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

Key Points

• GitLab Inc. has received a consensus rating of "Moderate Buy" from 26 analysts, with a majority assigning buy or hold recommendations and an average target price of $62.63.
• The company's recent earnings report showed a revenue of $214.51 million for the quarter, exceeding expectations, with a reported earnings per share of $0.17.
• Insider trading activity increased, with notable sales by directors totaling $14.97 million over the past 90 days, while institutional investors hold 95.04% of the company's stock.

Shares of GitLab Inc. (NASDAQ:GTLB - Get Free Report) have earned an average recommendation of "Moderate Buy" from the twenty-seven analysts that are presently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, five have given a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $62.6250.

A number of research firms recently issued reports on GTLB. Needham & Company LLC dropped their target price on shares of GitLab from $85.00 to $55.00 and set a "buy" rating for the company in a research report on Wednesday, June 11th. Piper Sandler reissued an "overweight" rating and set a $85.00 target price on shares of GitLab in a research report on Wednesday, June 11th. Cowen reaffirmed a "buy" rating on shares of GitLab in a research report on Friday, June 6th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $62.00 target price on shares of GitLab in a research report on Wednesday, June 25th. Finally, Scotiabank decreased their target price on GitLab from $80.00 to $67.00 and set a "sector outperform" rating for the company in a research report on Friday, June 6th.

GitLab Price Performance

GTLB stock traded up $1.32 during trading on Thursday, reaching $45.60. 3,610,844 shares of the stock traded hands, compared to its average volume of 3,485,049. The business's 50 day moving average price is $44.03 and its 200-day moving average price is $49.62. The firm has a market capitalization of $7.53 billion, a PE ratio of 456.25 and a beta of 0.73. GitLab has a 52-week low of $37.90 and a 52-week high of $74.18.

GitLab (NASDAQ:GTLB - Get Free Report) last posted its earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.15 by $0.02. The firm had revenue of $214.51 million during the quarter, compared to the consensus estimate of $213.21 million. GitLab had a net margin of 2.17% and a negative return on equity of 4.07%. The company's revenue was up 26.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.03 EPS. On average, equities research analysts predict that GitLab will post -0.31 earnings per share for the current year.

Insider Activity

In other GitLab news, Director Karen Blasing sold 3,250 shares of the stock in a transaction that occurred 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 transaction, the director owned 107,139 shares of the company's stock, valued at $4,821,255. This trade represents a 2.94% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Sytse Sijbrandij sold 108,600 shares of the stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $41.44, for a total value of $4,500,384.00. The disclosure for this sale can be found here. In the last three months, insiders sold 353,100 shares of company stock worth $14,974,730. 21.36% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of GTLB. Cullen Frost Bankers Inc. lifted its holdings in GitLab by 174.9% during 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 last quarter. Cloud Capital Management LLC bought a new position in GitLab during the 1st quarter worth approximately $29,000. Twin Tree Management LP bought a new position in GitLab during the 1st quarter worth approximately $29,000. CoreCap Advisors LLC raised its position in shares of GitLab by 327.5% during the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company's stock worth $33,000 after purchasing an additional 452 shares during the period. Finally, Harbour Investments Inc. raised its position in shares of GitLab by 447.6% during the 1st quarter. Harbour Investments Inc. now owns 898 shares of the company's stock worth $42,000 after purchasing an additional 734 shares during the period. 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.