DA Davidson Reaffirms “Neutral” Rating for GitLab (NASDAQ:GTLB)

GitLab (NASDAQ:GTLB)‘s stock had its “neutral” rating reiterated by research analysts at DA Davidson in a note issued to investors on Monday,Benzinga reports. They presently have a $45.00 price objective on the stock. DA Davidson’s price objective suggests a potential upside of 3.76% from the company’s previous close.

Several other research firms also recently weighed in on GTLB. Canaccord Genuity Group dropped their target price on shares of GitLab from $76.00 to $70.00 and set a “buy” rating for the company in a report on Thursday, September 4th. Needham & Company LLC restated a “buy” rating and set a $55.00 price objective on shares of GitLab in a research report on Thursday, September 4th. Morgan Stanley increased their target price on GitLab from $56.00 to $60.00 and gave the company an “overweight” rating in a report on Monday, October 6th. FBN Securities raised GitLab to a “strong-buy” rating in a research report on Thursday, September 4th. Finally, Macquarie reissued an “outperform” rating and issued a $75.00 price target on shares of GitLab in a report on Thursday, September 4th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, GitLab currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.87.

GitLab Stock Performance

GTLB opened at $43.37 on Monday. The company has a market cap of $7.23 billion, a price-to-earnings ratio of -1,084.25 and a beta of 0.75. GitLab has a one year low of $37.90 and a one year high of $74.18. The business’s fifty day moving average is $45.54 and its two-hundred day moving average is $45.59.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings results on Wednesday, September 3rd. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.19). GitLab had a negative net margin of 0.55% and a negative return on equity of 2.71%. The firm had revenue of $236.00 million during the quarter, compared to analysts’ expectations of $227.20 million. During the same quarter in the prior year, the business earned $0.15 EPS. The company’s quarterly revenue was up 29.2% compared to the same quarter last year. On average, analysts predict that GitLab will post -0.31 EPS for the current fiscal year.

Insider Activity at GitLab

In other news, Director Matthew Jacobson sold 396,147 shares of the company’s stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $50.53, for a total transaction of $20,017,307.91. Following the completion of the transaction, the director owned 73,299 shares of the company’s stock, valued at $3,703,798.47. This represents a 84.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Simon Mundy sold 5,191 shares of the stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $43.99, for a total transaction of $228,352.09. Following the transaction, the chief accounting officer owned 53,507 shares in the company, valued at approximately $2,353,772.93. The trade was a 8.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 1,329,712 shares of company stock worth $64,154,795. 21.36% of the stock is currently owned by insiders.

Hedge Funds Weigh In On GitLab

Institutional investors and hedge funds have recently bought and sold shares of the stock. Allworth Financial LP boosted its holdings in shares of GitLab by 124.1% in the 3rd quarter. Allworth Financial LP now owns 558 shares of the company’s stock valued at $25,000 after purchasing an additional 309 shares during the last quarter. IFP Advisors Inc boosted its holdings in GitLab by 10.0% in the third quarter. IFP Advisors Inc now owns 6,303 shares of the company’s stock valued at $284,000 after acquiring an additional 571 shares during the last quarter. Swiss Life Asset Management Ltd purchased a new stake in GitLab during the third quarter valued at about $272,000. Cantor Fitzgerald L. P. increased its stake in GitLab by 280.0% during the third quarter. Cantor Fitzgerald L. P. now owns 69,000 shares of the company’s stock worth $3,111,000 after acquiring an additional 50,840 shares during the last quarter. Finally, CIBC Bancorp USA Inc. purchased a new position in shares of GitLab in the 3rd quarter worth about $227,000. Institutional investors and hedge funds own 95.04% of the company’s stock.

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.