GitLab's (GTLB) Overweight Rating Reaffirmed at Piper Sandler

Piper Sandler reiterated their overweight rating on shares of GitLab (NASDAQ:GTLB - Free Report) in a research report report published on Wednesday morning,Benzinga reports. Piper Sandler currently has a $85.00 price target on the stock.

A number of other analysts have also commented on GTLB. Barclays dropped their price target on GitLab from $58.00 to $47.00 and set an "equal weight" rating on the stock in a report on Wednesday. DA Davidson reduced their target price on GitLab from $60.00 to $45.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. Wells Fargo & Company dropped their price target on shares of GitLab from $65.00 to $60.00 and set an "overweight" rating on the stock in a report on Wednesday. BTIG Research lowered their target price on shares of GitLab from $86.00 to $67.00 and set a "buy" rating on the stock in a research note on Wednesday. Finally, Macquarie decreased their target price on shares of GitLab from $90.00 to $75.00 and set an "outperform" rating on the stock in a research report on Wednesday. Four investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, GitLab currently has an average rating of "Moderate Buy" and a consensus price target of $63.68.

GitLab Price Performance

Shares of GTLB stock traded down $5.14 during trading hours on Wednesday, hitting $43.37. 26,514,374 shares of the company's stock were exchanged, compared to its average volume of 2,708,080. The stock's 50-day moving average is $46.42 and its 200-day moving average is $55.73. The stock has a market cap of $7.11 billion, a price-to-earnings ratio of -135.53 and a beta of 0.75. GitLab has a 52 week low of $37.90 and a 52 week high of $74.18.

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 the consensus estimate 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 firm had revenue of $214.51 million for the quarter, compared to analyst estimates of $213.21 million. During the same period in the prior year, the firm posted $0.03 earnings per share. The company's quarterly revenue was up 26.8% compared to the same quarter last year. Equities research analysts forecast that GitLab will post -0.31 earnings per share for the current fiscal year.

Insider Transactions at GitLab

In other GitLab news, Director Karen Blasing sold 3,250 shares of the stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $45.00, for a total transaction of $146,250.00. Following the completion of the sale, the director now directly owns 111,983 shares of the company's stock, valued at approximately $5,039,235. This represents a 2.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Sytse Sijbrandij sold 108,600 shares of the business's stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $42.87, for a total value of $4,655,682.00. The disclosure for this sale can be found here. Insiders sold a total of 461,584 shares of company stock valued at $23,192,574 over the last three months. Corporate insiders own 16.37% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in GTLB. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of GitLab by 15.5% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,700 shares of the company's stock worth $717,000 after purchasing an additional 1,700 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of GitLab by 70.6% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 507,713 shares of the company's stock worth $28,610,000 after purchasing an additional 210,081 shares in the last quarter. Wilmington Savings Fund Society FSB raised its stake in GitLab by 7.9% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company's stock valued at $116,000 after purchasing an additional 150 shares during the period. Wildcat Capital Management LLC acquired a new position in GitLab in the 4th quarter worth about $642,000. Finally, Vontobel Holding Ltd. acquired a new stake in shares of GitLab in the fourth quarter valued at about $549,000. 95.04% of the stock is owned by hedge funds and other institutional investors.

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.