Robert W. Baird Increases GitLab (NASDAQ:GTLB) Price Target to $62.00

GitLab (NASDAQ:GTLB) had its price objective boosted by Robert W. Baird from $59.00 to $62.00 in a report issued on Wednesday morning, Benzinga reports. Robert W. Baird currently has an outperform rating on the stock.

Several other research firms also recently weighed in on GTLB. Royal Bank of Canada reissued an outperform rating and issued a $65.00 price target on shares of GitLab in a research note on Thursday, July 18th. TD Cowen dropped their target price on GitLab from $76.00 to $58.00 and set a buy rating for the company in a report on Tuesday, August 27th. Cantor Fitzgerald reiterated an overweight rating and issued a $55.00 price objective on shares of GitLab in a research report on Monday, August 19th. Barclays cut their target price on shares of GitLab from $55.00 to $50.00 and set an equal weight rating on the stock in a report on Tuesday, June 4th. Finally, Canaccord Genuity Group lowered their price target on shares of GitLab from $74.00 to $65.00 and set a buy rating for the company in a report on Wednesday, June 5th. Four analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $65.87.

GitLab Trading Down 4.9 %

Shares of GitLab stock opened at $53.09 on Wednesday. The firm has a market capitalization of $8.44 billion, a PE ratio of -19.31 and a beta of 0.44. GitLab has a 12 month low of $40.19 and a 12 month high of $78.53. The business’s 50-day moving average price is $49.06 and its 200-day moving average price is $52.88.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.05. The business had revenue of $182.58 million for 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%. The business’s quarterly revenue was up 30.8% on a year-over-year basis. During the same period last year, the business earned ($0.29) earnings per share. As a group, analysts predict that GitLab will post -0.5 earnings per share for the current fiscal year.

Insider Activity at GitLab

In other GitLab news, CFO Brian G. Robins sold 11,667 shares of the company’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $45.46, for a total value of $530,381.82. Following the sale, the chief financial officer now owns 293,508 shares in the company, valued at $13,342,873.68. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CFO Brian G. Robins sold 11,667 shares of the company’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $45.46, for a total value of $530,381.82. Following the sale, the chief financial officer now owns 293,508 shares in the company, valued at approximately $13,342,873.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Brian G. Robins sold 23,332 shares of GitLab stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $49.24, for a total value of $1,148,867.68. Following the transaction, the chief financial officer now owns 259,109 shares of the company’s stock, valued at approximately $12,758,527.16. The disclosure for this sale can be found here. Insiders sold a total of 128,608 shares of company stock valued at $6,340,633 in the last three months. Company insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Several institutional investors have recently bought and sold shares of GTLB. Allspring Global Investments Holdings LLC raised its holdings in GitLab by 2,107.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after buying an additional 548 shares during the last quarter. Banque Cantonale Vaudoise purchased a new position in GitLab in the 1st quarter worth approximately $58,000. Future Financial Wealth Managment LLC bought a new position in GitLab in the 1st quarter valued at approximately $58,000. Quarry LP boosted its stake in GitLab by 75.1% during the 4th quarter. Quarry LP now owns 1,166 shares of the company’s stock valued at $73,000 after purchasing an additional 500 shares during the last quarter. Finally, Tucker Asset Management LLC bought a new stake in shares of GitLab in the 4th quarter worth $83,000. 91.72% of the stock is 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.