GitLab (NASDAQ:GTLB) Price Target Raised to $60.00 at Royal Bank of Canada

GitLab (NASDAQ:GTLB) had its price objective lifted by Royal Bank of Canada from $55.00 to $60.00 in a research report sent to investors on Wednesday morning, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

Other research analysts also recently issued research reports about the company. Scotiabank raised their price target on GitLab from $59.00 to $65.00 and gave the stock a sector outperform rating in a research note on Wednesday. DA Davidson reaffirmed a neutral rating and issued a $50.00 target price on shares of GitLab in a report on Thursday, August 29th. Baird R W upgraded shares of GitLab to a strong-buy rating in a research note on Tuesday, August 27th. JPMorgan Chase & Co. lowered their price objective on shares of GitLab from $55.00 to $50.00 and set a neutral rating on the stock in a research report on Tuesday, June 4th. Finally, Needham & Company LLC reaffirmed a hold rating on shares of GitLab in a report on Wednesday. Four investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, GitLab presently has a consensus rating of Moderate Buy and an average target price of $65.87.

GitLab Stock Down 4.9 %

Shares of GitLab stock opened at $53.09 on Wednesday. GitLab has a 52 week low of $40.19 and a 52 week high of $78.53. The firm’s 50 day moving average is $49.06 and its two-hundred day moving average is $52.88. The firm has a market capitalization of $8.44 billion, a P/E ratio of -19.31 and a beta of 0.44.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.05. The firm had revenue of $182.58 million during the quarter, compared to analysts’ expectations of $176.86 million. GitLab had a negative net margin of 68.52% and a negative return on equity of 19.14%. GitLab’s quarterly revenue was up 30.8% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.29) earnings per share. As a group, research analysts expect that GitLab will post -0.5 earnings per share for the current fiscal year.

Insider Activity at GitLab

In other GitLab news, Director Merline Saintil sold 1,182 shares of the company’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $51.51, for a total transaction of $60,884.82. Following the transaction, the director now directly owns 9,902 shares in the company, valued at $510,052.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CFO Brian G. Robins sold 11,667 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $45.46, for a total transaction of $530,381.82. Following the completion of the transaction, the chief financial officer now directly owns 293,508 shares of the company’s stock, valued at approximately $13,342,873.68. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Merline Saintil sold 1,182 shares of the firm’s stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $51.51, for a total transaction of $60,884.82. Following the sale, the director now directly owns 9,902 shares in the company, valued at $510,052.02. The disclosure for this sale can be found here. Insiders sold 128,608 shares of company stock worth $6,340,633 over the last 90 days. Company insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

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

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.