GitLab (NASDAQ:GTLB) PT Raised to $65.00 at Scotiabank

GitLab (NASDAQ:GTLB) had its price target lifted by Scotiabank from $59.00 to $65.00 in a report published on Wednesday, Benzinga reports. Scotiabank currently has a sector outperform rating on the stock.

A number of other research analysts have also commented on the stock. DA Davidson reaffirmed a neutral rating and set a $50.00 price objective on shares of GitLab in a research report on Thursday, August 29th. Cantor Fitzgerald reaffirmed an overweight rating and issued a $55.00 price target on shares of GitLab in a report on Monday, August 19th. Barclays lowered their price objective on GitLab from $55.00 to $50.00 and set an equal weight rating on the stock in a research report on Tuesday, June 4th. Mizuho dropped their price objective on shares of GitLab from $70.00 to $62.00 and set a buy rating for the company in a research note on Tuesday, June 4th. Finally, Needham & Company LLC reiterated a hold rating on shares of GitLab in a research report on Wednesday. Four investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $65.87.

GitLab Stock Performance

NASDAQ GTLB opened at $53.09 on Wednesday. The stock has a market capitalization of $8.44 billion, a PE ratio of -19.31 and a beta of 0.44. The stock has a 50-day simple moving average of $49.06 and a 200 day simple moving average of $52.88. GitLab has a twelve month low of $40.19 and a twelve month high of $78.53.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.05. GitLab had a negative return on equity of 19.14% and a negative net margin of 68.52%. The company had revenue of $182.58 million during the quarter, compared to analysts’ expectations of $176.86 million. During the same period in the prior year, the business earned ($0.29) earnings per share. GitLab’s revenue for the quarter was up 30.8% compared to the same quarter last year. As a group, equities research analysts forecast that GitLab will post -0.5 EPS for the current fiscal year.

Insider Activity at GitLab

In other GitLab news, CFO Brian G. Robins sold 23,332 shares of the business’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $49.24, for a total transaction of $1,148,867.68. Following the completion of the sale, the chief financial officer now directly owns 259,109 shares of the company’s stock, valued at approximately $12,758,527.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Brian G. Robins sold 11,667 shares of GitLab stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $45.46, for a total transaction of $530,381.82. Following the completion of the sale, the chief financial officer now directly owns 293,508 shares of the company’s stock, valued at $13,342,873.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 23,332 shares of the stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $49.24, for a total value of $1,148,867.68. Following the completion of the transaction, the chief financial officer now directly owns 259,109 shares in the company, valued at approximately $12,758,527.16. The disclosure for this sale can be found here. Insiders have sold a total of 128,608 shares of company stock worth $6,340,633 over the last 90 days. Insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

A number of institutional investors and hedge funds have recently modified their holdings of GTLB. Victory Capital Management Inc. grew its holdings in GitLab by 766.9% during the fourth quarter. Victory Capital Management Inc. now owns 254,483 shares of the company’s stock valued at $16,022,000 after purchasing an additional 225,129 shares during the period. Natixis Advisors L.P. raised its stake in GitLab by 36.9% during the 4th quarter. Natixis Advisors L.P. now owns 16,142 shares of the company’s stock worth $1,016,000 after buying an additional 4,353 shares during the period. Amalgamated Bank raised its stake in GitLab by 2.6% during the 4th quarter. Amalgamated Bank now owns 19,236 shares of the company’s stock worth $1,211,000 after buying an additional 488 shares during the period. M&T Bank Corp bought a new position in GitLab during the fourth quarter worth about $271,000. Finally, Charles Schwab Investment Management Inc. grew its stake in GitLab by 10.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 531,731 shares of the company’s stock valued at $33,478,000 after acquiring an additional 51,612 shares during the period. 91.72% of the stock is owned by institutional investors.

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.