GitLab Inc. (NASDAQ:GTLB) Receives $66.22 Average Target Price from Analysts

GitLab Inc. (NASDAQ:GTLB) has been assigned a consensus recommendation of “Moderate Buy” from the twenty-five research firms that are presently covering the company, Marketbeat Ratings reports. Three analysts have rated the stock with a hold recommendation, twenty-one have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $66.38.

GTLB has been the topic of a number of analyst reports. Robert W. Baird upped their price target on GitLab from $59.00 to $62.00 and gave the company an “outperform” rating in a research report on Wednesday, September 4th. DA Davidson reiterated a “neutral” rating and issued a $50.00 price target on shares of GitLab in a research report on Monday, October 14th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $55.00 price target on shares of GitLab in a research report on Monday, August 19th. Morgan Stanley initiated coverage on GitLab in a research report on Wednesday, October 9th. They issued an “overweight” rating and a $70.00 price target on the stock. Finally, TD Cowen upped their price target on GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th.

GitLab Stock Up 4.9 %

Shares of GTLB opened at $55.64 on Friday. GitLab has a 12-month low of $40.19 and a 12-month high of $78.53. The business has a 50-day simple moving average of $51.39 and a two-hundred day simple moving average of $51.00. The stock has a market cap of $8.84 billion, a PE ratio of -20.23 and a beta of 0.46.

GitLab (NASDAQ:GTLB) last issued its earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.05. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The business had revenue of $182.58 million during the quarter, compared to analysts’ expectations of $176.86 million. During the same quarter in the prior year, the firm earned ($0.29) EPS. The business’s revenue for the quarter was up 30.8% compared to the same quarter last year. On average, equities research analysts expect that GitLab will post -0.41 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Brian G. Robins sold 23,332 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $49.24, for a total value of $1,148,867.68. Following the completion of the sale, the chief financial officer now directly owns 259,109 shares of the company’s stock, valued at $12,758,527.16. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CFO Brian G. Robins sold 16,668 shares of the stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $53.67, for a total value of $894,571.56. Following the completion of the sale, the chief financial officer now directly owns 250,109 shares of the company’s stock, valued at $13,423,350.03. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Brian G. Robins sold 23,332 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $49.24, for a total value of $1,148,867.68. Following the completion of the sale, the chief financial officer now directly owns 259,109 shares of the company’s stock, valued at approximately $12,758,527.16. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 103,673 shares of company stock worth $5,523,472. Corporate insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

A number of institutional investors and hedge funds have recently modified their holdings of the business. Moloney Securities Asset Management LLC increased its position in shares of GitLab by 4.9% during the second quarter. Moloney Securities Asset Management LLC now owns 6,400 shares of the company’s stock valued at $318,000 after acquiring an additional 300 shares during the last quarter. Park Avenue Securities LLC grew its holdings in GitLab by 9.6% during the first quarter. Park Avenue Securities LLC now owns 3,544 shares of the company’s stock valued at $207,000 after purchasing an additional 311 shares during the period. Canton Hathaway LLC raised its stake in shares of GitLab by 26.3% in the second quarter. Canton Hathaway LLC now owns 2,086 shares of the company’s stock valued at $104,000 after buying an additional 435 shares during the period. Blue Trust Inc. raised its stake in shares of GitLab by 18.2% in the third quarter. Blue Trust Inc. now owns 3,166 shares of the company’s stock valued at $157,000 after buying an additional 488 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of GitLab by 2,107.7% in the first 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 during the period. 91.72% of the stock is owned by hedge funds and other 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.