GitLab (NASDAQ:GTLB) Price Target Raised to $51.00

GitLab (NASDAQ:GTLB) had its price objective raised by Mizuho from $47.00 to $51.00 in a research note released on Thursday morning,Benzinga reports. Mizuho currently has a neutral rating on the stock.

Several other research firms have also commented on GTLB. Sanford C. Bernstein reissued an “outperform” rating on shares of GitLab in a research report on Wednesday, September 2nd. Rosenblatt Securities lifted their price objective on shares of GitLab from $43.00 to $55.00 and gave the stock a “buy” rating in a research report on Wednesday, September 2nd. Guggenheim reiterated a “neutral” rating on shares of GitLab in a research note on Wednesday, September 2nd. JPMorgan Chase & Co. boosted their price objective on shares of GitLab from $32.00 to $44.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 26th. Finally, Barclays increased their target price on shares of GitLab from $25.00 to $47.00 and gave the company an “underweight” rating in a research report on Wednesday, September 2nd. Seven analysts have rated the stock with a Buy rating, eighteen have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $52.50.

GitLab Trading Up 1.0%

Shares of GTLB traded up $0.45 during trading hours on Thursday, hitting $47.73. The company had a trading volume of 1,578,193 shares, compared to its average volume of 2,942,818. The company has a market capitalization of $7.95 billion, a PE ratio of -149.15 and a beta of 0.96. GitLab has a one year low of $18.73 and a one year high of $58.01. The company’s fifty day moving average price is $50.95 and its two-hundred day moving average price is $34.84.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings data on Tuesday, September 1st. The company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.06. GitLab had a negative return on equity of 1.28% and a negative net margin of 4.99%. The company had revenue of $286.25 million for the quarter, compared to the consensus estimate of $273.13 million. During the same quarter last year, the company earned $0.24 earnings per share. The firm’s revenue for the quarter was up 21.3% compared to the same quarter last year. GitLab has set its FY 2027 guidance at 0.850-0.870 EPS and its Q3 2027 guidance at 0.190-0.200 EPS. Analysts forecast that GitLab will post -0.29 earnings per share for the current year.

Insider Activity

In related news, Director Sytse Sijbrandij sold 116,200 shares of the stock in a transaction that occurred on Monday, October 19th. The shares were sold at an average price of $53.27, for a total value of $6,189,974.00. Following the completion of the transaction, the director directly owned 12,669,651 shares of the company’s stock, valued at $674,912,308.77. This trade represents a 0.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Sivaprasad Padisetty sold 51,915 shares of GitLab stock in a transaction that occurred on Monday, September 28th. The stock was sold at an average price of $45.78, for a total transaction of $2,376,668.70. Following the completion of the sale, the chief technology officer owned 377,211 shares of the company’s stock, valued at $17,268,719.58. This trade represents a 12.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 2,284,315 shares of company stock valued at $109,656,918. Corporate insiders own 10.64% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Atreides Management LP purchased a new position in shares of GitLab during the second quarter worth $102,983,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in GitLab by 363.4% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,987,553 shares of the company’s stock valued at $60,680,000 after purchasing an additional 1,558,625 shares during the period. Light Street Capital Management LLC boosted its holdings in GitLab by 66.2% in the second quarter. Light Street Capital Management LLC now owns 1,945,000 shares of the company’s stock valued at $59,381,000 after purchasing an additional 775,000 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in GitLab in the first quarter valued at $16,074,000. Finally, Bank of America Corp DE grew its position in GitLab by 55.3% during the 1st quarter. Bank of America Corp DE now owns 1,955,648 shares of the company’s stock worth $42,320,000 after purchasing an additional 696,096 shares during the period. Institutional investors and hedge funds own 95.04% of the company’s stock.

About GitLab

GitLab Inc. develops a software platform that helps organizations manage the software development lifecycle. Its tools support planning, source-code management, collaboration, continuous integration and delivery, security testing, and application monitoring. The GitLab platform brings these capabilities together in a single application, available as a cloud-hosted service or for customers to install and manage in their own environments. The company serves organizations in a range of industries and geographies, from individual developers to large enterprises.