GitLab (NASDAQ:GTLB) Upgraded at Zacks Research

Zacks Research upgraded shares of GitLab (NASDAQ:GTLB) from a strong sell rating to a hold rating in a research note released on Tuesday,Zacks.com reports.

A number of other analysts have also commented on GTLB. JPMorgan Chase & Co. lowered their price objective on GitLab from $58.00 to $52.00 and set a “neutral” rating for the company in a research report on Wednesday, June 11th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $60.00 target price on shares of GitLab in a research note on Thursday, September 4th. Piper Sandler dropped their price target on shares of GitLab from $85.00 to $70.00 and set an “overweight” rating for the company in a research note on Thursday, September 4th. Needham & Company LLC reaffirmed a “buy” rating and issued a $55.00 price objective on shares of GitLab in a research note on Thursday, September 4th. Finally, Mizuho lowered their target price on shares of GitLab from $55.00 to $52.00 and set an “outperform” rating for the company in a report on Friday, September 5th. One research 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $58.88.

GitLab Price Performance

GTLB stock opened at $49.74 on Tuesday. The company has a 50 day moving average price of $45.04 and a 200 day moving average price of $46.88. GitLab has a fifty-two week low of $37.90 and a fifty-two week high of $74.18. The stock has a market capitalization of $8.22 billion, a PE ratio of -1,243.50 and a beta of 0.75.

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

Insider Buying and Selling

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 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. 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 accessible through this link. Also, Director Sytse Sijbrandij sold 108,600 shares of the business’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $45.16, for a total value of $4,904,376.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 608,155 shares of company stock valued at $26,727,350. 16.37% of the stock is owned by company insiders.

Institutional Trading of GitLab

Several hedge funds have recently bought and sold shares of GTLB. HMI Capital Management L.P. boosted its holdings in shares of 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 buying an additional 1,430,151 shares during the period. State of Wyoming bought a new stake in GitLab in the 2nd quarter valued at $840,000. Nomura Holdings Inc. boosted its stake in GitLab by 327.0% in the 2nd quarter. Nomura Holdings Inc. now owns 18,193 shares of the company’s stock worth $821,000 after purchasing an additional 13,932 shares during the period. KP Management LLC boosted its stake in GitLab by 10.2% in the 2nd quarter. KP Management LLC now owns 16,527 shares of the company’s stock worth $746,000 after purchasing an additional 1,527 shares during the period. Finally, Nikko Asset Management Americas Inc. increased its holdings in GitLab by 46.2% during the 2nd quarter. Nikko Asset Management Americas Inc. now owns 2,041,331 shares of the company’s stock worth $92,023,000 after purchasing an additional 644,718 shares in the last quarter. 95.04% of the stock is currently owned by institutional investors and hedge funds.

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.