GitLab (NASDAQ:GTLB) Coverage Initiated by Analysts at Guggenheim

Guggenheim assumed coverage on shares of GitLab (NASDAQ:GTLB) in a research note released on Thursday, Marketbeat.com reports. The firm issued a buy rating and a $70.00 price objective on the stock.

Other research analysts have also recently issued research reports about the company. Royal Bank Of Canada reiterated an “outperform” rating and set a $62.00 price objective on shares of GitLab in a research report on Wednesday, June 25th. KeyCorp lowered their price objective on GitLab from $60.00 to $53.00 and set an “overweight” rating on the stock in a research report on Thursday, September 4th. Capital One Financial cut GitLab from an “overweight” rating to an “equal weight” rating and set a $46.00 price objective on the stock. in a research report on Wednesday, July 16th. Wells Fargo & Company decreased their price target on GitLab from $60.00 to $55.00 and set an “overweight” rating on the stock in a research report on Thursday, September 4th. Finally, JPMorgan Chase & Co. decreased their price target on GitLab from $58.00 to $52.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 11th. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $58.88.

GitLab Trading Up 1.5%

GTLB opened at $49.74 on Thursday. GitLab has a 1-year low of $37.90 and a 1-year high of $74.18. The stock’s fifty day simple moving average is $45.04 and its 200 day simple moving average is $46.88. The stock has a market cap of $8.22 billion, a PE ratio of -1,243.50 and a beta of 0.75.

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

Insider Buying and Selling at GitLab

In other GitLab news, Director Matthew Jacobson sold 143,205 shares of GitLab stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $46.80, for a total value of $6,701,994.00. Following the transaction, the director owned 498,098 shares in the company, valued at $23,310,986.40. The trade was a 22.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Sytse Sijbrandij sold 108,600 shares of GitLab stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $41.44, for a total value of $4,500,384.00. The disclosure for this sale can be found here. Insiders have sold a total of 608,155 shares of company stock worth $26,727,350 over the last 90 days. Insiders own 16.37% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. HMI Capital Management L.P. grew its position in GitLab by 32.3% in the second quarter. HMI Capital Management L.P. now owns 5,858,626 shares of the company’s stock valued at $264,283,000 after acquiring an additional 1,430,151 shares during the last quarter. State of Wyoming bought a new position in GitLab in the second quarter valued at about $840,000. Nomura Holdings Inc. grew its position in GitLab by 327.0% in the second quarter. Nomura Holdings Inc. now owns 18,193 shares of the company’s stock valued at $821,000 after acquiring an additional 13,932 shares during the last quarter. KP Management LLC grew its position in GitLab by 10.2% in the second quarter. KP Management LLC now owns 16,527 shares of the company’s stock valued at $746,000 after acquiring an additional 1,527 shares during the last quarter. Finally, Nikko Asset Management Americas Inc. grew its position in GitLab by 46.2% in the second quarter. Nikko Asset Management Americas Inc. now owns 2,041,331 shares of the company’s stock valued at $92,023,000 after acquiring an additional 644,718 shares during the last quarter. Institutional investors 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.