GitLab (NASDAQ:GTLB) Sets New 12-Month High – Time to Buy?

GitLab Inc. (NASDAQ:GTLB)’s stock price reached a new 52-week high on Monday. The company traded as high as $56.64 and last traded at $55.9470, with a volume of 227,573 shares changing hands. The stock had previously closed at $55.09.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on GTLB. DA Davidson lifted their target price on GitLab from $45.00 to $55.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 2nd. TD Cowen boosted their price target on GitLab from $29.00 to $42.00 and gave the stock a “hold” rating in a research note on Thursday, August 27th. Needham & Company LLC increased their price target on GitLab from $38.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, September 2nd. Bank of America increased their price target on GitLab from $45.00 to $54.00 and gave the company a “neutral” rating in a report on Wednesday, September 2nd. Finally, Morgan Stanley raised their price objective on GitLab from $30.00 to $57.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 2nd. Seven research analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $51.75.

GitLab Price Performance

The company’s 50-day moving average price is $46.46 and its two-hundred day moving average price is $34.01.

GitLab (NASDAQ:GTLB) last issued its earnings results on Tuesday, September 1st. The company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.06. GitLab had a negative net margin of 4.99% and a negative return on equity of 1.28%. The business had revenue of $286.25 million for the quarter, compared to analyst estimates of $273.13 million. During the same quarter in the prior year, the business posted $0.24 EPS. The company’s revenue for the quarter was up 21.3% on a year-over-year basis. GitLab has set its FY 2027 guidance at 0.850-0.870 EPS and its Q3 2027 guidance at 0.190-0.200 EPS. On average, equities research analysts forecast that GitLab Inc. will post -0.29 earnings per share for the current fiscal year.

Insider Activity at GitLab

In other GitLab news, CTO Sivaprasad Padisetty sold 51,915 shares of the stock in a transaction that occurred on Monday, September 28th. The stock was sold at an average price of $45.78, for a total transaction of $2,376,668.70. Following the transaction, the chief technology officer owned 377,211 shares of the company’s stock, valued at $17,268,719.58. This trade represents a 12.10% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Sytse Sijbrandij sold 430,000 shares of GitLab stock in a transaction that occurred on Monday, September 28th. The stock was sold at an average price of $45.84, for a total value of $19,711,200.00. Following the completion of the transaction, the director owned 12,785,851 shares of the company’s stock, valued at approximately $586,103,409.84. The trade was a 3.25% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 2,176,840 shares of company stock valued at $103,798,494 over the last three months. 10.64% of the stock is owned by insiders.

Institutional Investors Weigh In On GitLab

Institutional investors have recently made changes to their positions in the company. HighTower Advisors LLC raised its position in shares of GitLab by 7.6% in the second quarter. HighTower Advisors LLC now owns 10,291 shares of the company’s stock valued at $314,000 after purchasing an additional 727 shares during the period. GAMMA Investing LLC boosted its holdings in shares of GitLab by 27.3% during the 3rd quarter. GAMMA Investing LLC now owns 3,524 shares of the company’s stock worth $167,000 after buying an additional 755 shares during the period. Siren L.L.C. boosted its holdings in shares of GitLab by 1.0% during the 1st quarter. Siren L.L.C. now owns 100,000 shares of the company’s stock worth $2,164,000 after buying an additional 1,000 shares during the period. Tsfg LLC bought a new stake in shares of GitLab during the 2nd quarter worth $31,000. Finally, Fifth Third Bancorp grew its stake in GitLab by 220.6% in the 1st quarter. Fifth Third Bancorp now owns 1,603 shares of the company’s stock valued at $35,000 after buying an additional 1,103 shares during the last quarter. 95.04% of the stock is currently owned by institutional investors.

About GitLab

GitLab Inc (NASDAQ:GTLB) develops a cloud-based DevSecOps platform that helps organizations plan, create, secure and deploy software. Its platform brings together source code management, version control, issue tracking, project planning, continuous integration and continuous delivery, enabling development, operations and security teams to collaborate in a unified environment.

GitLab’s products also include application security testing, vulnerability management, compliance tools, infrastructure as code, software supply chain security and monitoring capabilities.