GitLab (NASDAQ:GTLB) Price Target Raised to $74.00 at KeyCorp

GitLab (NASDAQ:GTLB) had its target price boosted by KeyCorp from $62.00 to $74.00 in a report released on Tuesday,Benzinga reports. The firm currently has an overweight rating on the stock.

Other equities analysts also recently issued reports about the company. UBS Group raised their price objective on GitLab from $62.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Needham & Company LLC upgraded GitLab from a “hold” rating to a “buy” rating and set a $70.00 price target for the company in a research report on Monday, October 21st. Bank of America boosted their price objective on shares of GitLab from $66.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Royal Bank of Canada raised their target price on shares of GitLab from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, September 4th. Finally, Scotiabank upped their price target on shares of GitLab from $59.00 to $65.00 and gave the company a “sector outperform” rating in a report on Wednesday, September 4th. Three analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $67.17.

GitLab Stock Performance

Shares of NASDAQ GTLB opened at $66.37 on Tuesday. GitLab has a one year low of $40.72 and a one year high of $78.53. The firm has a market capitalization of $10.65 billion, a P/E ratio of -28.36 and a beta of 0.45. The company’s fifty day moving average is $55.89 and its two-hundred day moving average is $51.73.

GitLab (NASDAQ:GTLB) last released its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.05. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The firm had revenue of $182.58 million for the quarter, compared to the consensus estimate of $176.86 million. During the same quarter in the previous year, the firm earned ($0.29) earnings per share. The firm’s revenue was up 30.8% on a year-over-year basis. On average, sell-side analysts forecast that GitLab will post -0.41 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Robin Schulman sold 2,990 shares of the firm’s stock in a transaction dated Thursday, October 10th. The stock was sold at an average price of $55.00, for a total value of $164,450.00. Following the transaction, the insider now directly owns 136,076 shares in the company, valued at $7,484,180. This trade represents a 2.15 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Sytse Sijbrandij sold 84,776 shares of the business’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $59.64, for a total value of $5,056,040.64. The disclosure for this sale can be found here. Insiders have sold a total of 185,033 shares of company stock valued at $10,569,356 over the last quarter. Company insiders own 21.36% 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. Future Financial Wealth Managment LLC acquired a new position in shares of GitLab during the 3rd quarter valued at $52,000. True Wealth Design LLC acquired a new position in shares of GitLab during the third quarter worth about $56,000. Rakuten Securities Inc. boosted its position in shares of GitLab by 268.1% in the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after buying an additional 1,032 shares during the period. Quarry LP boosted its position in shares of GitLab by 527.0% in the second quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after buying an additional 1,502 shares during the period. Finally, Capital Performance Advisors LLP acquired a new stake in shares of GitLab in the third quarter valued at about $96,000. 91.72% of the stock is 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.