GitLab (NASDAQ:GTLB) Raised to Outperform at Raymond James

GitLab (NASDAQ:GTLB - Get Free Report) was upgraded by research analysts at Raymond James from a "market perform" rating to an "outperform" rating in a research note issued on Friday, Marketbeat Ratings reports. The brokerage presently has a $70.00 price target on the stock. Raymond James' target price suggests a potential upside of 22.66% from the stock's current price.

Several other equities research analysts have also recently weighed in on GTLB. Sanford C. Bernstein increased their price objective on GitLab from $71.00 to $76.00 and gave the company an "outperform" rating in a research report on Tuesday, March 5th. Wolfe Research raised GitLab from a "peer perform" rating to an "outperform" rating and set a $75.00 price objective for the company in a research report on Wednesday, March 6th. Wells Fargo & Company began coverage on GitLab in a research report on Tuesday. They issued an "overweight" rating and a $70.00 price objective for the company. KeyCorp started coverage on GitLab in a research report on Tuesday, March 19th. They issued an "overweight" rating and a $70.00 price objective for the company. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and issued a $80.00 target price on shares of GitLab in a research report on Tuesday, March 5th. Three analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $70.73.

GitLab Stock Down 1.8 %

GTLB stock traded down $1.04 during midday trading on Friday, hitting $57.07. 1,288,236 shares of the company traded hands, compared to its average volume of 2,719,384. GitLab has a twelve month low of $26.24 and a twelve month high of $78.53. The business has a 50 day simple moving average of $64.07 and a 200-day simple moving average of $57.50. The stock has a market capitalization of $9.05 billion, a price-to-earnings ratio of -21.13 and a beta of 0.45.

GitLab (NASDAQ:GTLB - Get Free Report) last announced its quarterly earnings results on Monday, March 4th. The company reported $0.15 EPS for the quarter, beating the consensus estimate 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 company had revenue of $163.80 million for the quarter, compared to the consensus estimate of $157.89 million. During the same quarter last year, the company posted ($0.26) earnings per share. The company's revenue for the quarter was up 33.3% compared to the same quarter last year. Equities research analysts forecast that GitLab will post -0.96 EPS for the current year.

Insider Activity

In other news, CEO Sytse Sijbrandij sold 380,000 shares of the firm's stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $62.32, for a total value of $23,681,600.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Brian G. Robins sold 75,000 shares of GitLab stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $70.59, for a total value of $5,294,250.00. Following the completion of the sale, the chief financial officer now directly owns 332,300 shares in the company, valued at $23,457,057. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Sytse Sijbrandij sold 380,000 shares of GitLab stock in a transaction dated Tuesday, January 16th. The stock was sold at an average price of $62.32, for a total value of $23,681,600.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 893,342 shares of company stock worth $54,059,697. 28.04% of the stock is owned by corporate insiders.

Institutional Trading of GitLab

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GTLB. FMR LLC increased its position in GitLab by 80.0% in the third quarter. FMR LLC now owns 603 shares of the company's stock worth $27,000 after purchasing an additional 268 shares during the period. Ossiam bought a new position in GitLab during the first quarter worth about $27,000. Quarry LP bought a new position in GitLab during the second quarter worth about $30,000. Ramirez Asset Management Inc. bought a new position in GitLab during the third quarter worth about $36,000. Finally, SRS Capital Advisors Inc. bought a new position in GitLab during the third quarter worth about $40,000. 91.72% 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.