GitLab Inc. (NASDAQ:GTLB) Receives $70.50 Consensus Target Price from Analysts

GitLab Inc. (NASDAQ:GTLB) has been given a consensus rating of “Moderate Buy” by the twenty-three research firms that are covering the firm, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and twenty have given a buy recommendation to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $70.50.

Several brokerages recently weighed in on GTLB. Sanford C. Bernstein upped their price target on shares of GitLab from $71.00 to $76.00 and gave the company an “outperform” rating in a research note on Tuesday, March 5th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $80.00 price target on shares of GitLab in a report on Tuesday, March 5th. Canaccord Genuity Group reissued a “buy” rating and set a $74.00 price objective on shares of GitLab in a research note on Tuesday, March 5th. TD Cowen decreased their price objective on GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 5th. Finally, Raymond James upgraded GitLab from a “market perform” rating to an “outperform” rating and set a $70.00 target price for the company in a report on Friday, April 12th.

Insider Activity

In other news, CEO Sytse Sijbrandij sold 75,000 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $55.19, for a total transaction of $4,139,250.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CEO Sytse Sijbrandij sold 75,000 shares of the company’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $55.19, for a total value of $4,139,250.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Erin Mannix sold 958 shares of the firm’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $59.53, for a total transaction of $57,029.74. Following the transaction, the chief accounting officer now directly owns 74,908 shares in the company, valued at approximately $4,459,273.24. The disclosure for this sale can be found here. Over the last quarter, insiders sold 433,383 shares of company stock valued at $23,632,528. Corporate insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

Large investors have recently bought and sold shares of the business. Fiera Capital Corp increased its holdings in shares of GitLab by 0.5% in the 4th quarter. Fiera Capital Corp now owns 1,199,817 shares of the company’s stock valued at $75,540,000 after acquiring an additional 5,446 shares during the period. Charles Schwab Investment Management Inc. grew its stake in GitLab by 10.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 531,731 shares of the company’s stock valued at $33,478,000 after purchasing an additional 51,612 shares during the last quarter. Invesco Ltd. raised its holdings in GitLab by 71.3% in the third quarter. Invesco Ltd. now owns 4,236,833 shares of the company’s stock worth $191,590,000 after purchasing an additional 1,762,944 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of GitLab by 280.3% during the third quarter. Wellington Management Group LLP now owns 628,987 shares of the company’s stock valued at $28,443,000 after buying an additional 463,584 shares during the last quarter. Finally, Black Swift Group LLC bought a new stake in shares of GitLab in the 4th quarter valued at about $1,574,000. Institutional investors own 91.72% of the company’s stock.

GitLab Stock Down 3.2 %

Shares of GTLB stock opened at $55.17 on Tuesday. The company’s fifty day simple moving average is $55.89 and its two-hundred day simple moving average is $59.82. GitLab has a 52 week low of $32.65 and a 52 week high of $78.53. The stock has a market cap of $8.75 billion, a P/E ratio of -20.06 and a beta of 0.49.

GitLab (NASDAQ:GTLB) last issued its earnings results on Monday, March 4th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.07. The firm had revenue of $163.80 million for the quarter, compared to analysts’ expectations of $157.89 million. GitLab had a negative return on equity of 18.26% and a negative net margin of 73.14%. The business’s revenue was up 33.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.26) earnings per share. On average, analysts anticipate that GitLab will post -0.96 EPS for the current fiscal year.

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.