Macquarie Reiterates Outperform Rating for GitLab (NASDAQ:GTLB)

Macquarie restated their outperform rating on shares of GitLab (NASDAQ:GTLB) in a research report report published on Wednesday morning,Benzinga reports. They currently have a $75.00 price objective on the stock.

A number of other brokerages have also weighed in on GTLB. Canaccord Genuity Group lowered their price objective on GitLab from $78.00 to $76.00 and set a “buy” rating on the stock in a research report on Thursday, June 12th. Piper Sandler reaffirmed an “overweight” rating and set a $85.00 price objective on shares of GitLab in a research report on Wednesday, June 11th. The Goldman Sachs Group reissued a “neutral” rating and issued a $50.00 target price (down previously from $63.00) on shares of GitLab in a research report on Wednesday, June 11th. Raymond James Financial lowered their target price on shares of GitLab from $80.00 to $60.00 and set an “outperform” rating on the stock in a research note on Wednesday, June 11th. Finally, Scotiabank reduced their price target on shares of GitLab from $80.00 to $67.00 and set a “sector outperform” rating for the company in a research note on Friday, June 6th. Four research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $63.59.

GitLab Price Performance

Shares of NASDAQ:GTLB opened at $45.14 on Wednesday. The business has a fifty day moving average price of $46.29 and a 200-day moving average price of $53.87. The company has a market capitalization of $7.46 billion, a PE ratio of 451.40 and a beta of 0.75. GitLab has a 1-year low of $37.90 and a 1-year high of $74.18.

GitLab (NASDAQ:GTLB) last released its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 earnings per share 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 analyst estimates of $213.21 million. GitLab had a net margin of 2.17% and a negative return on equity of 4.07%. GitLab’s revenue was up 26.8% compared to the same quarter last year. During the same period last year, the business earned $0.03 EPS. On average, sell-side analysts anticipate that GitLab will post -0.31 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Karen Blasing sold 3,250 shares of GitLab stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $45.00, for a total transaction of $146,250.00. Following the transaction, the director now directly owns 111,983 shares in the company, valued at approximately $5,039,235. The trade was a 2.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Sytse Sijbrandij sold 108,600 shares of the business’s stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $42.87, for a total value of $4,655,682.00. The disclosure for this sale can be found here. Insiders sold a total of 506,700 shares of company stock valued at $23,092,017 in the last 90 days. Company insiders own 16.37% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC raised its stake in GitLab by 5,700.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after acquiring an additional 513 shares during the period. Cullen Frost Bankers Inc. increased its stake in shares of GitLab by 174.9% in the first quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company’s stock worth $25,000 after purchasing an additional 334 shares in the last quarter. CoreCap Advisors LLC increased its stake in shares of GitLab by 327.5% in the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock worth $33,000 after purchasing an additional 452 shares in the last quarter. Twin Tree Management LP bought a new stake in shares of GitLab during the 1st quarter valued at $29,000. Finally, Cloud Capital Management LLC purchased a new position in shares of GitLab during the 1st quarter valued at $29,000. 95.04% of the stock is currently owned by 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.