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

GitLab (NASDAQ:GTLB - Get Free Report)'s stock had its "outperform" rating restated by research analysts at Royal Bank Of Canada in a note issued to investors on Wednesday,Benzinga reports. They currently have a $62.00 price target on the stock. Royal Bank Of Canada's price target suggests a potential upside of 37.35% from the company's current price.

Other analysts have also recently issued research reports about the company. Canaccord Genuity Group lowered their price target on GitLab from $78.00 to $76.00 and set a "buy" rating for the company in a research report on Thursday, June 12th. Cantor Fitzgerald dropped their price target on GitLab from $70.00 to $60.00 and set an "overweight" rating on the stock in a research note on Wednesday, June 11th. BTIG Research dropped their price target on GitLab from $86.00 to $67.00 and set a "buy" rating on the stock in a research note on Wednesday, June 11th. Macquarie dropped their price target on GitLab from $90.00 to $75.00 and set an "outperform" rating on the stock in a research note on Wednesday, June 11th. Finally, Morgan Stanley lifted their price objective on shares of GitLab from $53.00 to $56.00 and gave the company an "overweight" rating in a research note on Wednesday, June 11th. Four analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $63.59.

GitLab Price Performance

GitLab stock traded up $0.91 during midday trading on Wednesday, reaching $45.14. The company's stock had a trading volume of 6,026,690 shares, compared to its average volume of 2,804,733. The stock has a market capitalization of $7.46 billion, a P/E ratio of 451.40 and a beta of 0.75. The stock's 50-day simple moving average is $46.29 and its 200-day simple moving average is $53.87. GitLab has a 52-week low of $37.90 and a 52-week high of $74.18.

GitLab (NASDAQ:GTLB - Get Free Report) last posted its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.02. The firm had revenue of $214.51 million for the quarter, compared to the consensus estimate of $213.21 million. GitLab had a net margin of 2.17% and a negative return on equity of 4.07%. The company's revenue for the quarter was up 26.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.03 earnings per share. As a group, equities research analysts expect that GitLab will post -0.31 earnings per share for the current fiscal year.

Insider Transactions at GitLab

In other GitLab news, Director Karen Blasing sold 3,250 shares of the stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $45.00, for a total transaction of $146,250.00. Following the transaction, the director now directly owns 111,983 shares of the company's stock, valued at $5,039,235. This trade represents a 2.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Sytse Sijbrandij sold 108,600 shares of the stock in a transaction on Monday, June 16th. The shares were sold at an average price of $41.44, for a total transaction of $4,500,384.00. The disclosure for this sale can be found here. Insiders sold a total of 506,700 shares of company stock valued at $23,092,017 in the last three months. 16.37% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On GitLab

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC lifted its stake in shares of GitLab by 9,968.3% in the first quarter. GAMMA Investing LLC now owns 43,193 shares of the company's stock worth $2,030,000 after buying an additional 42,764 shares in the last quarter. Swiss National Bank lifted its stake in shares of GitLab by 3.7% in the fourth quarter. Swiss National Bank now owns 215,000 shares of the company's stock worth $12,115,000 after buying an additional 7,700 shares in the last quarter. Park Avenue Securities LLC lifted its stake in shares of GitLab by 5.3% in the first quarter. Park Avenue Securities LLC now owns 7,601 shares of the company's stock worth $357,000 after buying an additional 381 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in shares of GitLab by 1,067.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company's stock worth $71,000 after buying an additional 1,153 shares in the last quarter. Finally, Wealthcare Advisory Partners LLC lifted its stake in shares of GitLab by 19.3% in the first quarter. Wealthcare Advisory Partners LLC now owns 6,578 shares of the company's stock worth $309,000 after buying an additional 1,065 shares in 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.