Bank of America Increases GitLab (NASDAQ:GTLB) Price Target to $68.00

GitLab (NASDAQ:GTLB) had its price target raised by Bank of America from $66.00 to $68.00 in a research note published on Wednesday morning, Benzinga reports. Bank of America currently has a buy rating on the stock.

Several other equities analysts have also issued reports on the company. JPMorgan Chase & Co. dropped their price objective on GitLab from $55.00 to $50.00 and set a neutral rating on the stock in a report on Tuesday, June 4th. KeyCorp lowered their price target on GitLab from $70.00 to $62.00 and set an overweight rating on the stock in a report on Tuesday, June 4th. Citic Securities initiated coverage on GitLab in a report on Monday, June 3rd. They set a buy rating and a $80.00 price target on the stock. Cantor Fitzgerald reissued an overweight rating and set a $55.00 price target on shares of GitLab in a report on Monday, August 19th. Finally, Robert W. Baird initiated coverage on GitLab in a report on Tuesday, August 27th. They set an outperform rating and a $59.00 price target on the stock. Four analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $65.87.

GitLab Stock Performance

Shares of GTLB stock opened at $53.09 on Wednesday. The stock’s 50-day moving average is $49.06 and its two-hundred day moving average is $52.88. The firm has a market cap of $8.44 billion, a price-to-earnings ratio of -19.31 and a beta of 0.44. GitLab has a 1 year low of $40.19 and a 1 year high of $78.53.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.05. The company had revenue of $182.58 million for the quarter, compared to analyst estimates of $176.86 million. GitLab had a negative return on equity of 19.14% and a negative net margin of 68.52%. The business’s quarterly revenue was up 30.8% compared to the same quarter last year. During the same quarter last year, the company posted ($0.29) earnings per share. As a group, research analysts predict that GitLab will post -0.5 EPS for the current year.

Insider Activity

In other news, CEO Sytse Sijbrandij sold 56,000 shares of GitLab stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $48.99, for a total transaction of $2,743,440.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Robin Schulman sold 2,402 shares of GitLab stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $56.25, for a total transaction of $135,112.50. Following the completion of the transaction, the insider now directly owns 142,933 shares in the company, valued at approximately $8,039,981.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sytse Sijbrandij sold 56,000 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $48.99, for a total value of $2,743,440.00. The disclosure for this sale can be found here. In the last three months, insiders sold 128,608 shares of company stock worth $6,340,633. Company insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Sanctuary Advisors LLC acquired a new position in GitLab in the 2nd quarter valued at $199,000. Sycomore Asset Management grew its stake in shares of GitLab by 135.6% during the 2nd quarter. Sycomore Asset Management now owns 166,574 shares of the company’s stock valued at $8,089,000 after buying an additional 95,874 shares during the period. Clearbridge Investments LLC grew its stake in shares of GitLab by 4.8% during the 2nd quarter. Clearbridge Investments LLC now owns 523,820 shares of the company’s stock valued at $26,044,000 after buying an additional 23,899 shares during the period. Quarry LP grew its stake in shares of GitLab by 527.0% during the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock valued at $89,000 after buying an additional 1,502 shares during the period. Finally, Northwestern Mutual Wealth Management Co. grew its stake in shares of GitLab by 1,890.6% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 143,008 shares of the company’s stock valued at $7,110,000 after buying an additional 135,824 shares during the period. 91.72% of the stock is currently owned by institutional investors and hedge funds.

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.