GitLab Inc. (NASDAQ:GTLB) Given Consensus Rating of “Moderate Buy” by Analysts

GitLab Inc. (NASDAQ:GTLB) has been given a consensus recommendation of “Moderate Buy” by the twenty-three ratings firms that are currently covering the firm, Marketbeat.com reports. Three analysts have rated the stock with a hold recommendation and twenty have issued a buy recommendation on the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $70.73.

GTLB has been the topic of several recent analyst reports. KeyCorp initiated coverage on shares of GitLab in a report on Tuesday, March 19th. They issued an “overweight” rating and a $70.00 target price on the stock. Cantor Fitzgerald dropped their price objective on shares of GitLab from $80.00 to $70.00 and set an “overweight” rating on the stock in a report on Tuesday, March 5th. Canaccord Genuity Group reiterated a “buy” rating and set a $74.00 price objective on shares of GitLab in a report on Tuesday, March 5th. Wolfe Research upgraded shares of GitLab from a “peer perform” rating to an “outperform” rating and set a $75.00 price objective on the stock in a report on Wednesday, March 6th. Finally, Sanford C. Bernstein upped their price objective on shares of GitLab from $71.00 to $76.00 and gave the company an “outperform” rating in a report on Tuesday, March 5th.

GitLab Stock Down 0.7 %

GTLB stock opened at $56.01 on Friday. The firm has a market cap of $8.88 billion, a price-to-earnings ratio of -20.37 and a beta of 0.45. GitLab has a 12-month low of $26.24 and a 12-month high of $78.53. The company’s fifty day simple moving average is $60.23 and its 200 day simple moving average is $58.20.

GitLab (NASDAQ:GTLB) last released its earnings results on Monday, March 4th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.07. The business had revenue of $163.80 million for the quarter, compared to analyst estimates of $157.89 million. GitLab had a negative net margin of 73.14% and a negative return on equity of 18.26%. GitLab’s revenue for the quarter was up 33.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.26) earnings per share. Research analysts expect that GitLab will post -0.96 earnings per share for the current year.

Insider Transactions at GitLab

In other news, CEO Sytse Sijbrandij sold 56,000 shares of the business’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $54.92, for a total transaction of $3,075,520.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other GitLab news, insider Robin Schulman sold 15,712 shares of the company’s stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $75.02, for a total value of $1,178,714.24. Following the completion of the sale, the insider now directly owns 60,132 shares of the company’s stock, valued at approximately $4,511,102.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sytse Sijbrandij sold 56,000 shares of the company’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $54.92, for a total transaction of $3,075,520.00. The disclosure for this sale can be found here. Insiders sold a total of 492,638 shares of company stock valued at $28,048,607 over the last three months. Corporate insiders own 28.04% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Byrne Asset Management LLC purchased a new stake in shares of GitLab during the 1st quarter valued at approximately $33,000. Allspring Global Investments Holdings LLC lifted its stake in shares of GitLab by 2,107.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock valued at $33,000 after buying an additional 548 shares in the last quarter. Ramirez Asset Management Inc. purchased a new stake in shares of GitLab during the 3rd quarter valued at approximately $36,000. SRS Capital Advisors Inc. purchased a new stake in shares of GitLab during the 3rd quarter valued at approximately $40,000. Finally, Impact Partnership Wealth LLC purchased a new stake in shares of GitLab during the 3rd quarter valued at approximately $41,000. 91.72% of the stock is 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.