GitLab (NASDAQ:GTLB) Price Target Raised to $56.00

GitLab (NASDAQ:GTLB) had its price objective upped by Morgan Stanley from $53.00 to $56.00 in a research report report published on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Other research analysts have also issued research reports about the company. Barclays decreased their price objective on GitLab from $70.00 to $58.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 4th. Truist Financial decreased their price target on shares of GitLab from $90.00 to $80.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. Robert W. Baird lowered their price target on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a research report on Monday, March 3rd. Needham & Company LLC cut their price objective on shares of GitLab from $85.00 to $55.00 and set a “buy” rating for the company in a report on Wednesday. Finally, KeyCorp decreased their target price on shares of GitLab from $80.00 to $60.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. Four investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $63.59.

GitLab Trading Down 5.7%

Shares of GitLab stock opened at $41.23 on Wednesday. GitLab has a twelve month low of $37.90 and a twelve month high of $74.18. The firm has a market capitalization of $6.76 billion, a PE ratio of -128.84 and a beta of 0.75. The firm’s 50-day moving average price is $46.45 and its 200 day moving average price is $55.40.

GitLab (NASDAQ:GTLB) last announced its earnings results on Tuesday, June 10th. The company reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.02. The business had revenue of $214.51 million during the quarter, compared to analysts’ expectations of $213.21 million. GitLab had a negative return on equity of 11.72% and a negative net margin of 6.83%. The business’s revenue was up 26.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.03 earnings per share. On average, sell-side analysts predict that GitLab will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling at GitLab

In other news, Director Karen Blasing sold 3,250 shares of the stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $51.58, for a total transaction of $167,635.00. Following the completion of the transaction, the director now directly owns 108,733 shares in the company, valued at approximately $5,608,448.14. This represents a 2.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Brian G. Robins sold 45,000 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $53.04, for a total value of $2,386,800.00. Following the sale, the chief financial officer now directly owns 344,105 shares of the company’s stock, valued at $18,251,329.20. The trade was a 11.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 461,584 shares of company stock worth $23,192,574 over the last quarter. 16.37% of the stock is currently owned by company insiders.

Institutional Trading of GitLab

Several institutional investors and hedge funds have recently bought and sold shares of GTLB. Mirae Asset Global Investments Co. Ltd. raised its holdings in GitLab by 15.5% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,700 shares of the company’s stock valued at $717,000 after buying an additional 1,700 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its holdings in GitLab by 70.6% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 507,713 shares of the company’s stock valued at $28,610,000 after buying an additional 210,081 shares during the period. Wilmington Savings Fund Society FSB raised its holdings in GitLab by 7.9% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock valued at $116,000 after buying an additional 150 shares during the period. Wildcat Capital Management LLC purchased a new stake in GitLab in the 4th quarter valued at about $642,000. Finally, Vontobel Holding Ltd. purchased a new stake in GitLab in the 4th quarter valued at about $549,000. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

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.