GitLab (NASDAQ:GTLB) Shares Up 5.9%

Shares of GitLab Inc. (NASDAQ:GTLB – Get Rating) shot up 5.9% during trading on Friday . The company traded as high as $37.59 and last traded at $37.29. 2,406,686 shares were traded during trading, a decline of 10% from the average session volume of 2,665,495 shares. The stock had previously closed at $35.22.

Wall Street Analyst Weigh In

A number of brokerages have commented on GTLB. KeyCorp reduced their target price on shares of GitLab from $63.00 to $60.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 6th. Royal Bank of Canada reduced their price target on shares of GitLab from $60.00 to $45.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 14th. UBS Group reduced their price target on shares of GitLab from $54.00 to $35.00 and set a “buy” rating on the stock in a research note on Tuesday, March 14th. Piper Sandler reduced their price target on shares of GitLab from $58.00 to $50.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 14th. Finally, Truist Financial reduced their price target on shares of GitLab from $65.00 to $50.00 and set a “buy” rating on the stock in a research note on Tuesday, March 14th. Two analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.50.

GitLab Stock Up 4.8 %

The stock has a market cap of $5.53 billion, a price-to-earnings ratio of -31.56 and a beta of -0.18. The business’s fifty day moving average is $46.02 and its two-hundred day moving average is $46.70.

GitLab (NASDAQ:GTLB – Get Rating) last announced its quarterly earnings data on Monday, March 13th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.11. GitLab had a negative net margin of 40.61% and a negative return on equity of 23.18%. The firm had revenue of $122.90 million during the quarter, compared to analysts’ expectations of $119.59 million. During the same quarter in the previous year, the business posted ($0.25) earnings per share. The business’s quarterly revenue was up 58.0% compared to the same quarter last year. As a group, sell-side analysts expect that GitLab Inc. will post -0.92 earnings per share for the current year.

Insiders Place Their Bets

In other news, major shareholder 2021 Gp L.L.C. Gv purchased 415,000 shares of the stock in a transaction on Monday, March 13th. The stock was bought at an average price of $29.29 per share, for a total transaction of $12,155,350.00. Following the acquisition, the insider now directly owns 1,709,527 shares of the company’s stock, valued at approximately $50,072,045.83. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, major shareholder 2021 Gp L.L.C. Gv bought 415,000 shares of the stock in a transaction dated Monday, March 13th. The stock was acquired at an average price of $29.29 per share, for a total transaction of $12,155,350.00. Following the acquisition, the insider now owns 1,709,527 shares in the company, valued at approximately $50,072,045.83. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Dale R. Brown sold 894 shares of the company’s stock in a transaction on Thursday, January 5th. The shares were sold at an average price of $41.66, for a total transaction of $37,244.04. Following the completion of the transaction, the insider now owns 16,265 shares of the company’s stock, valued at approximately $677,599.90. The disclosure for this sale can be found here. Insiders sold 64,082 shares of company stock worth $2,880,100 in the last 90 days. Corporate insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Sands Capital Ventures LLC purchased a new stake in GitLab in the 4th quarter valued at $30,000. Exchange Traded Concepts LLC purchased a new stake in GitLab in the 4th quarter valued at $30,000. OLD Mission Capital LLC purchased a new stake in GitLab in the 4th quarter valued at $37,000. Lazard Asset Management LLC purchased a new stake in GitLab in the 1st quarter valued at $47,000. Finally, First Horizon Advisors Inc. purchased a new stake in GitLab in the 3rd quarter valued at $47,000. Institutional investors and hedge funds own 48.99% of the company’s stock.

About GitLab

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GitLab Inc, through its subsidiaries, develops software for the software development lifecycle in the United States, Europe, and the Asia Pacific. The company 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.