GitLab (NASDAQ:GTLB) Rating Increased to Hold at Zacks Research

Key Points

• GitLab received an upgrade from Zacks Research, moving its rating from "strong sell" to "hold," indicating a potential positive shift in investor sentiment.
• Several analysts have rated the stock, with one Strong Buy, nineteen Buy ratings, and six Hold ratings, resulting in a consensus rating of "Moderate Buy" and an average target price of $58.39.
• GitLab reported a revenue increase of 26.8% year-over-year, reaching $214.51 million, and earnings per share of $0.17, surpassing analysts' expectations.

GitLab (NASDAQ:GTLB - Get Free Report) was upgraded by analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research note issued to investors on Tuesday,Zacks.com reports.

A number of other research analysts have also weighed in on the stock. Macquarie reiterated an "outperform" rating and issued a $75.00 price objective on shares of GitLab in a research note on Thursday, September 4th. JPMorgan Chase & Co. reduced their price objective on shares of GitLab from $58.00 to $52.00 and set a "neutral" rating for the company in a research note on Wednesday, June 11th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $62.00 price objective on shares of GitLab in a research note on Wednesday, June 25th. BTIG Research reduced their price objective on shares of GitLab from $67.00 to $57.00 and set a "buy" rating for the company in a research note on Thursday, September 4th. Finally, Wells Fargo & Company reduced their price objective on shares of GitLab from $60.00 to $55.00 and set an "overweight" rating for the company in a research note on Thursday, September 4th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $58.39.

GitLab Stock Up 1.7%

GitLab stock opened at $49.01 on Tuesday. GitLab has a twelve month low of $37.90 and a twelve month high of $74.18. The firm has a 50 day moving average price of $44.98 and a 200-day moving average price of $46.96. The company has a market capitalization of $8.10 billion, a P/E ratio of -1,225.25 and a beta of 0.75.

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

Insiders Place Their Bets

In other GitLab news, Director Sytse Sijbrandij sold 108,600 shares of the business's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $45.16, for a total value of $4,904,376.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Karen Blasing sold 3,250 shares of the business's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $45.00, for a total transaction of $146,250.00. Following the completion of the sale, the director directly owned 103,889 shares of the company's stock, valued at $4,675,005. This represents a 3.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 608,155 shares of company stock valued at $26,727,350 over the last three months. Insiders own 16.37% of the company's stock.

Institutional Trading of GitLab

Several hedge funds have recently added to or reduced their stakes in the business. HMI Capital Management L.P. lifted its stake in GitLab by 32.3% in the second quarter. HMI Capital Management L.P. now owns 5,858,626 shares of the company's stock worth $264,283,000 after purchasing an additional 1,430,151 shares during the last quarter. State of Wyoming bought a new stake in GitLab in the second quarter worth $840,000. Nomura Holdings Inc. raised its stake in shares of GitLab by 327.0% during the second quarter. Nomura Holdings Inc. now owns 18,193 shares of the company's stock valued at $821,000 after acquiring an additional 13,932 shares during the last quarter. KP Management LLC raised its stake in shares of GitLab by 10.2% during the second quarter. KP Management LLC now owns 16,527 shares of the company's stock valued at $746,000 after acquiring an additional 1,527 shares during the last quarter. Finally, Nikko Asset Management Americas Inc. raised its stake in shares of GitLab by 46.2% during the second quarter. Nikko Asset Management Americas Inc. now owns 2,041,331 shares of the company's stock valued at $92,023,000 after acquiring an additional 644,718 shares during the last quarter. 95.04% of the stock is owned by institutional investors.

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.

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