Morgan Stanley Raises GitLab (NASDAQ:GTLB) Price Target to $56.00

GitLab (NASDAQ:GTLB - Get Free Report) had its target price hoisted by analysts at Morgan Stanley from $53.00 to $56.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Morgan Stanley's price target would suggest a potential upside of 27.53% from the stock's previous close.

Several other research analysts have also recently commented on GTLB. Royal Bank of Canada decreased their target price on shares of GitLab from $80.00 to $68.00 and set an "outperform" rating for the company in a research report on Monday, May 19th. BTIG Research reduced their price objective on GitLab from $86.00 to $67.00 and set a "buy" rating for the company in a research report on Wednesday. DA Davidson lowered their target price on GitLab from $60.00 to $45.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Cowen reaffirmed a "buy" rating on shares of GitLab in a research note on Friday, June 6th. Finally, Wells Fargo & Company decreased their price target on GitLab from $65.00 to $60.00 and set an "overweight" rating for the company in a research note on Wednesday. Four equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $63.59.

GitLab Stock Up 1.2%

Shares of GTLB traded up $0.54 during mid-day trading on Wednesday, hitting $43.91. The stock had a trading volume of 6,312,512 shares, compared to its average volume of 2,723,498. The company has a market cap of $7.20 billion, a PE ratio of -137.22 and a beta of 0.75. GitLab has a fifty-two week low of $37.90 and a fifty-two week high of $74.18. The company's fifty day simple moving average is $46.42 and its two-hundred day simple moving average is $55.73.

GitLab (NASDAQ:GTLB - Get Free Report) last posted its quarterly earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.15 by $0.02. GitLab had a negative net margin of 6.83% and a negative return on equity of 11.72%. The company had revenue of $214.51 million for the quarter, compared to the consensus estimate of $213.21 million. During the same period last year, the firm posted $0.03 EPS. The company's revenue for the quarter was up 26.8% on a year-over-year basis. Equities analysts expect that GitLab will post -0.31 earnings per share for the current year.

Insider Buying and Selling at GitLab

In related news, 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 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 trade represents a 11.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Karen Blasing sold 3,250 shares of GitLab stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $51.58, for a total transaction of $167,635.00. Following the transaction, the director now owns 108,733 shares in the company, valued at approximately $5,608,448.14. The trade was a 2.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 461,584 shares of company stock valued at $23,192,574. Corporate insiders own 16.37% of the company's stock.

Institutional Investors Weigh In On GitLab

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC increased its holdings in GitLab by 5,700.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock worth $29,000 after buying an additional 513 shares during the last quarter. Cullen Frost Bankers Inc. boosted its holdings in GitLab by 174.9% in the first quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company's stock worth $25,000 after purchasing an additional 334 shares in the last quarter. CoreCap Advisors LLC boosted its holdings in GitLab by 327.5% in the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company's stock worth $33,000 after purchasing an additional 452 shares in the last quarter. Twin Tree Management LP acquired a new position in GitLab during the first quarter worth $29,000. Finally, Cloud Capital Management LLC bought a new position in GitLab during the first quarter valued at about $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.