GitLab (NASDAQ:GTLB) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

GitLab (NASDAQ:GTLB) had its price objective upped by Canaccord Genuity Group from $65.00 to $78.00 in a report issued on Friday,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities analysts have also recently commented on the company. Cantor Fitzgerald raised GitLab to a “strong-buy” rating in a report on Tuesday, November 12th. KeyCorp increased their target price on shares of GitLab from $62.00 to $74.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Morgan Stanley assumed coverage on shares of GitLab in a research report on Wednesday, October 9th. They set an “overweight” rating and a $70.00 price objective for the company. DA Davidson restated a “neutral” rating and issued a $50.00 target price on shares of GitLab in a research report on Monday, October 14th. Finally, UBS Group upped their price target on shares of GitLab from $62.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Three research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, GitLab has a consensus rating of “Moderate Buy” and a consensus target price of $74.56.

GitLab Price Performance

GTLB stock opened at $67.19 on Friday. The company’s 50-day moving average price is $57.91 and its two-hundred day moving average price is $52.28. GitLab has a 12 month low of $40.72 and a 12 month high of $78.53.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $176.86 million. During the same period last year, the firm posted ($0.29) earnings per share. The firm’s quarterly revenue was up 30.8% compared to the same quarter last year. On average, sell-side analysts expect that GitLab will post -0.41 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CAO Erin Mannix sold 1,433 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $52.80, for a total transaction of $75,662.40. Following the transaction, the chief accounting officer now directly owns 72,448 shares of the company’s stock, valued at $3,825,254.40. This represents a 1.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Sytse Sijbrandij sold 84,776 shares of the business’s stock in a transaction 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. Insiders sold 185,033 shares of company stock valued at $10,569,356 over the last 90 days. Company insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Cetera Advisors LLC bought a new position in shares of GitLab in the first quarter valued at approximately $368,000. M&G Plc bought a new stake in shares of GitLab during the 2nd quarter worth $10,266,000. Wealth Enhancement Advisory Services LLC grew its position in GitLab by 5.6% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 67,474 shares of the company’s stock valued at $3,355,000 after buying an additional 3,570 shares during the period. Tran Capital Management L.P. grew its position in shares of GitLab by 127.6% during the 2nd quarter. Tran Capital Management L.P. now owns 200,628 shares of the company’s stock valued at $9,975,000 after acquiring an additional 112,490 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. bought a new stake in shares of GitLab in the second quarter valued at $214,000. 91.72% of the stock is currently owned by institutional investors and hedge funds.

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.