Brokerages Set GitLab Inc. (NASDAQ:GTLB) Price Target at $62.63

GitLab Inc. (NASDAQ:GTLB - Get Free Report) has received an average rating of "Moderate Buy" from the twenty-six ratings firms that are covering the firm, MarketBeat.com reports. Five investment analysts have rated the stock with a hold recommendation, twenty have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $62.63.

Several equities research analysts have recently commented on the stock. Cowen reiterated a "buy" rating on shares of GitLab in a research note on Friday, June 6th. Raymond James Financial cut their price target on shares of GitLab from $80.00 to $60.00 and set an "outperform" rating on the stock in a report on Wednesday, June 11th. Barclays cut their price target on shares of GitLab from $58.00 to $47.00 and set an "equal weight" rating on the stock in a report on Wednesday, June 11th. Morgan Stanley increased their price target on shares of GitLab from $53.00 to $56.00 and gave the stock an "overweight" rating in a report on Wednesday, June 11th. Finally, KeyCorp cut their price target on shares of GitLab from $80.00 to $60.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th.

GitLab Stock Performance

GTLB stock traded up $1.10 during mid-day trading on Friday, reaching $47.13. 1,167,704 shares of the stock traded hands, compared to its average volume of 2,869,325. GitLab has a one year low of $37.90 and a one year high of $74.18. The stock has a market capitalization of $7.79 billion, a PE ratio of 471.15 and a beta of 0.74. The business has a 50-day moving average price of $45.94 and a two-hundred day moving average price of $52.36.

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, topping analysts' consensus estimates of $0.15 by $0.02. GitLab had a net margin of 2.17% and a negative return on equity of 4.07%. The firm 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 business's revenue for the quarter was up 26.8% on a year-over-year basis. On average, equities analysts expect that GitLab will post -0.31 earnings per share for the current fiscal year.

Insider Buying and Selling at GitLab

In other GitLab news, Director Sytse Sijbrandij sold 108,600 shares of GitLab stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $43.33, for a total transaction of $4,705,638.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Karen Blasing sold 3,250 shares of GitLab stock in a transaction on Friday, July 18th. The stock was sold at an average price of $45.00, for a total transaction of $146,250.00. Following the sale, the director directly owned 107,139 shares in the company, valued at approximately $4,821,255. This trade represents a 2.94% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 509,950 shares of company stock worth $23,288,223. Company insiders own 21.36% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. KLP Kapitalforvaltning AS raised its holdings in GitLab by 18.1% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 25,400 shares of the company's stock valued at $1,146,000 after buying an additional 3,900 shares during the period. Quent Capital LLC increased its stake in GitLab by 11,766.0% during the second quarter. Quent Capital LLC now owns 11,154 shares of the company's stock worth $503,000 after purchasing an additional 11,060 shares during the period. QRG Capital Management Inc. purchased a new stake in GitLab during the second quarter worth about $2,309,000. Barton Investment Management increased its stake in GitLab by 28.4% during the second quarter. Barton Investment Management now owns 564,183 shares of the company's stock worth $25,450,000 after purchasing an additional 124,930 shares during the period. Finally, Truist Financial Corp increased its stake in GitLab by 15.2% during the second quarter. Truist Financial Corp now owns 24,084 shares of the company's stock worth $1,086,000 after purchasing an additional 3,186 shares during the period. Hedge funds and other institutional investors 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.