GitLab (NASDAQ:GTLB) Price Target Raised to $50.00 at DA Davidson

GitLab (NASDAQ:GTLB) had its price target raised by DA Davidson from $45.00 to $50.00 in a report published on Wednesday, MarketBeat.com reports. DA Davidson currently has a neutral rating on the stock.

A number of other equities analysts have also weighed in on GTLB. Royal Bank of Canada lifted their price target on shares of GitLab from $56.00 to $60.00 in a report on Friday, June 23rd. Bank of America upped their price target on shares of GitLab from $60.00 to $62.00 and gave the stock a buy rating in a research report on Wednesday. Truist Financial upped their price target on shares of GitLab from $50.00 to $60.00 in a research report on Tuesday, June 6th. KeyCorp upped their price target on shares of GitLab from $50.00 to $60.00 in a research report on Tuesday, July 18th. Finally, Wolfe Research started coverage on shares of GitLab in a research report on Tuesday, June 20th. They set a market perform rating for the company. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $61.94.

GitLab Stock Up 0.5 %

Shares of GTLB opened at $49.99 on Wednesday. The firm has a market cap of $7.64 billion, a PE ratio of -37.31 and a beta of 0.18. The company’s fifty day moving average is $48.14 and its two-hundred day moving average is $41.69. GitLab has a fifty-two week low of $26.24 and a fifty-two week high of $62.12.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings results on Tuesday, September 5th. The company reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.04. The company had revenue of $139.58 million for the quarter, compared to analyst estimates of $129.81 million. GitLab had a negative net margin of 42.84% and a negative return on equity of 22.82%. GitLab’s revenue for the quarter was up 38.1% on a year-over-year basis. During the same quarter last year, the business earned ($0.40) EPS. As a group, equities research analysts anticipate that GitLab will post -1.03 earnings per share for the current year.

Insider Buying and Selling

In other GitLab news, CEO Sytse Sijbrandij sold 230,000 shares of the firm’s stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $53.06, for a total value of $12,203,800.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $51.07, for a total value of $510,700.00. Following the completion of the transaction, the chief financial officer now directly owns 520,134 shares in the company, valued at $26,563,243.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Sytse Sijbrandij sold 230,000 shares of the firm’s stock in a transaction that occurred on Monday, July 17th. The stock was sold at an average price of $53.06, for a total transaction of $12,203,800.00. The disclosure for this sale can be found here. Insiders have sold a total of 290,580 shares of company stock worth $15,179,123 over the last quarter. 28.04% of the stock is owned by company insiders.

Institutional Trading of GitLab

A number of large investors have recently added to or reduced their stakes in the business. Canton Hathaway LLC purchased a new stake in shares of GitLab in the 1st quarter valued at approximately $27,000. Ossiam purchased a new stake in shares of GitLab in the 1st quarter valued at approximately $27,000. Sands Capital Ventures LLC purchased a new stake in shares of GitLab in the 4th quarter valued at approximately $30,000. Quarry LP purchased a new stake in shares of GitLab in the 2nd quarter valued at approximately $30,000. Finally, Manchester Capital Management LLC purchased a new stake in shares of GitLab in the 1st quarter valued at approximately $31,000. 54.15% of the stock is currently owned by institutional investors.

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.