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

Shares of GitLab Inc. (NASDAQ:GTLB) have received an average recommendation of “Moderate Buy” from the twenty-six ratings firms that are covering the stock, MarketBeat.com reports. Five analysts have rated the stock with a hold recommendation, twenty have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $62.63.

Several equities analysts recently commented on GTLB shares. Capital One Financial lowered shares of GitLab from an “overweight” rating to an “equal weight” rating and set a $46.00 price objective for the company. in a research report on Wednesday, July 16th. Barclays decreased their price objective on shares of GitLab from $58.00 to $47.00 and set an “equal weight” rating for the company in a research report on Wednesday, June 11th. Cowen reaffirmed a “buy” rating on shares of GitLab in a research report on Friday, June 6th. Morgan Stanley increased their price objective on shares of GitLab from $53.00 to $56.00 and gave the company an “overweight” rating in a research report on Wednesday, June 11th. Finally, Needham & Company LLC reduced their price target on shares of GitLab from $85.00 to $55.00 and set a “buy” rating for the company in a research report on Wednesday, June 11th.

Insider Activity

In related news, CFO Brian G. Robins sold 45,000 shares of GitLab stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $53.04, for a total value of $2,386,800.00. Following the sale, the chief financial officer owned 344,105 shares of the company’s stock, valued at approximately $18,251,329.20. This trade represents a 11.57% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Karen Blasing sold 3,250 shares of GitLab stock in a transaction on Friday, July 18th. The shares were sold at an average price of $45.00, for a total transaction of $146,250.00. Following the completion of the sale, the director directly owned 107,139 shares in the company, valued at $4,821,255. This represents a 2.94% decrease in their position. The disclosure for this sale can be found here. Insiders sold 509,950 shares of company stock worth $23,288,223 over the last 90 days. Company insiders own 16.37% of the company’s stock.

Institutional Investors Weigh In On GitLab

Institutional investors have recently added to or reduced their stakes in the stock. Cullen Frost Bankers Inc. grew its stake in GitLab by 174.9% in the 1st quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company’s stock valued at $25,000 after acquiring an additional 334 shares during the period. Cloud Capital Management LLC acquired a new stake in GitLab in the 1st quarter valued at $29,000. Twin Tree Management LP acquired a new stake in GitLab in the 1st quarter valued at $29,000. CoreCap Advisors LLC grew its stake in GitLab by 327.5% in the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock valued at $33,000 after acquiring an additional 452 shares during the period. Finally, Harbour Investments Inc. grew its stake in GitLab by 447.6% in the 1st quarter. Harbour Investments Inc. now owns 898 shares of the company’s stock valued at $42,000 after acquiring an additional 734 shares during the period. Institutional investors and hedge funds own 95.04% of the company’s stock.

GitLab Stock Performance

GTLB stock opened at $47.89 on Friday. The firm has a market cap of $7.91 billion, a price-to-earnings ratio of 478.90 and a beta of 0.74. The firm has a 50-day simple moving average of $45.35 and a two-hundred day simple moving average of $51.93. GitLab has a one year low of $37.90 and a one year high of $74.18.

GitLab (NASDAQ:GTLB) last released its quarterly earnings results on Tuesday, June 10th. The company reported $0.17 EPS for the quarter, beating the consensus estimate of $0.15 by $0.02. The business had revenue of $214.51 million during the quarter, compared to analyst estimates of $213.21 million. GitLab had a net margin of 2.17% and a negative return on equity of 4.07%. The company’s quarterly revenue was up 26.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.03 earnings per share. As a group, equities analysts predict that GitLab will post -0.31 earnings per share for the current fiscal year.

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.