TD Cowen Boosts GitLab (NASDAQ:GTLB) Price Target to $70.00

GitLab (NASDAQ:GTLB) had its price objective raised by TD Cowen from $63.00 to $70.00 in a research note issued to investors on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

Other equities research analysts have also issued research reports about the company. Wells Fargo & Company increased their target price on GitLab from $70.00 to $75.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. UBS Group lifted their price objective on shares of GitLab from $62.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Royal Bank of Canada upped their target price on shares of GitLab from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday, September 4th. Barclays lifted their price target on shares of GitLab from $50.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 5th. Finally, Baird R W upgraded GitLab to a “strong-buy” rating in a research note on Tuesday, August 27th. Three analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, GitLab currently has an average rating of “Moderate Buy” and an average target price of $66.67.

GitLab Stock Performance

NASDAQ GTLB opened at $66.62 on Thursday. The firm has a market capitalization of $10.69 billion, a price-to-earnings ratio of -28.47 and a beta of 0.45. GitLab has a one year low of $40.72 and a one year high of $78.53. The company’s 50 day moving average price is $55.32 and its 200 day moving average price is $51.57.

GitLab (NASDAQ:GTLB) last posted its earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.05. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The business had revenue of $182.58 million for the quarter, compared to analyst estimates of $176.86 million. During the same quarter in the previous year, the business posted ($0.29) EPS. The business’s quarterly revenue was up 30.8% on a year-over-year basis. Sell-side analysts forecast that GitLab will post -0.41 EPS for the current fiscal year.

Insider Activity

In other GitLab news, CFO Brian G. Robins sold 16,668 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $53.67, for a total transaction of $894,571.56. Following the completion of the transaction, the chief financial officer now directly owns 250,109 shares of the company’s stock, valued at $13,423,350.03. The trade was a 6.25 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Sytse Sijbrandij sold 84,776 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $59.64, for a total transaction of $5,056,040.64. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 185,033 shares of company stock valued at $10,569,356. 21.36% of the stock is currently owned by insiders.

Institutional Investors Weigh In On GitLab

Several institutional investors have recently bought and sold shares of GTLB. Geode Capital Management LLC lifted its holdings in shares of GitLab by 7.0% in the third quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company’s stock valued at $104,476,000 after buying an additional 132,548 shares during the period. M&T Bank Corp acquired a new stake in shares of GitLab during the third quarter valued at approximately $248,000. Barclays PLC lifted its holdings in shares of GitLab by 189.1% in the third quarter. Barclays PLC now owns 61,419 shares of the company’s stock valued at $3,164,000 after purchasing an additional 40,171 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in GitLab during the 3rd quarter worth about $678,000. Finally, MML Investors Services LLC purchased a new position in GitLab during the third quarter valued at approximately $1,685,000. Institutional investors and hedge funds 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.