GitLab Inc. (NASDAQ:GTLB) Receives Consensus Rating of "Moderate Buy" from Analysts

Shares of GitLab Inc. (NASDAQ:GTLB - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the twenty-six brokerages that are currently covering the stock, MarketBeat reports. Five investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $62.63.

Several equities analysts have issued reports on the company. BTIG Research cut their price objective on GitLab from $86.00 to $67.00 and set a "buy" rating for the company in a research report on Wednesday, June 11th. Piper Sandler reiterated an "overweight" rating and set a $85.00 price target on shares of GitLab in a research report on Wednesday, June 11th. Capital One Financial cut shares of GitLab from an "overweight" rating to an "equal weight" rating and set a $46.00 price objective for the company. in a research report on Wednesday. Mizuho reduced their target price on shares of GitLab from $72.00 to $60.00 and set an "outperform" rating on the stock in a research report on Wednesday, June 11th. Finally, JPMorgan Chase & Co. decreased their price target on shares of GitLab from $58.00 to $52.00 and set a "neutral" rating on the stock in a research note on Wednesday, June 11th.

GitLab Stock Up 3.3%

Shares of GTLB stock opened at $45.37 on Friday. The stock has a 50 day moving average of $45.94 and a 200-day moving average of $52.39. The firm has a market cap of $7.50 billion, a PE ratio of 453.70 and a beta of 0.74. GitLab has a 12 month low of $37.90 and a 12 month high of $74.18.

GitLab (NASDAQ:GTLB - Get Free Report) last posted its quarterly 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 firm had revenue of $214.51 million during the quarter, compared to analysts' expectations of $213.21 million. During the same quarter in the prior year, the firm posted $0.03 EPS. The company's revenue for the quarter was up 26.8% on a year-over-year basis. As a group, equities analysts predict that GitLab will post -0.31 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Karen Blasing sold 3,250 shares of the firm's stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $45.00, for a total transaction of $146,250.00. Following the completion of the sale, the director owned 110,389 shares in the company, valued at approximately $4,967,505. This trade represents a 2.86% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Matthew Jacobson sold 129,400 shares of the stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $42.32, for a total value of $5,476,208.00. Following the transaction, the director owned 551,997 shares in the company, valued at approximately $23,360,513.04. This trade represents a 18.99% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 509,950 shares of company stock worth $23,288,223 over the last ninety days. 16.37% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On GitLab

A number of institutional investors have recently modified their holdings of GTLB. OneDigital Investment Advisors LLC increased its holdings in shares of GitLab by 4.3% during the fourth quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company's stock worth $228,000 after buying an additional 166 shares in the last quarter. Utah Retirement Systems increased its holdings in GitLab by 3.1% in the 4th quarter. Utah Retirement Systems now owns 6,600 shares of the company's stock worth $372,000 after purchasing an additional 200 shares in the last quarter. Mariner LLC raised its position in GitLab by 1.7% in the fourth quarter. Mariner LLC now owns 12,583 shares of the company's stock valued at $709,000 after purchasing an additional 214 shares during the last quarter. True Wealth Design LLC boosted its stake in shares of GitLab by 20.0% during the fourth quarter. True Wealth Design LLC now owns 1,297 shares of the company's stock valued at $73,000 after purchasing an additional 216 shares in the last quarter. Finally, Graham Capital Management L.P. boosted its stake in shares of GitLab by 0.8% during the fourth quarter. Graham Capital Management L.P. now owns 30,806 shares of the company's stock valued at $1,736,000 after purchasing an additional 242 shares in the last quarter. Institutional investors and hedge funds 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.

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