GitLab (NASDAQ:GTLB) Trading Up 2.5% – Still a Buy?

Shares of GitLab Inc. (NASDAQ:GTLB) rose 2.5% during trading on Friday . The company traded as high as $46.74 and last traded at $46.28. Approximately 2,207,171 shares changed hands during mid-day trading, a decline of 22% from the average daily volume of 2,819,551 shares. The stock had previously closed at $45.14.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Mizuho reduced their target price on shares of GitLab from $72.00 to $60.00 and set an “outperform” rating for the company in a report on Wednesday, June 11th. Raymond James Financial cut their price objective on shares of GitLab from $80.00 to $60.00 and set an “outperform” rating for the company in a report on Wednesday, June 11th. Wells Fargo & Company cut their price target on shares of GitLab from $65.00 to $60.00 and set an “overweight” rating for the company in a report on Wednesday, June 11th. BTIG Research lowered their price objective on shares of GitLab from $86.00 to $67.00 and set a “buy” rating for the company in a research report on Wednesday, June 11th. Finally, Canaccord Genuity Group lowered their price objective on shares of GitLab from $78.00 to $76.00 and set a “buy” rating for the company in a research report on Thursday, June 12th. Four equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $63.59.

GitLab Stock Up 2.5%

The firm has a market capitalization of $7.65 billion, a PE ratio of 462.80 and a beta of 0.74. The stock has a 50-day moving average price of $46.49 and a 200 day moving average price of $53.36.

GitLab (NASDAQ:GTLB) last issued its earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.02. The company had revenue of $214.51 million during the quarter, compared to analysts’ expectations of $213.21 million. GitLab had a negative return on equity of 4.07% and a net margin of 2.17%. The firm’s quarterly revenue was up 26.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.03 EPS. As a group, equities analysts predict that GitLab Inc. will post -0.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Karen Blasing sold 3,250 shares of the company’s stock in a transaction on Friday, June 27th. The stock was sold at an average price of $45.00, for a total value of $146,250.00. Following the transaction, the director owned 110,389 shares of the company’s stock, valued at $4,967,505. This represents a 2.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Matthew Jacobson sold 129,400 shares of the company’s stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $42.32, for a total value of $5,476,208.00. Following the completion of the transaction, the director directly owned 551,997 shares in the company, valued at approximately $23,360,513.04. This trade represents a 18.99% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 509,950 shares of company stock worth $23,238,267. Company insiders own 16.37% of the company’s stock.

Hedge Funds Weigh In On GitLab

Several large investors have recently modified their holdings of the business. GAMMA Investing LLC lifted its stake in GitLab by 9,968.3% during the 1st quarter. GAMMA Investing LLC now owns 43,193 shares of the company’s stock worth $2,030,000 after acquiring an additional 42,764 shares in the last quarter. Swiss National Bank grew its stake in GitLab by 3.7% during the 4th quarter. Swiss National Bank now owns 215,000 shares of the company’s stock worth $12,115,000 after buying an additional 7,700 shares during the last quarter. Park Avenue Securities LLC lifted its position in GitLab by 5.3% during the 1st quarter. Park Avenue Securities LLC now owns 7,601 shares of the company’s stock worth $357,000 after acquiring an additional 381 shares during the period. Smartleaf Asset Management LLC lifted its position in GitLab by 1,067.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock worth $71,000 after acquiring an additional 1,153 shares during the period. Finally, Wealthcare Advisory Partners LLC lifted its position in GitLab by 19.3% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 6,578 shares of the company’s stock worth $309,000 after acquiring an additional 1,065 shares during the period. Institutional investors and hedge funds own 95.04% of the company’s stock.

About GitLab

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.