GitLab (NASDAQ:GTLB) Price Target Raised to $63.00 at TD Cowen

GitLab (NASDAQ:GTLB) had its price objective upped by TD Cowen from $56.00 to $63.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The brokerage currently has an outperform rating on the stock.

Other research analysts have also issued reports about the stock. DA Davidson raised their price target on shares of GitLab from $45.00 to $50.00 and gave the company a neutral rating in a research note on Wednesday. Barclays increased their price objective on shares of GitLab from $60.00 to $65.00 and gave the company an overweight rating in a report on Wednesday. KeyCorp increased their price objective on shares of GitLab from $50.00 to $60.00 in a report on Tuesday, July 18th. Bank of America increased their price objective on shares of GitLab from $60.00 to $62.00 and gave the company a buy rating in a report on Wednesday. Finally, Wolfe Research started coverage on shares of GitLab in a report on Tuesday, June 20th. They issued a market perform rating for the company. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $61.94.

GitLab Trading Up 0.5 %

Shares of GitLab stock opened at $49.99 on Wednesday. The firm has a market capitalization of $7.64 billion, a PE ratio of -37.31 and a beta of 0.18. GitLab has a twelve month low of $26.24 and a twelve month high of $62.12. The firm’s 50-day moving average price is $48.14 and its 200 day moving average price is $41.69.

GitLab (NASDAQ:GTLB) last issued 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 firm 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 quarterly revenue was up 38.1% compared to the same quarter last year. During the same period last year, the company posted ($0.40) EPS. On average, sell-side analysts predict that GitLab will post -1.03 EPS for the current fiscal year.

Insider Activity at GitLab

In related news, CEO Sytse Sijbrandij sold 230,000 shares of GitLab 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Brian G. Robins sold 10,000 shares of GitLab 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 sale, the chief financial officer now owns 520,134 shares in the company, valued at approximately $26,563,243.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sytse Sijbrandij sold 230,000 shares of GitLab stock in a transaction that occurred on Monday, July 17th. The shares were 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. In the last quarter, insiders sold 290,580 shares of company stock worth $15,179,123. Insiders own 28.04% of the company’s stock.

Hedge Funds Weigh In On GitLab

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Canton Hathaway LLC purchased a new position in GitLab in the 1st quarter valued at approximately $27,000. Ossiam purchased a new position in GitLab in the 1st quarter valued at approximately $27,000. Sands Capital Ventures LLC purchased a new position in GitLab in the 4th quarter valued at approximately $30,000. Quarry LP purchased a new position in GitLab in the 2nd quarter valued at approximately $30,000. Finally, Manchester Capital Management LLC purchased a new position in GitLab in the 1st quarter valued at approximately $31,000. Hedge funds and other 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.