GitLab (NASDAQ:GTLB) Coverage Initiated at Guggenheim

Key Points

• Guggenheim has initiated coverage of GitLab (NASDAQ: GTLB), assigning a "buy" rating with a price target of $70.00, indicating a potential upside of 42.83% from its previous close.
• Analysts have varied opinions on GitLab, with one Strong Buy rating, twenty Buy ratings, and six Hold ratings, leading to a consensus rating of "Moderate Buy".
• In recent insider trading, Director Karen Blasing sold 3,250 shares and Director Matthew Jacobson sold 143,205 shares, reflecting notable decreases in their positions in the company.

Research analysts at Guggenheim assumed coverage on shares of GitLab (NASDAQ:GTLB - Get Free Report) in a report released on Thursday,Briefing.com Automated Import reports. The brokerage set a "buy" rating and a $70.00 price target on the stock. Guggenheim's target price would indicate a potential upside of 42.83% from the company's previous close.

A number of other equities analysts have also weighed in on the company. Rosenblatt Securities reaffirmed a "buy" rating and set a $58.00 target price on shares of GitLab in a research report on Thursday, September 4th. Capital One Financial lowered GitLab from an "overweight" rating to an "equal weight" rating and set a $46.00 target price for the company. in a research report on Wednesday, July 16th. Barclays decreased their price objective on GitLab from $47.00 to $44.00 and set an "equal weight" rating for the company in a report on Friday, September 5th. Morgan Stanley raised their target price on GitLab from $53.00 to $56.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 11th. Finally, BTIG Research cut their target price on GitLab from $67.00 to $57.00 and set a "buy" rating for the company in a research note on Thursday, September 4th. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, GitLab has a consensus rating of "Moderate Buy" and an average target price of $58.88.

GitLab Stock Up 1.7%

GTLB stock opened at $49.01 on Thursday. The company has a market cap of $8.10 billion, a PE ratio of -1,225.25 and a beta of 0.75. GitLab has a 52 week low of $37.90 and a 52 week high of $74.18. The business has a 50-day simple moving average of $44.98 and a 200 day simple moving average of $46.96.

GitLab (NASDAQ:GTLB - Get Free Report) last released its quarterly earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.02. The company had revenue of $214.51 million for the quarter, compared to analysts' expectations of $213.21 million. GitLab had a negative return on equity of 2.71% and a negative net margin of 0.55%.The business's quarterly revenue was up 26.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.03 earnings per share. On average, analysts anticipate that GitLab will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Karen Blasing sold 3,250 shares of GitLab stock in a transaction dated Monday, August 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 directly owned 103,889 shares of the company's stock, valued at $4,675,005. The trade was a 3.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Matthew Jacobson sold 143,205 shares of GitLab stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $46.80, for a total value of $6,701,994.00. Following the sale, the director directly owned 498,098 shares in the company, valued at $23,310,986.40. This trade represents a 22.33% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 608,155 shares of company stock worth $26,727,350. 16.37% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On GitLab

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Eminence Capital LP boosted its holdings in GitLab by 148.9% during the 2nd quarter. Eminence Capital LP now owns 6,218,607 shares of the company's stock valued at $280,521,000 after acquiring an additional 3,720,406 shares during the period. Atreides Management LP boosted its holdings in GitLab by 867.3% during the 2nd quarter. Atreides Management LP now owns 3,938,198 shares of the company's stock valued at $177,652,000 after acquiring an additional 3,531,070 shares during the period. Champlain Investment Partners LLC boosted its holdings in GitLab by 251.3% during the 2nd quarter. Champlain Investment Partners LLC now owns 4,512,197 shares of the company's stock valued at $203,545,000 after acquiring an additional 3,227,717 shares during the period. 1832 Asset Management L.P. boosted its holdings in 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 acquiring an additional 2,205,238 shares during the period. Finally, Norges Bank bought a new stake in GitLab during the 2nd quarter valued at $93,489,000. 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.

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