GitLab (NASDAQ:GTLB) Trading 4.2% Higher - Still a Buy?

GitLab Inc. (NASDAQ:GTLB - Get Free Report)'s share price rose 4.2% during trading on Tuesday . The company traded as high as $42.72 and last traded at $42.44. Approximately 1,350,197 shares were traded during trading, a decline of 51% from the average daily volume of 2,782,794 shares. The stock had previously closed at $40.71.

Wall Street Analyst Weigh In

GTLB has been the subject of a number of analyst reports. BTIG Research cut their price objective on shares of GitLab from $86.00 to $67.00 and set a "buy" rating for the company in a research report on Wednesday, June 11th. Mizuho cut their price objective on shares of GitLab from $72.00 to $60.00 and set an "outperform" rating for the company in a research report on Wednesday, June 11th. Morgan Stanley upped their price objective on shares of GitLab from $53.00 to $56.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 11th. JPMorgan Chase & Co. cut their price objective on shares of GitLab from $58.00 to $52.00 and set a "neutral" rating for the company in a research report on Wednesday, June 11th. Finally, KeyCorp cut their price objective 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. Four analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, GitLab currently has an average rating of "Moderate Buy" and a consensus price target of $63.59.

GitLab Trading Up 4.1%

The stock has a market capitalization of $7.00 billion, a price-to-earnings ratio of 423.60 and a beta of 0.75. The stock's 50 day moving average is $46.23 and its 200 day moving average is $54.30.

GitLab (NASDAQ:GTLB - Get Free Report) last released its quarterly earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.02. The company 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 firm's revenue for the quarter was up 26.8% compared to the same quarter last year. During the same period last year, the company earned $0.03 EPS. On average, sell-side analysts anticipate that GitLab Inc. will post -0.31 EPS for the current year.

Insider Activity at GitLab

In related news, Director Sytse Sijbrandij sold 108,600 shares of the firm's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $41.44, for a total value of $4,500,384.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Karen Blasing sold 3,250 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the director now owns 111,983 shares in the company, valued at $5,039,235. The trade was a 2.82% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 377,300 shares of company stock worth $17,615,809. Company insiders own 21.36% of the company's stock.

Institutional Trading of GitLab

Hedge funds have recently made changes to their positions in the company. EverSource Wealth Advisors LLC raised its stake in shares of GitLab by 5,700.0% during 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 period. Cullen Frost Bankers Inc. raised its stake in shares of GitLab by 174.9% during 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 during the period. CoreCap Advisors LLC raised its stake in shares of GitLab by 327.5% during the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company's stock valued at $33,000 after purchasing an additional 452 shares during the period. Twin Tree Management LP purchased a new stake in shares of GitLab during the first quarter valued at approximately $29,000. Finally, Cloud Capital Management LLC purchased a new stake in shares of GitLab during the first quarter valued at approximately $29,000. Hedge funds and other institutional investors own 95.04% of the company's stock.

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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