GitLab's (GTLB) "Buy" Rating Reaffirmed at Truist Financial

GitLab (NASDAQ:GTLB - Get Free Report)'s stock had its "buy" rating reissued by analysts at Truist Financial in a report released on Wednesday,Benzinga reports. They presently have a $75.00 price target on the stock, down from their previous price target of $80.00. Truist Financial's price objective indicates a potential upside of 81.91% from the stock's previous close.

GTLB has been the topic of several other research reports. Robert W. Baird cut their target price on GitLab from $80.00 to $76.00 and set an "outperform" rating on the stock in a research report on Monday, March 3rd. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $50.00 price target (down previously from $63.00) on shares of GitLab in a research report on Wednesday. KeyCorp cut their price target on GitLab from $80.00 to $60.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Wells Fargo & Company cut their price target on GitLab from $65.00 to $60.00 and set an "overweight" rating on the stock in a research report on Wednesday. Finally, Barclays cut their price target on GitLab from $58.00 to $47.00 and set an "equal weight" rating on the stock in a research report on Wednesday. Four analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $63.59.

GitLab Price Performance

Shares of NASDAQ GTLB traded down $2.48 during midday trading on Wednesday, hitting $41.23. 7,015,686 shares of the company's stock were exchanged, compared to its average volume of 2,747,987. GitLab has a twelve month low of $37.90 and a twelve month high of $74.18. The company has a market cap of $6.76 billion, a PE ratio of -128.84 and a beta of 0.75. The firm's fifty day simple moving average is $46.45 and its 200-day simple moving average is $55.40.

GitLab (NASDAQ:GTLB - Get Free Report) last issued its 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. GitLab had a negative return on equity of 11.72% and a negative net margin of 6.83%. The business had revenue of $214.51 million for the quarter, compared to analyst estimates of $213.21 million. During the same quarter last year, the company earned $0.03 EPS. The business's quarterly revenue was up 26.8% on a year-over-year basis. Equities analysts anticipate that GitLab will post -0.31 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Brian G. Robins sold 45,000 shares of the business's stock in a transaction 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 completion of the transaction, the chief financial officer now directly owns 344,105 shares of the company's stock, valued at $18,251,329.20. The trade was a 11.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Karen Blasing sold 3,250 shares of the company's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $51.58, for a total value of $167,635.00. Following the completion of the transaction, the director now owns 108,733 shares of the company's stock, valued at $5,608,448.14. The trade was a 2.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 461,584 shares of company stock worth $23,192,574. 16.37% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On GitLab

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cullen Frost Bankers Inc. increased its stake in GitLab by 174.9% during the first quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company's stock worth $25,000 after acquiring an additional 334 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in GitLab by 5,700.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock valued at $29,000 after purchasing an additional 513 shares during the last quarter. Cloud Capital Management LLC purchased a new position in GitLab in the first quarter valued at about $29,000. Twin Tree Management LP bought a new position in GitLab during the 1st quarter worth approximately $29,000. Finally, CoreCap Advisors LLC lifted its holdings in GitLab by 327.5% during the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company's stock worth $33,000 after buying an additional 452 shares during the last quarter. 95.04% of the stock is currently owned by institutional investors and hedge funds.

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.