GitLab (NASDAQ:GTLB) Given New $75.00 Price Target at Scotiabank

GitLab (NASDAQ:GTLB) had its price objective hoisted by Scotiabank from $65.00 to $75.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a sector outperform rating on the stock.

A number of other research analysts have also commented on the stock. Barclays lifted their price objective on shares of GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a research note on Thursday, September 5th. Royal Bank of Canada boosted their price target on GitLab from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Wednesday, September 4th. Baird R W raised GitLab to a “strong-buy” rating in a research report on Tuesday, August 27th. Cantor Fitzgerald raised GitLab to a “strong-buy” rating in a report on Tuesday, November 12th. Finally, DA Davidson restated a “neutral” rating and set a $50.00 price target on shares of GitLab in a research note on Monday, October 14th. Three equities research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $74.56.

GitLab Stock Up 1.7 %

GTLB opened at $67.19 on Wednesday. GitLab has a 52 week low of $40.72 and a 52 week high of $78.53. The business’s 50 day moving average is $57.91 and its two-hundred day moving average is $52.28. The firm has a market cap of $10.78 billion, a price-to-earnings ratio of -28.71 and a beta of 0.54.

GitLab (NASDAQ:GTLB) last announced its earnings results on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.05. The business had revenue of $182.58 million for the quarter, compared to analysts’ expectations of $176.86 million. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The company’s quarterly revenue was up 30.8% on a year-over-year basis. During the same period in the previous year, the company posted ($0.29) EPS. Equities analysts expect that GitLab will post -0.41 EPS for the current fiscal year.

Insider Buying and Selling at GitLab

In other GitLab news, CAO Erin Mannix sold 1,433 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $52.80, for a total transaction of $75,662.40. Following the completion of the transaction, the chief accounting officer now owns 72,448 shares of the company’s stock, valued at approximately $3,825,254.40. This trade represents a 1.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Brian G. Robins sold 16,668 shares of the company’s stock in a transaction on Monday, September 9th. The shares were 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 owns 250,109 shares in the company, valued at $13,423,350.03. This represents a 6.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 185,033 shares of company stock valued at $10,569,356 over the last quarter. Corporate insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Future Financial Wealth Managment LLC acquired a new stake in shares of GitLab during the 3rd quarter worth about $52,000. True Wealth Design LLC purchased a new position in shares of GitLab during the third quarter valued at approximately $56,000. Rakuten Securities Inc. boosted its position in GitLab by 268.1% during the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after acquiring an additional 1,032 shares during the last quarter. Quarry LP grew its stake in GitLab by 527.0% in the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after acquiring an additional 1,502 shares during the period. Finally, Capital Performance Advisors LLP acquired a new position in GitLab in the 3rd quarter valued at $96,000. Hedge funds and other institutional investors own 91.72% of the company’s stock.

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.