GitLab (NASDAQ:GTLB) Earns Overweight Rating from Piper Sandler

GitLab (NASDAQ:GTLB)‘s stock had its “overweight” rating reiterated by investment analysts at Piper Sandler in a research report issued on Wednesday,Benzinga reports. They currently have a $85.00 target price on the stock. Piper Sandler’s price objective would indicate a potential upside of 94.46% from the stock’s current price.

Several other equities analysts have also recently weighed in on GTLB. Cowen restated a “buy” rating on shares of GitLab in a research note on Friday, June 6th. JPMorgan Chase & Co. cut their target price on GitLab from $58.00 to $52.00 and set a “neutral” rating for the company in a research note on Wednesday. Scotiabank cut their price objective on GitLab from $80.00 to $67.00 and set a “sector outperform” rating for the company in a report on Friday, June 6th. Mizuho dropped their target price on GitLab from $72.00 to $60.00 and set an “outperform” rating for the company in a research report on Wednesday. Finally, Barclays lowered their price objective on GitLab from $58.00 to $47.00 and set an “equal weight” rating for the company in a research report on Wednesday. Four investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $63.59.

GitLab Stock Up 0.8%

GitLab stock opened at $43.71 on Wednesday. The stock has a market cap of $7.17 billion, a PE ratio of -136.59 and a beta of 0.75. The business’s 50-day moving average price is $46.43 and its two-hundred day moving average price is $55.57. GitLab has a 12-month low of $37.90 and a 12-month high of $74.18.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 EPS for the quarter, topping analysts’ consensus estimates of $0.15 by $0.02. The company had revenue of $214.51 million for the quarter, compared to analyst estimates of $213.21 million. GitLab had a negative return on equity of 11.72% and a negative net margin of 6.83%. The firm’s quarterly revenue was up 26.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.03 earnings per share. As a group, analysts expect that GitLab will post -0.31 earnings per share for the current year.

Insiders Place Their Bets

In other GitLab news, CFO Brian G. Robins sold 45,000 shares of GitLab stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $53.04, for a total value of $2,386,800.00. Following the sale, the chief financial officer now owns 344,105 shares of the company’s stock, valued at $18,251,329.20. The trade was a 11.57% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Sytse Sijbrandij sold 108,600 shares of the business’s stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $53.03, for a total value of $5,759,058.00. The disclosure for this sale can be found here. Insiders sold a total of 461,584 shares of company stock worth $23,192,574 over the last quarter. 16.37% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On GitLab

A number of large investors have recently bought and sold shares of GTLB. Cullen Frost Bankers Inc. lifted its holdings in shares of GitLab by 174.9% in the 1st quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company’s stock worth $25,000 after buying an additional 334 shares during the period. EverSource Wealth Advisors LLC raised its position in shares of GitLab by 5,700.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after acquiring an additional 513 shares in the last quarter. Cloud Capital Management LLC bought a new position in shares of GitLab in the 1st quarter worth $29,000. Twin Tree Management LP bought a new position in shares of GitLab in the 1st quarter worth $29,000. Finally, CoreCap Advisors LLC raised its position in shares of GitLab by 327.5% in the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock worth $33,000 after acquiring an additional 452 shares in the last quarter. Hedge funds and other institutional investors own 95.04% 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.