GitLab (NASDAQ:GTLB) Price Target Raised to $60.00

GitLab (NASDAQ:GTLB) had its price target hoisted by Royal Bank of Canada from $55.00 to $60.00 in a research report released on Wednesday, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

A number of other equities research analysts have also recently weighed in on GTLB. Bank of America boosted their price objective on GitLab from $66.00 to $68.00 and gave the company a buy rating in a research note on Wednesday. Baird R W upgraded shares of GitLab to a strong-buy rating in a research report on Tuesday, August 27th. Scotiabank raised their price objective on shares of GitLab from $59.00 to $65.00 and gave the stock a sector outperform rating in a research report on Wednesday. TD Cowen dropped their price objective on shares of GitLab from $76.00 to $58.00 and set a buy rating on the stock in a research note on Tuesday, August 27th. Finally, Needham & Company LLC reiterated a hold rating on shares of GitLab in a research note on Wednesday. Four equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, GitLab presently has a consensus rating of Moderate Buy and an average target price of $65.87.

GitLab Price Performance

NASDAQ GTLB opened at $53.09 on Wednesday. GitLab has a 12 month low of $40.19 and a 12 month high of $78.53. The company has a market capitalization of $8.44 billion, a price-to-earnings ratio of -19.31 and a beta of 0.44. The firm’s fifty day moving average price is $49.06 and its 200 day moving average price is $53.00.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.05. GitLab had a negative return on equity of 19.14% and a negative net margin of 68.52%. The company had revenue of $182.58 million for the quarter, compared to analyst estimates of $176.86 million. During the same quarter last year, the company posted ($0.29) earnings per share. The business’s quarterly revenue was up 30.8% compared to the same quarter last year. As a group, sell-side analysts forecast that GitLab will post -0.5 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Merline Saintil sold 1,329 shares of the business’s stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $44.28, for a total transaction of $58,848.12. Following the sale, the director now owns 7,040 shares of the company’s stock, valued at approximately $311,731.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other GitLab news, CEO Sytse Sijbrandij sold 56,000 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $48.99, for a total transaction of $2,743,440.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Merline Saintil sold 1,329 shares of the company’s stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $44.28, for a total transaction of $58,848.12. Following the completion of the sale, the director now directly owns 7,040 shares in the company, valued at approximately $311,731.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 128,608 shares of company stock worth $6,340,633. 21.36% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of GTLB. Victory Capital Management Inc. grew its holdings in GitLab by 766.9% during the 4th quarter. Victory Capital Management Inc. now owns 254,483 shares of the company’s stock valued at $16,022,000 after buying an additional 225,129 shares during the last quarter. Natixis Advisors L.P. boosted its stake in shares of GitLab by 36.9% during the fourth quarter. Natixis Advisors L.P. now owns 16,142 shares of the company’s stock valued at $1,016,000 after acquiring an additional 4,353 shares during the last quarter. Amalgamated Bank increased its position in GitLab by 2.6% during the 4th quarter. Amalgamated Bank now owns 19,236 shares of the company’s stock worth $1,211,000 after purchasing an additional 488 shares in the last quarter. M&T Bank Corp acquired a new position in GitLab in the 4th quarter valued at about $271,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in GitLab by 10.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 531,731 shares of the company’s stock valued at $33,478,000 after purchasing an additional 51,612 shares in the last quarter. 91.72% of the stock is currently owned by institutional investors and hedge funds.

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.