GitLab’s (GTLB) “Hold” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC restated their hold rating on shares of GitLab (NASDAQ:GTLBFree Report) in a research note released on Tuesday, Benzinga reports.

Several other research firms have also weighed in on GTLB. Citic Securities started coverage on GitLab in a report on Monday. They issued a buy rating and a $80.00 target price on the stock. Bank of America dropped their price target on GitLab from $88.00 to $85.00 and set a buy rating on the stock in a research note on Tuesday, March 5th. Sanford C. Bernstein boosted their price objective on GitLab from $71.00 to $76.00 and gave the stock an outperform rating in a report on Tuesday, March 5th. Raymond James upgraded shares of GitLab from a market perform rating to an outperform rating and set a $70.00 target price for the company in a report on Friday, April 12th. Finally, Canaccord Genuity Group restated a buy rating and set a $74.00 price target on shares of GitLab in a report on Tuesday, March 5th. Four analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $68.09.

Read Our Latest Analysis on GitLab

GitLab Price Performance

Shares of GTLB opened at $44.75 on Tuesday. The firm’s 50 day moving average is $54.78 and its 200-day moving average is $60.09. GitLab has a 12-month low of $33.09 and a 12-month high of $78.53. The stock has a market capitalization of $7.10 billion, a P/E ratio of -16.27 and a beta of 0.44.

GitLab (NASDAQ:GTLBGet Free Report) last issued its earnings results on Monday, March 4th. The company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.07. The firm had revenue of $163.80 million during the quarter, compared to analysts’ expectations of $157.89 million. GitLab had a negative net margin of 73.14% and a negative return on equity of 18.26%. The firm’s revenue for the quarter was up 33.3% compared to the same quarter last year. During the same period last year, the firm posted ($0.26) earnings per share. As a group, equities research analysts forecast that GitLab will post -0.96 EPS for the current fiscal year.

Insider Transactions at GitLab

In related news, CEO Sytse Sijbrandij sold 230,000 shares of GitLab stock in a transaction on Friday, March 15th. The shares were sold at an average price of $53.59, for a total value of $12,325,700.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other GitLab news, CEO Sytse Sijbrandij sold 230,000 shares of the stock in a transaction on Friday, March 15th. The shares were sold at an average price of $53.59, for a total transaction of $12,325,700.00. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Robin Schulman sold 2,425 shares of the business’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $58.75, for a total value of $142,468.75. Following the completion of the sale, the insider now directly owns 55,150 shares of the company’s stock, valued at approximately $3,240,062.50. The disclosure for this sale can be found here. Insiders have sold a total of 433,383 shares of company stock worth $23,632,528 in the last 90 days. 21.36% of the stock is owned by insiders.

Institutional Investors Weigh In On GitLab

A number of large investors have recently added to or reduced their stakes in GTLB. Byrne Asset Management LLC bought a new position in shares of GitLab in the first quarter valued at approximately $33,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of GitLab by 2,107.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after buying an additional 548 shares during the last quarter. Ramirez Asset Management Inc. bought a new stake in shares of GitLab in the third quarter valued at approximately $36,000. SRS Capital Advisors Inc. acquired a new stake in shares of GitLab in the third quarter worth $40,000. Finally, Banque Cantonale Vaudoise bought a new position in GitLab during the first quarter worth $58,000. Institutional investors own 91.72% of the company’s stock.

GitLab Company Profile

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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. 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.

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