317,446 shares of the company’s stock valued at $376,115,000 after acquiring an additional 530,702 shares during the period. 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.