GitLab (NASDAQ:GTLB) Trading Up 1.7% - What's Next?

GitLab Inc. (NASDAQ:GTLB - Get Free Report)'s stock price was up 1.7% during trading on Friday . The stock traded as high as $44.88 and last traded at $44.97. Approximately 1,189,051 shares were traded during mid-day trading, a decline of 57% from the average daily volume of 2,790,968 shares. The stock had previously closed at $44.23.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on GTLB shares. Piper Sandler reissued an "overweight" rating and set a $85.00 target price on shares of GitLab in a research report on Wednesday, June 11th. Mizuho cut their price target on GitLab from $72.00 to $60.00 and set an "outperform" rating on the stock in a research report on Wednesday, June 11th. BTIG Research reduced their price target 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. Wells Fargo & Company decreased their price target on shares of GitLab from $65.00 to $60.00 and set an "overweight" rating for the company in a research note on Wednesday, June 11th. Finally, 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 research note on Friday, June 6th. Four analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $63.59.

GitLab Stock Up 3.0%

The company has a market cap of $7.52 billion, a price-to-earnings ratio of 454.65 and a beta of 0.75. The company has a fifty day simple moving average of $46.25 and a two-hundred day simple moving average of $53.98.

GitLab (NASDAQ:GTLB - Get Free Report) last issued its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, topping analysts' consensus estimates of $0.15 by $0.02. GitLab had a net margin of 2.17% and a negative return on equity of 4.07%. The business had revenue of $214.51 million during the quarter, compared to analysts' expectations of $213.21 million. During the same period last year, the company posted $0.03 EPS. The company's revenue was up 26.8% on a year-over-year basis. On average, research analysts predict that GitLab Inc. will post -0.31 EPS for the current year.

Insider Transactions at GitLab

In related news, Director Sytse Sijbrandij sold 108,600 shares of the stock in a transaction on Monday, June 16th. The stock was sold at an average price of $41.44, for a total value of $4,500,384.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 45,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $53.04, for a total transaction of $2,386,800.00. Following the completion of the transaction, the chief financial officer now owns 344,105 shares in the company, valued at $18,251,329.20. The trade was a 11.57% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 377,300 shares of company stock worth $17,615,809 over the last ninety days. 16.37% of the stock is currently owned by corporate insiders.

Institutional Trading of GitLab

Several large investors have recently added to or reduced their stakes in the stock. Swedbank AB raised its holdings in shares of GitLab by 51.8% during the 1st quarter. Swedbank AB now owns 258,000 shares of the company's stock valued at $12,126,000 after buying an additional 88,000 shares during the period. Belpointe Asset Management LLC acquired a new position in shares of GitLab in the first quarter worth about $409,000. Fortis Capital Advisors LLC acquired a new stake in GitLab during the 1st quarter valued at approximately $409,000. Focus Partners Wealth increased its holdings in GitLab by 42.5% during the 1st quarter. Focus Partners Wealth now owns 252,586 shares of the company's stock worth $11,871,000 after purchasing an additional 75,331 shares during the last quarter. Finally, Bayforest Capital Ltd bought a new position in GitLab during the 1st quarter valued at $830,000. 95.04% of the stock is currently owned by institutional investors and hedge funds.

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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