Scotiabank Increases GitLab (NASDAQ:GTLB) Price Target to $75.00

GitLab (NASDAQ:GTLB) had its price objective raised by research analysts at Scotiabank from $65.00 to $75.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “sector outperform” rating on the stock. Scotiabank’s price objective would suggest a potential upside of 13.57% from the company’s current price.

Several other research analysts also recently weighed in on GTLB. KeyCorp upped their target price on shares of GitLab from $62.00 to $74.00 and gave the stock an “overweight” rating in a report on Tuesday, November 26th. Needham & Company LLC raised GitLab from a “hold” rating to a “buy” rating and set a $70.00 target price on the stock in a research note on Monday, October 21st. UBS Group upped their price target on GitLab from $62.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Barclays lifted their price objective on shares of GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a research report on Thursday, September 5th. Finally, TD Cowen raised their target price on shares of GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Three investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $67.58.

GitLab Stock Down 0.8 %

Shares of GTLB opened at $66.04 on Wednesday. The business has a 50-day simple moving average of $57.60 and a two-hundred day simple moving average of $52.22. GitLab has a 52 week low of $40.72 and a 52 week high of $78.53. The stock has a market cap of $10.60 billion, a price-to-earnings ratio of -28.22 and a beta of 0.54.

GitLab (NASDAQ:GTLB) last released its earnings results on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.05. The company had revenue of $182.58 million for the quarter, compared to analysts’ expectations of $176.86 million. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The firm’s revenue was up 30.8% compared to the same quarter last year. During the same quarter last year, the business earned ($0.29) EPS. On average, equities analysts anticipate that GitLab will post -0.41 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Karen Blasing sold 3,250 shares of the business’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $59.41, for a total transaction of $193,082.50. Following the completion of the sale, the director now directly owns 137,983 shares of the company’s stock, valued at approximately $8,197,570.03. The trade was a 2.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sytse Sijbrandij sold 84,776 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $59.64, for a total transaction of $5,056,040.64. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 185,033 shares of company stock valued at $10,569,356. 21.36% of the stock is currently owned by insiders.

Institutional Trading of GitLab

Institutional investors and hedge funds have recently modified their holdings of the stock. Future Financial Wealth Managment LLC bought a new stake in GitLab during the 3rd quarter valued at $52,000. True Wealth Design LLC purchased a new stake in GitLab in the third quarter worth about $56,000. Rakuten Securities Inc. grew its holdings in GitLab by 268.1% during the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after acquiring an additional 1,032 shares in the last quarter. Quarry LP increased its position in GitLab by 527.0% during the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock valued at $89,000 after purchasing an additional 1,502 shares during the period. Finally, Capital Performance Advisors LLP bought a new stake in shares of GitLab in the 3rd quarter valued at about $96,000. 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.