Brokerages Set GitLab Inc. (NASDAQ:GTLB) Price Target at $58.39

GitLab Inc. (NASDAQ:GTLB) has received an average rating of “Moderate Buy” from the twenty-six ratings firms that are covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $58.3913.

Several research firms have issued reports on GTLB. BTIG Research decreased their price target on shares of GitLab from $67.00 to $57.00 and set a “buy” rating on the stock in a research report on Thursday, September 4th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $50.00 target price on shares of GitLab in a research note on Tuesday, June 24th. DA Davidson dropped their target price on shares of GitLab from $50.00 to $45.00 and set a “neutral” rating on the stock in a report on Thursday, September 4th. Canaccord Genuity Group dropped their price objective on shares of GitLab from $76.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, September 4th. Finally, KeyCorp lowered their price target on shares of GitLab from $60.00 to $53.00 and set an “overweight” rating on the stock in a report on Thursday, September 4th.

Insider Activity at GitLab

In other news, Director Matthew Jacobson sold 143,205 shares of the company’s stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $46.80, for a total transaction of $6,701,994.00. Following the transaction, the director directly owned 498,098 shares in the company, valued at approximately $23,310,986.40. This represents a 22.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Karen Blasing sold 3,250 shares of the business’s stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $45.00, for a total transaction of $146,250.00. Following the completion of the transaction, the director owned 103,889 shares of the company’s stock, valued at $4,675,005. This trade represents a 3.03% decrease in their position. The disclosure for this sale can be found here. Insiders sold 608,155 shares of company stock valued at $26,727,350 in the last three months. Corporate insiders own 16.37% of the company’s stock.

Institutional Investors Weigh In On GitLab

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Cullen Frost Bankers Inc. increased its position in GitLab by 174.9% in the first quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company’s stock worth $25,000 after purchasing an additional 334 shares during the period. Cloud Capital Management LLC bought a new position in shares of GitLab in the 1st quarter valued at about $29,000. Twin Tree Management LP acquired a new stake in shares of GitLab during the 1st quarter worth approximately $29,000. CoreCap Advisors LLC lifted its holdings in GitLab by 327.5% in the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock valued at $33,000 after buying an additional 452 shares during the period. Finally, Harbour Investments Inc. boosted its stake in GitLab by 447.6% in the first quarter. Harbour Investments Inc. now owns 898 shares of the company’s stock valued at $42,000 after acquiring an additional 734 shares during the last quarter. Institutional investors own 95.04% of the company’s stock.

GitLab Stock Performance

Shares of NASDAQ GTLB opened at $49.01 on Monday. The firm has a market cap of $8.10 billion, a price-to-earnings ratio of -1,225.25 and a beta of 0.75. The stock’s 50-day simple moving average is $44.98 and its 200-day simple moving average is $46.96. GitLab has a 1 year low of $37.90 and a 1 year high of $74.18.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.02. GitLab had a negative net margin of 0.55% and a negative return on equity of 2.71%. The company had revenue of $214.51 million for the quarter, compared to the consensus estimate of $213.21 million. During the same period last year, the firm posted $0.03 EPS. The company’s revenue for the quarter was up 26.8% on a year-over-year basis. As a group, research analysts predict that GitLab will post -0.31 EPS for the current year.

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.