Royal Bank Of Canada Reaffirms Outperform Rating for GitLab (NASDAQ:GTLB)

GitLab (NASDAQ:GTLB - Get Free Report)'s stock had its "outperform" rating restated by equities researchers at Royal Bank Of Canada in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $62.00 target price on the stock. Royal Bank Of Canada's price target points to a potential upside of 45.57% from the stock's current price.

Several other equities analysts also recently commented on the stock. Scotiabank lowered their target price on shares of GitLab from $80.00 to $67.00 and set a "sector outperform" rating on the stock in a research report on Friday, June 6th. JPMorgan Chase & Co. decreased their target price on GitLab from $58.00 to $52.00 and set a "neutral" rating for the company in a research report on Wednesday, June 11th. Cantor Fitzgerald dropped their price target on shares of GitLab from $70.00 to $60.00 and set an "overweight" rating on the stock in a research report on Wednesday, June 11th. Canaccord Genuity Group lowered their price target on GitLab from $78.00 to $76.00 and set a "buy" rating on the stock in a research report on Thursday, June 12th. Finally, Piper Sandler reiterated an "overweight" rating and issued a $85.00 price objective on shares of GitLab in a research note on Wednesday, June 11th. Four investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, GitLab has a consensus rating of "Moderate Buy" and an average price target of $63.59.

GitLab Stock Performance

Shares of GTLB stock traded down $0.24 during trading on Wednesday, hitting $42.59. 3,551,131 shares of the company were exchanged, compared to its average volume of 2,800,365. The business's 50-day simple moving average is $46.21 and its 200 day simple moving average is $54.22. GitLab has a twelve month low of $37.90 and a twelve month high of $74.18. The firm has a market capitalization of $7.04 billion, a price-to-earnings ratio of 425.90 and a beta of 0.75.

GitLab (NASDAQ:GTLB - Get Free Report) last issued its earnings results on Tuesday, June 10th. The company reported $0.17 EPS for the quarter, beating 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 firm had revenue of $214.51 million for the quarter, compared to the consensus estimate of $213.21 million. During the same quarter in the previous year, the company posted $0.03 earnings per share. The business's quarterly revenue was up 26.8% compared to the same quarter last year. On average, equities analysts forecast that GitLab will post -0.31 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Brian G. Robins sold 45,000 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $53.04, for a total value of $2,386,800.00. Following the transaction, the chief financial officer now directly owns 344,105 shares in the company, valued at $18,251,329.20. This represents a 11.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Sytse Sijbrandij sold 108,600 shares of GitLab stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $42.87, for a total transaction of $4,655,682.00. The disclosure for this sale can be found here. Insiders have sold 377,300 shares of company stock valued at $17,615,809 over the last 90 days. 21.36% of the stock is owned by company insiders.

Institutional Investors Weigh In On GitLab

A number of institutional investors have recently made changes to their positions in GTLB. EverSource Wealth Advisors LLC grew its position in shares of GitLab by 5,700.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock worth $29,000 after buying an additional 513 shares during the period. Cullen Frost Bankers Inc. increased its stake in GitLab by 174.9% in the first quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company's stock valued at $25,000 after purchasing an additional 334 shares in the last quarter. CoreCap Advisors LLC raised its stake 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 period. Twin Tree Management LP bought a new position in shares of GitLab during the 1st quarter valued at about $29,000. Finally, Cloud Capital Management LLC bought a new stake in shares of GitLab in the first quarter valued at about $29,000. 95.04% of the stock is owned by institutional investors and hedge funds.

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.