GitLab (NASDAQ:GTLB) Price Target Increased to $62.00 by Analysts at Robert W. Baird

GitLab (NASDAQ:GTLB) had its price target boosted by Robert W. Baird from $59.00 to $62.00 in a research report sent to investors on Wednesday, Benzinga reports. They currently have an outperform rating on the stock.

Other research analysts have also issued research reports about the company. Cantor Fitzgerald reiterated an overweight rating and issued a $55.00 price target on shares of GitLab in a research report on Monday, August 19th. Bank of America boosted their target price on GitLab from $66.00 to $68.00 and gave the company a buy rating in a research report on Wednesday. Baird R W upgraded GitLab to a strong-buy rating in a research report on Tuesday, August 27th. Mizuho cut their price objective on shares of GitLab from $70.00 to $62.00 and set a buy rating on the stock in a research report on Tuesday, June 4th. Finally, BTIG Research reduced their target price on shares of GitLab from $71.00 to $58.00 and set a buy rating on the stock in a research note on Tuesday, June 4th. Four investment analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, GitLab has an average rating of Moderate Buy and an average price target of $65.63.

GitLab Price Performance

NASDAQ:GTLB opened at $54.35 on Wednesday. The company has a market cap of $8.64 billion, a price-to-earnings ratio of -19.76 and a beta of 0.46. GitLab has a 1 year low of $40.19 and a 1 year high of $78.53. The stock’s 50 day simple moving average is $48.86 and its two-hundred day simple moving average is $53.12.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.05. GitLab had a negative net margin of 68.52% and a negative return on equity of 19.14%. The company had revenue of $182.58 million for the quarter, compared to analysts’ expectations of $176.86 million. During the same quarter in the previous year, the business posted ($0.29) earnings per share. GitLab’s quarterly revenue was up 30.8% on a year-over-year basis. As a group, analysts anticipate that GitLab will post -0.5 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Brian G. Robins sold 11,667 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $43.56, for a total value of $508,214.52. Following the completion of the sale, the chief financial officer now owns 305,175 shares in the company, valued at approximately $13,293,423. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CFO Brian G. Robins sold 11,667 shares of GitLab stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $43.56, for a total transaction of $508,214.52. Following the transaction, the chief financial officer now directly owns 305,175 shares of the company’s stock, valued at $13,293,423. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Merline Saintil sold 1,329 shares of the company’s stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $44.28, for a total value of $58,848.12. Following the sale, the director now owns 7,040 shares of the company’s stock, valued at approximately $311,731.20. The disclosure for this sale can be found here. Insiders have sold a total of 140,275 shares of company stock worth $6,848,847 in the last three months. Corporate insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

Large investors have recently added to or reduced their stakes in the company. Fiera Capital Corp raised its stake in shares of GitLab by 0.5% during the 4th quarter. Fiera Capital Corp now owns 1,199,817 shares of the company’s stock worth $75,540,000 after acquiring an additional 5,446 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of GitLab by 10.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 531,731 shares of the company’s stock worth $33,478,000 after purchasing an additional 51,612 shares in the last quarter. Blair William & Co. IL lifted its holdings in shares of GitLab by 55.3% during the 1st quarter. Blair William & Co. IL now owns 41,382 shares of the company’s stock valued at $2,413,000 after purchasing an additional 14,738 shares during the last quarter. Banque Cantonale Vaudoise acquired a new stake in shares of GitLab in the 1st quarter worth $58,000. Finally, Balyasny Asset Management L.P. grew its stake in GitLab by 520.6% during the 4th quarter. Balyasny Asset Management L.P. now owns 748,636 shares of the company’s stock worth $47,134,000 after buying an additional 627,999 shares during the last quarter. 91.72% 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.