GitLab (NASDAQ:GTLB) Earns “Buy” Rating from Rosenblatt Securities

GitLab (NASDAQ:GTLB)‘s stock had its “buy” rating reissued by research analysts at Rosenblatt Securities in a report issued on Monday,Benzinga reports. They presently have a $58.00 price target on the stock. Rosenblatt Securities’ price target suggests a potential upside of 33.73% from the stock’s previous close.

A number of other brokerages have also commented on GTLB. Barclays lowered their price target on GitLab from $47.00 to $44.00 and set an “equal weight” rating on the stock in a report on Friday, September 5th. BTIG Research decreased their target price on shares of GitLab from $67.00 to $57.00 and set a “buy” rating for the company in a research report on Thursday, September 4th. DA Davidson dropped their price target on shares of GitLab from $50.00 to $45.00 and set a “neutral” rating on the stock in a research report on Thursday, September 4th. Mizuho cut shares of GitLab from an “outperform” rating to a “neutral” rating and set a $52.00 price objective for the company. in a report on Tuesday, October 7th. Finally, UBS Group lowered their price objective on shares of GitLab from $73.00 to $60.00 and set a “buy” rating on the stock in a research note on Thursday, September 4th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $57.87.

GitLab Trading Up 5.4%

Shares of NASDAQ GTLB opened at $43.37 on Monday. GitLab has a 12-month low of $37.90 and a 12-month high of $74.18. The company has a market cap of $7.23 billion, a PE ratio of -1,084.25 and a beta of 0.75. The stock has a 50 day simple moving average of $45.54 and a 200-day simple moving average of $45.59.

GitLab (NASDAQ:GTLB) last posted its earnings results on Wednesday, September 3rd. The company reported ($0.03) EPS for the quarter, missing the consensus estimate 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 business had revenue of $236.00 million during the quarter, compared to analyst estimates of $227.20 million. During the same quarter in the prior year, the business earned $0.15 earnings per share. The firm’s revenue was up 29.2% compared to the same quarter last year. Sell-side analysts forecast that GitLab will post -0.31 earnings per share for the current fiscal year.

Insider Buying and Selling at GitLab

In other news, CAO Simon Mundy sold 5,191 shares of the stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $43.99, for a total transaction of $228,352.09. Following the completion of the sale, the chief accounting officer owned 53,507 shares in the company, valued at approximately $2,353,772.93. This represents a 8.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Sytse Sijbrandij sold 108,600 shares of the firm’s stock in a transaction on Monday, November 17th. The stock was sold at an average price of $43.17, for a total value of $4,688,262.00. The disclosure for this sale is available in the SEC filing. Insiders sold 1,329,712 shares of company stock valued at $64,154,795 in the last ninety days. Company insiders own 21.36% of the company’s stock.

Institutional Investors Weigh In On GitLab

Several hedge funds have recently modified their holdings of the stock. Allworth Financial LP increased its stake in GitLab by 124.1% in the 3rd quarter. Allworth Financial LP now owns 558 shares of the company’s stock worth $25,000 after purchasing an additional 309 shares in the last quarter. Twin Tree Management LP purchased a new stake in GitLab during the first quarter valued at about $29,000. Quarry LP acquired a new position in shares of GitLab in the third quarter worth about $31,000. Harbour Investments Inc. increased its position in shares of GitLab by 447.6% in the first quarter. Harbour Investments Inc. now owns 898 shares of the company’s stock worth $42,000 after acquiring an additional 734 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its holdings in shares of GitLab by 284.3% during the third quarter. Farther Finance Advisors LLC now owns 907 shares of the company’s stock valued at $41,000 after acquiring an additional 671 shares during the period. 95.04% of the stock is owned by hedge funds and other institutional investors.

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.