KeyCorp Boosts GitLab (NASDAQ:GTLB) Price Target to $74.00

GitLab (NASDAQ:GTLB) had its target price upped by equities researchers at KeyCorp from $62.00 to $74.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. KeyCorp’s target price suggests a potential upside of 11.50% from the company’s current price.

A number of other equities analysts have also recently issued reports on the stock. Wells Fargo & Company raised their target price on shares of GitLab from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Cantor Fitzgerald raised GitLab to a “strong-buy” rating in a research note on Tuesday, November 12th. Morgan Stanley initiated coverage on shares of GitLab in a research report on Wednesday, October 9th. They issued an “overweight” rating and a $70.00 target price for the company. Robert W. Baird upped their price target on shares of GitLab from $59.00 to $62.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. Finally, DA Davidson reiterated a “neutral” rating and set a $50.00 price objective on shares of GitLab in a research note on Monday, October 14th. Three research analysts have rated the stock with a hold rating, twenty have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, GitLab currently has an average rating of “Moderate Buy” and a consensus target price of $67.17.

GitLab Trading Down 0.4 %

GitLab stock opened at $66.37 on Tuesday. GitLab has a 52 week low of $40.72 and a 52 week high of $78.53. The stock has a market cap of $10.65 billion, a P/E ratio of -28.36 and a beta of 0.45. The stock has a 50 day moving average of $55.59 and a 200-day moving average of $51.64.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings data 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 return on equity of 15.40% and a negative net margin of 54.62%. The firm had revenue of $182.58 million during the quarter, compared to analyst estimates of $176.86 million. During the same period in the previous year, the company earned ($0.29) earnings per share. GitLab’s quarterly revenue was up 30.8% on a year-over-year basis. As a group, equities analysts predict that GitLab will post -0.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Sytse Sijbrandij sold 84,776 shares of the firm’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $59.64, for a total transaction of $5,056,040.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Erin Mannix sold 1,433 shares of GitLab stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $52.80, for a total transaction of $75,662.40. Following the sale, the chief accounting officer now owns 72,448 shares in the company, valued at approximately $3,825,254.40. This trade represents a 1.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 185,033 shares of company stock valued at $10,569,356. 21.36% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GTLB. State Street Corp lifted its position in shares of GitLab by 5.8% during the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company’s stock worth $104,740,000 after buying an additional 111,997 shares during the period. Geode Capital Management LLC raised its stake in GitLab by 7.0% during the third quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company’s stock worth $104,476,000 after acquiring an additional 132,548 shares in the last quarter. Fiera Capital Corp lifted its holdings in shares of GitLab by 1.4% during the third quarter. Fiera Capital Corp now owns 1,259,429 shares of the company’s stock valued at $64,911,000 after acquiring an additional 16,961 shares during the period. Bamco Inc. NY boosted its stake in shares of GitLab by 0.4% in the 3rd quarter. Bamco Inc. NY now owns 1,253,244 shares of the company’s stock valued at $64,592,000 after purchasing an additional 4,874 shares in the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of GitLab by 168.8% in the 2nd quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company’s stock worth $59,196,000 after purchasing an additional 747,712 shares during the last quarter. 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.