GitLab's (GTLB) Buy Rating Reiterated at Truist Financial

GitLab (NASDAQ:GTLB - Get Free Report)'s stock had its "buy" rating reaffirmed by research analysts at Truist Financial in a report issued on Monday, Benzinga reports. They currently have a $80.00 price target on the stock. Truist Financial's target price indicates a potential upside of 44.01% from the stock's current price.

Other equities research analysts have also recently issued research reports about the company. Canaccord Genuity Group reissued a "buy" rating and issued a $74.00 price objective on shares of GitLab in a research note on Tuesday, March 5th. Capital One Financial initiated coverage on GitLab in a research report on Friday, March 22nd. They set an "overweight" rating and a $72.00 target price on the stock. Mizuho cut their target price on GitLab from $87.00 to $75.00 and set a "buy" rating on the stock in a research report on Tuesday, March 5th. Cantor Fitzgerald cut their target price on GitLab from $80.00 to $70.00 and set an "overweight" rating on the stock in a research report on Tuesday, March 5th. Finally, UBS Group cut their price objective on GitLab from $81.00 to $75.00 and set a "buy" rating on the stock in a research report on Tuesday, March 5th. Four equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $70.80.

GitLab Stock Performance

Shares of GTLB traded down $2.77 during mid-day trading on Monday, reaching $55.55. 2,244,258 shares of the company were exchanged, compared to its average volume of 2,866,823. GitLab has a 52 week low of $26.24 and a 52 week high of $78.53. The stock has a market capitalization of $8.65 billion, a PE ratio of -20.20 and a beta of 0.46. The business has a 50 day simple moving average of $66.29 and a two-hundred day simple moving average of $57.06.

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

Insider Activity at GitLab

In related news, insider Robin Schulman sold 30,543 shares of GitLab stock in a transaction on 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 in the company, valued at $4,516,514.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Robin Schulman sold 30,543 shares of GitLab stock in a transaction on 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 in the company, valued at $4,516,514.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Erin Mannix sold 958 shares of the firm's stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $59.53, for a total value of $57,029.74. Following the sale, the chief accounting officer now directly owns 74,908 shares in the company, valued at $4,459,273.24. The disclosure for this sale can be found here. Over the last three months, insiders have sold 846,342 shares of company stock worth $51,486,337. Corporate insiders own 28.04% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Raymond James & Associates boosted its holdings in shares of GitLab by 62.6% in the first quarter. Raymond James & Associates now owns 4,289 shares of the company's stock valued at $234,000 after purchasing an additional 1,652 shares during the period. Bank of New York Mellon Corp increased its position in shares of GitLab by 3,816.3% during the first quarter. Bank of New York Mellon Corp now owns 182,343 shares of the company's stock worth $9,930,000 after purchasing an additional 177,687 shares in the last quarter. BlackRock Inc. increased its position in shares of GitLab by 13.1% during the first quarter. BlackRock Inc. now owns 2,821,575 shares of the company's stock worth $153,635,000 after purchasing an additional 327,244 shares in the last quarter. Blair William & Co. IL grew its holdings in shares of GitLab by 229.4% during the first quarter. Blair William & Co. IL now owns 34,096 shares of the company's stock valued at $1,857,000 after buying an additional 23,746 shares during the last quarter. Finally, Sei Investments Co. purchased a new stake in shares of GitLab during the first quarter valued at $1,634,000. Hedge funds and other institutional investors own 91.72% 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.