GitLab (NASDAQ:GTLB) Earns “Buy” Rating from Truist Financial

Truist Financial reiterated their buy rating on shares of GitLab (NASDAQ:GTLB) in a report released on Wednesday,Benzinga reports. They currently have a $75.00 target price on the stock, down from their prior target price of $80.00.

Other analysts also recently issued reports about the stock. JPMorgan Chase & Co. decreased their target price on shares of GitLab from $58.00 to $52.00 and set a “neutral” rating for the company in a research report on Wednesday. The Goldman Sachs Group reissued a “neutral” rating and issued a $50.00 target price (down from $63.00) on shares of GitLab in a research report on Wednesday. Cantor Fitzgerald decreased their target price on shares of GitLab from $70.00 to $60.00 and set an “overweight” rating for the company in a research report on Wednesday. Robert W. Baird reduced their price objective on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a research note on Monday, March 3rd. Finally, Scotiabank reduced their price objective on shares of GitLab from $80.00 to $67.00 and set a “sector outperform” rating for the company in a research note on Friday, June 6th. Four investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $63.59.

GitLab Stock Performance

Shares of GTLB opened at $41.23 on Wednesday. The company has a market capitalization of $6.76 billion, a PE ratio of -128.84 and a beta of 0.75. GitLab has a 52 week low of $37.90 and a 52 week high of $74.18. The company’s 50 day moving average price is $46.45 and its 200 day moving average price is $55.40.

GitLab (NASDAQ:GTLB) last posted its earnings results on Tuesday, June 10th. The company reported $0.17 EPS for the quarter, topping the consensus estimate of $0.15 by $0.02. The company had revenue of $214.51 million during the quarter, compared to the consensus estimate of $213.21 million. GitLab had a negative net margin of 6.83% and a negative return on equity of 11.72%. The company’s revenue for the quarter was up 26.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.03 earnings per share. On average, equities analysts forecast that GitLab will post -0.31 earnings per share for the current fiscal year.

Insider Activity at GitLab

In other news, insider Sytse Sijbrandij sold 108,600 shares of the stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $42.87, for a total value of $4,655,682.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Brian G. Robins sold 45,000 shares of the stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $53.04, for a total transaction of $2,386,800.00. Following the completion of the transaction, the chief financial officer now owns 344,105 shares of the company’s stock, valued at approximately $18,251,329.20. This represents a 11.57% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 461,584 shares of company stock worth $23,192,574 in the last ninety days. 16.37% of the stock is currently owned by insiders.

Hedge Funds Weigh In On GitLab

Hedge funds have recently made changes to their positions in the business. Belpointe Asset Management LLC bought a new position in shares of GitLab in the first quarter valued at $409,000. Fortis Capital Advisors LLC bought a new position in shares of GitLab in the first quarter valued at $409,000. Focus Partners Wealth grew its stake in shares of GitLab by 42.5% in the first quarter. Focus Partners Wealth now owns 252,586 shares of the company’s stock valued at $11,871,000 after buying an additional 75,331 shares in the last quarter. Bayforest Capital Ltd bought a new position in shares of GitLab in the first quarter valued at $830,000. Finally, Woodline Partners LP bought a new position in shares of GitLab in the first quarter valued at $314,000. Institutional investors and hedge funds own 95.04% of the company’s stock.

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.