GitLab (NASDAQ:GTLB) Given “Outperform” Rating at William Blair

William Blair reaffirmed their outperform rating on shares of GitLab (NASDAQ:GTLB) in a research report released on Wednesday, RTT News reports.

Other equities research analysts have also recently issued reports about the company. Scotiabank increased their target price on GitLab from $58.00 to $60.00 and gave the stock an outperform rating in a research note on Wednesday. DA Davidson increased their target price on GitLab from $45.00 to $50.00 and gave the stock a neutral rating in a research note on Wednesday. Barclays increased their target price on GitLab from $60.00 to $65.00 and gave the stock an overweight rating in a research note on Wednesday. KeyCorp increased their price objective on GitLab from $50.00 to $60.00 in a research report on Tuesday, July 18th. Finally, Bank of America increased their price objective on GitLab from $60.00 to $62.00 and gave the company a buy rating in a research report on Wednesday. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $61.94.

GitLab Trading Up 0.5 %

Shares of NASDAQ GTLB opened at $49.99 on Wednesday. GitLab has a 12 month low of $26.24 and a 12 month high of $62.12. The firm has a market capitalization of $7.64 billion, a price-to-earnings ratio of -37.31 and a beta of 0.18. The business has a 50-day moving average of $48.14 and a 200-day moving average of $41.69.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings data on Tuesday, September 5th. The company reported $0.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.04. GitLab had a negative return on equity of 22.82% and a negative net margin of 42.84%. The business had revenue of $139.58 million during the quarter, compared to the consensus estimate of $129.81 million. During the same quarter in the prior year, the company earned ($0.40) earnings per share. The firm’s quarterly revenue was up 38.1% compared to the same quarter last year. On average, analysts predict that GitLab will post -1.03 earnings per share for the current year.

Insiders Place Their Bets

In other GitLab news, CFO Brian G. Robins sold 30,000 shares of the firm’s stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $47.75, for a total value of $1,432,500.00. Following the transaction, the chief financial officer now directly owns 530,134 shares of the company’s stock, valued at $25,313,898.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Brian G. Robins sold 30,000 shares of the firm’s stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $47.75, for a total value of $1,432,500.00. Following the transaction, the chief financial officer now owns 530,134 shares of the company’s stock, valued at $25,313,898.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Dale R. Brown sold 2,680 shares of the firm’s stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $50.00, for a total value of $134,000.00. Following the completion of the transaction, the insider now directly owns 16,536 shares in the company, valued at approximately $826,800. The disclosure for this sale can be found here. Over the last three months, insiders have sold 290,580 shares of company stock valued at $15,179,123. Insiders own 28.04% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in GTLB. Quarry LP bought a new stake in GitLab during the 2nd quarter valued at approximately $30,000. Sands Capital Ventures LLC bought a new stake in GitLab during the 4th quarter valued at approximately $30,000. Ossiam bought a new stake in GitLab during the 1st quarter valued at approximately $27,000. Canton Hathaway LLC bought a new stake in GitLab during the 1st quarter valued at approximately $27,000. Finally, OLD Mission Capital LLC bought a new stake in GitLab during the 4th quarter valued at approximately $37,000. Institutional investors own 54.15% of the company’s stock.

GitLab Company Profile

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.