Shares of GitLab Inc. (NASDAQ:GTLB - Get Free Report) have been given an average rating of "Moderate Buy" by the twenty-four research firms that are presently covering the stock, Marketbeat reports. Four investment analysts have rated the stock with a hold recommendation, nineteen have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $63.59.
A number of equities analysts recently issued reports on GTLB shares. Cantor Fitzgerald dropped their price target on shares of GitLab from $70.00 to $60.00 and set an "overweight" rating on the stock in a research note on Wednesday, June 11th. UBS Group lowered their target price on GitLab from $85.00 to $73.00 and set a "buy" rating for the company in a research report on Wednesday, June 11th. Robert W. Baird reduced their target price on GitLab from $80.00 to $76.00 and set an "outperform" rating on the stock in a research note on Monday, March 3rd. KeyCorp lowered their price target on GitLab from $80.00 to $60.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Finally, BTIG Research decreased their price target on GitLab from $86.00 to $67.00 and set a "buy" rating for the company in a report on Wednesday, June 11th.
Check Out Our Latest Stock Analysis on GitLab
GitLab Price Performance
GTLB stock traded up $0.91 during midday trading on Wednesday, reaching $45.14. 6,026,690 shares of the company were exchanged, compared to its average volume of 2,797,988. The business has a 50-day moving average price of $46.29 and a two-hundred day moving average price of $53.82. The firm has a market capitalization of $7.46 billion, a price-to-earnings ratio of 451.40 and a beta of 0.75. GitLab has a one year low of $37.90 and a one year high of $74.18.
GitLab (NASDAQ:GTLB - Get Free Report) last announced its earnings results on Tuesday, June 10th. The company reported $0.17 EPS for the quarter, beating the consensus estimate of $0.15 by $0.02. GitLab had a negative return on equity of 4.07% and a net margin of 2.17%. The business had revenue of $214.51 million for the quarter, compared to analysts' expectations of $213.21 million. During the same period in the prior year, the business posted $0.03 earnings per share. The firm's revenue was up 26.8% on a year-over-year basis. As a group, analysts anticipate that GitLab will post -0.31 earnings per share for the current fiscal year.
Insider Buying and Selling at GitLab
In other news, insider Sytse Sijbrandij sold 108,600 shares of the stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $42.87, for a total value of $4,655,682.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Brian G. Robins sold 45,000 shares of the stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $53.04, for a total transaction of $2,386,800.00. Following the sale, the chief financial officer now directly 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 506,700 shares of company stock valued at $23,092,017. Corporate insiders own 16.37% of the company's stock.
Hedge Funds Weigh In On GitLab
Several large investors have recently added to or reduced their stakes in GTLB. Norges Bank purchased a new stake in shares of GitLab during the fourth quarter valued at $279,089,000. 1832 Asset Management L.P. lifted its position in shares of GitLab by 2,456.8% during the 1st quarter. 1832 Asset Management L.P. now owns 2,295,000 shares of the company's stock valued at $107,865,000 after buying an additional 2,205,238 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in GitLab by 276.9% in the 4th quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company's stock valued at $121,435,000 after purchasing an additional 1,583,221 shares in the last quarter. Artisan Partners Limited Partnership increased its stake in shares of GitLab by 55.7% in the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company's stock worth $227,318,000 after acquiring an additional 1,443,160 shares during the last quarter. Finally, Alliancebernstein L.P. increased its position in shares of GitLab by 4,042.0% during the 4th quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company's stock worth $82,011,000 after purchasing an additional 1,420,248 shares during the last quarter. Hedge funds and other institutional investors own 95.04% of the company's stock.
About GitLab
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Get Free ReportGitLab 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.
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