GitLab Inc. (NASDAQ:GTLB - Get Free Report) shot up 1.7% during mid-day trading on Friday . The company traded as high as $44.88 and last traded at $44.97. 1,189,051 shares were traded during mid-day trading, a decline of 57% from the average session volume of 2,790,968 shares. The stock had previously closed at $44.23.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently commented on the stock. Cantor Fitzgerald reduced their price objective on shares of GitLab from $70.00 to $60.00 and set an "overweight" rating on the stock in a research note on Wednesday, June 11th. Scotiabank cut their price target 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. Royal Bank Of Canada reissued an "outperform" rating and issued a $62.00 price objective on shares of GitLab in a research report on Wednesday, June 25th. Piper Sandler reissued an "overweight" rating and issued a $85.00 price objective on shares of GitLab in a research note on Wednesday, June 11th. Finally, Morgan Stanley raised their target price on GitLab from $53.00 to $56.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 11th. Four research 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 stock. According to MarketBeat, GitLab has an average rating of "Moderate Buy" and a consensus target price of $63.59.
Read Our Latest Report on GTLB
GitLab Stock Down 0.1%
The stock has a market capitalization of $7.45 billion, a PE ratio of 451.10 and a beta of 0.75. The firm has a 50 day moving average price of $46.29 and a 200 day moving average price of $53.77.
GitLab (NASDAQ:GTLB - Get Free Report) last released its quarterly 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 business had revenue of $214.51 million during the quarter, compared to analyst estimates of $213.21 million. During the same period in the prior year, the firm posted $0.03 EPS. GitLab's quarterly revenue was up 26.8% compared to the same quarter last year. On average, equities analysts forecast that GitLab Inc. will post -0.31 earnings per share for the current fiscal year.
Insider Activity
In other GitLab news, Director Matthew Jacobson sold 129,400 shares of GitLab stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $42.32, for a total transaction of $5,476,208.00. Following the transaction, the director owned 551,997 shares of the company's stock, valued at $23,360,513.04. This trade represents a 18.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 sale, the chief financial officer directly owned 344,105 shares of the company's stock, valued at $18,251,329.20. The trade was a 11.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 509,950 shares of company stock valued at $23,238,267 in the last three months. 21.36% of the stock is owned by company insiders.
Hedge Funds Weigh In On GitLab
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. IFP Advisors Inc increased its holdings in GitLab by 9.3% during the fourth quarter. IFP Advisors Inc now owns 4,949 shares of the company's stock worth $279,000 after buying an additional 423 shares during the last quarter. Proficio Capital Partners LLC purchased a new position in GitLab in the fourth quarter valued at about $2,324,000. US Bancorp DE grew its position in shares of GitLab by 4.1% during the 4th quarter. US Bancorp DE now owns 12,030 shares of the company's stock valued at $678,000 after acquiring an additional 477 shares during the period. Smartleaf Asset Management LLC increased its stake in shares of GitLab by 1,067.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company's stock worth $71,000 after purchasing an additional 1,153 shares during the last quarter. Finally, SBI Securities Co. Ltd. purchased a new stake in shares of GitLab during the 4th quarter worth approximately $310,000. 95.04% of the stock is owned by hedge funds and other institutional investors.
About GitLab
(
Get Free Report)
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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