Morgan Stanley Boosts GitLab (NASDAQ:GTLB) Price Target to $56.00

GitLab (NASDAQ:GTLB) had its target price boosted by Morgan Stanley from $53.00 to $56.00 in a research report sent to investors on Wednesday,Benzinga reports. The firm currently has an overweight rating on the stock.

Other equities research analysts have also recently issued research reports about the stock. DA Davidson reduced their target price on shares of GitLab from $60.00 to $45.00 and set a “neutral” rating for the company in a research note on Monday, April 14th. JPMorgan Chase & Co. cut their target price on shares of GitLab from $58.00 to $52.00 and set a “neutral” rating for the company in a research note on Wednesday. Cantor Fitzgerald cut their target price on shares of GitLab from $70.00 to $60.00 and set an “overweight” rating for the company in a research note on Wednesday. UBS Group lowered their price target on shares of GitLab from $85.00 to $73.00 and set a “buy” rating for the company in a report on Wednesday. Finally, Royal Bank of Canada lowered their price target on shares of GitLab from $80.00 to $68.00 and set an “outperform” rating for the company in a report on Monday, May 19th. Four equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $63.68.

GitLab Stock Performance

Shares of NASDAQ:GTLB opened at $43.37 on Wednesday. The stock has a fifty day moving average of $46.42 and a 200-day moving average of $55.73. GitLab has a one year low of $37.90 and a one year high of $74.18. The company has a market capitalization of $7.11 billion, a PE ratio of -135.53 and a beta of 0.75.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.02. The business had revenue of $214.51 million for the quarter, compared to the consensus estimate of $213.21 million. GitLab had a negative net margin of 6.83% and a negative return on equity of 11.72%. GitLab’s revenue for the quarter was up 26.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.03 earnings per share. As a group, research analysts forecast that GitLab will post -0.31 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Karen Blasing sold 3,250 shares of the business’s stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $45.00, for a total value of $146,250.00. Following the sale, the director now owns 111,983 shares of the company’s stock, valued at $5,039,235. The trade was a 2.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 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 transaction of $4,655,682.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 461,584 shares of company stock valued at $23,192,574. Company insiders own 16.37% of the company’s stock.

Hedge Funds Weigh In On GitLab

Several hedge funds have recently bought and sold shares of GTLB. Cullen Frost Bankers Inc. grew its stake in GitLab by 174.9% in the 1st quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company’s stock worth $25,000 after buying an additional 334 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of GitLab by 5,700.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock valued at $29,000 after purchasing an additional 513 shares in the last quarter. Cloud Capital Management LLC purchased a new stake in shares of GitLab in the 1st quarter valued at $29,000. Twin Tree Management LP purchased a new stake in shares of GitLab in the 1st quarter valued at $29,000. Finally, CoreCap Advisors LLC raised its holdings in GitLab by 327.5% during the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock valued at $33,000 after buying an additional 452 shares during the last quarter. Hedge funds and other institutional investors own 95.04% of the company’s stock.

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.