GitLab Inc. (NASDAQ:GTLB) Given Average Recommendation of "Moderate Buy" by Brokerages

Shares of GitLab Inc. (NASDAQ:GTLB - Get Free Report) have been given a consensus recommendation of "Moderate Buy" by the twenty-three ratings firms that are covering the firm, Marketbeat reports. Three research analysts have rated the stock with a hold rating and twenty have issued a buy rating on the company. The average 1-year target price among analysts that have covered the stock in the last year is $70.73.

A number of equities analysts have commented on the stock. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $74.00 price objective on shares of GitLab in a report on Tuesday, March 5th. UBS Group decreased their price objective on shares of GitLab from $81.00 to $75.00 and set a "buy" rating for the company in a report on Tuesday, March 5th. Bank of America decreased their price objective on shares of GitLab from $88.00 to $85.00 and set a "buy" rating for the company in a report on Tuesday, March 5th. Wells Fargo & Company initiated coverage on shares of GitLab in a report on Tuesday, April 9th. They issued an "overweight" rating and a $70.00 price objective for the company. Finally, Raymond James upgraded GitLab from a "market perform" rating to an "outperform" rating and set a $70.00 target price on the stock in a research note on Friday, April 12th.

Insider Buying and Selling

In related news, insider Robin Schulman sold 30,543 shares of GitLab stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $75.11, for a total transaction of $2,294,084.73. Following the transaction, the insider now directly owns 60,132 shares of the company's stock, valued at $4,516,514.52. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CEO Sytse Sijbrandij sold 56,000 shares of GitLab stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $54.92, for a total transaction of $3,075,520.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Robin Schulman sold 30,543 shares of GitLab stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $75.11, for a total value of $2,294,084.73. Following the completion of the transaction, the insider now directly owns 60,132 shares in the company, valued at approximately $4,516,514.52. The disclosure for this sale can be found here. Insiders have sold a total of 492,638 shares of company stock valued at $28,048,607 over the last three months. Company insiders own 28.04% of the company's stock.

Hedge Funds Weigh In On GitLab

Institutional investors have recently bought and sold shares of the stock. Byrne Asset Management LLC purchased a new position in GitLab in the 1st quarter worth about $33,000. Allspring Global Investments Holdings LLC grew its stake in GitLab by 2,107.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company's stock valued at $33,000 after acquiring an additional 548 shares in the last quarter. Ramirez Asset Management Inc. purchased a new position in GitLab during the 3rd quarter valued at about $36,000. SRS Capital Advisors Inc. purchased a new position in GitLab during the 3rd quarter valued at about $40,000. Finally, Impact Partnership Wealth LLC purchased a new position in GitLab during the 3rd quarter valued at about $41,000. Hedge funds and other institutional investors own 91.72% of the company's stock.

GitLab Stock Performance

Shares of GTLB stock traded down $0.55 during mid-day trading on Friday, reaching $55.46. 1,674,479 shares of the company were exchanged, compared to its average volume of 2,586,892. GitLab has a fifty-two week low of $26.24 and a fifty-two week high of $78.53. The company has a market capitalization of $8.80 billion, a P/E ratio of -20.17 and a beta of 0.45. The business's 50 day simple moving average is $59.87 and its 200 day simple moving average is $58.26.

GitLab (NASDAQ:GTLB - Get Free Report) last released its quarterly earnings results on Monday, March 4th. The company reported $0.15 earnings per share for the quarter, topping analysts' consensus estimates of $0.08 by $0.07. The business had revenue of $163.80 million during the quarter, compared to the consensus estimate of $157.89 million. GitLab had a negative net margin of 73.14% and a negative return on equity of 18.26%. The business's quarterly revenue was up 33.3% compared to the same quarter last year. During the same quarter last year, the company earned ($0.26) earnings per share. On average, analysts forecast that GitLab will post -0.96 EPS for the current year.

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.