GitLab (NASDAQ:GTLB) Now Covered by Analysts at Rosenblatt Securities

Analysts at Rosenblatt Securities initiated coverage on shares of GitLab (NASDAQ:GTLB - Get Free Report) in a research report issued to clients and investors on Tuesday, Marketbeat.com reports. The firm set a "buy" rating and a $58.00 price target on the stock. Rosenblatt Securities' target price would suggest a potential upside of 36.25% from the company's previous close.

GTLB has been the topic of a number of other research reports. Mizuho reduced their price target on GitLab from $72.00 to $60.00 and set an "outperform" rating on the stock in a research report on Wednesday, June 11th. Cantor Fitzgerald reduced their price target on GitLab from $70.00 to $60.00 and set an "overweight" rating on the stock in a research report on Wednesday, June 11th. Scotiabank reduced their price target on GitLab from $80.00 to $67.00 and set a "sector outperform" rating on the stock in a research report on Friday, June 6th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $62.00 price target on shares of GitLab in a research report on Wednesday, June 25th. Finally, UBS Group reduced their price target on GitLab from $85.00 to $73.00 and set a "buy" rating on the stock in a research report on Wednesday, June 11th. Five analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $62.63.

GitLab Price Performance

GTLB stock traded down $0.33 during midday trading on Tuesday, reaching $42.57. 3,860,481 shares of the stock were exchanged, compared to its average volume of 2,883,083. The stock has a market capitalization of $7.03 billion, a PE ratio of 425.70 and a beta of 0.74. GitLab has a 52 week low of $37.90 and a 52 week high of $74.18. The company has a fifty day moving average price of $46.13 and a 200 day moving average price of $52.58.

GitLab (NASDAQ:GTLB - Get Free Report) last issued its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, topping analysts' consensus estimates 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 analyst estimates of $213.21 million. During the same quarter in the previous year, the company posted $0.03 EPS. GitLab's quarterly revenue was up 26.8% compared to the same quarter last year. As a group, analysts anticipate that GitLab will post -0.31 earnings per share for the current fiscal year.

Insider Transactions at GitLab

In related news, Director Matthew Jacobson sold 129,400 shares of the company's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $42.32, for a total transaction of $5,476,208.00. Following the transaction, the director directly owned 551,997 shares of the company's stock, valued at approximately $23,360,513.04. This represents a 18.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 45,000 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $53.04, for a total value of $2,386,800.00. Following the transaction, the chief financial officer directly owned 344,105 shares in the company, valued at approximately $18,251,329.20. This trade represents a 11.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 401,350 shares of company stock valued at $18,582,585 in the last 90 days. Corporate insiders own 16.37% of the company's stock.

Institutional Trading of GitLab

Several institutional investors and hedge funds have recently modified their holdings of GTLB. Norges Bank purchased a new stake in shares of GitLab in the fourth quarter worth approximately $279,089,000. 1832 Asset Management L.P. raised its stake in shares of GitLab by 2,456.8% in the first quarter. 1832 Asset Management L.P. now owns 2,295,000 shares of the company's stock worth $107,865,000 after purchasing an additional 2,205,238 shares during the last quarter. Ameriprise Financial Inc. raised its stake in shares of GitLab by 276.9% in the fourth quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company's stock worth $121,435,000 after purchasing an additional 1,583,221 shares during the last quarter. Artisan Partners Limited Partnership raised its stake in shares of GitLab by 55.7% in the fourth quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company's stock worth $227,318,000 after purchasing an additional 1,443,160 shares during the last quarter. Finally, Alliancebernstein L.P. raised its stake in shares of GitLab by 4,042.0% in the fourth 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. 95.04% of the stock is owned by hedge funds and other institutional investors.

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.