GitLab (NASDAQ:GTLB) Stock Price Up 3.6% - Here's What Happened

GitLab Inc. (NASDAQ:GTLB - Get Free Report) shares were up 3.6% during trading on Thursday . The stock traded as high as $44.35 and last traded at $44.13. Approximately 1,152,306 shares were traded during mid-day trading, a decline of 59% from the average daily volume of 2,798,826 shares. The stock had previously closed at $42.59.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on GTLB. Truist Financial reiterated a "buy" rating and set a $75.00 price objective (down previously from $80.00) on shares of GitLab in a research report on Wednesday, June 11th. KeyCorp reduced their price target on shares of GitLab from $80.00 to $60.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Scotiabank dropped their price objective on shares of GitLab from $80.00 to $67.00 and set a "sector outperform" rating on the stock in a report on Friday, June 6th. Royal Bank Of Canada restated an "outperform" rating and set a $62.00 target price on shares of GitLab in a research report on Wednesday. Finally, Needham & Company LLC decreased their price target on shares of GitLab from $85.00 to $55.00 and set a "buy" rating on the stock in a research report on Wednesday, June 11th. Four investment 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's stock. Based on data from MarketBeat, GitLab currently has an average rating of "Moderate Buy" and a consensus target price of $63.59.

GitLab Trading Up 3.1%

The company has a 50 day simple moving average of $46.22 and a two-hundred day simple moving average of $54.14. The firm has a market capitalization of $7.25 billion, a P/E ratio of 438.40 and a beta of 0.75.

GitLab (NASDAQ:GTLB - Get Free Report) last announced its quarterly earnings results on Tuesday, June 10th. The company reported $0.17 EPS for the quarter, topping the consensus estimate of $0.15 by $0.02. The business had revenue of $214.51 million for the quarter, compared to analysts' expectations of $213.21 million. GitLab had a net margin of 2.17% and a negative return on equity of 4.07%. The business's quarterly revenue was up 26.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.03 EPS. On average, sell-side analysts expect that GitLab Inc. will post -0.31 EPS for the current fiscal year.

Insider Transactions at GitLab

In other news, Director Karen Blasing sold 3,250 shares of the company's stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $45.00, for a total transaction of $146,250.00. Following the sale, the director now directly owns 111,983 shares in the company, valued at approximately $5,039,235. This represents a 2.82% decrease in their position. The sale 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 GitLab stock in a transaction dated 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 owns 344,105 shares of the company's stock, valued at approximately $18,251,329.20. This represents a 11.57% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 377,300 shares of company stock valued at $17,615,809 in the last ninety days. Corporate insiders own 16.37% of the company's stock.

Hedge Funds Weigh In On GitLab

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in GitLab by 2.3% in the first quarter. Vanguard Group Inc. now owns 13,445,456 shares of the company's stock worth $631,936,000 after buying an additional 302,864 shares during the last quarter. Norges Bank purchased a new stake in shares of GitLab in the fourth quarter valued at $279,089,000. Artisan Partners Limited Partnership lifted its holdings in shares of GitLab by 55.7% in the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company's stock worth $227,318,000 after acquiring an additional 1,443,160 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of GitLab by 17.6% during the 4th quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company's stock worth $176,954,000 after purchasing an additional 470,192 shares during the period. Finally, Eminence Capital LP grew its holdings in GitLab by 13.6% during the 1st quarter. Eminence Capital LP now owns 2,498,201 shares of the company's stock valued at $117,415,000 after purchasing an additional 299,191 shares during the last quarter. Institutional investors own 95.04% of the company's stock.

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.

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