Macquarie Reiterates Outperform Rating for GitLab (NASDAQ:GTLB)

GitLab (NASDAQ:GTLB)‘s stock had its “outperform” rating reiterated by stock analysts at Macquarie in a research report issued on Wednesday,Benzinga reports. They currently have a $75.00 price target on the stock. Macquarie’s target price would suggest a potential upside of 69.57% from the company’s previous close.

A number of other equities analysts have also issued reports on the company. Cantor Fitzgerald reduced their target price on GitLab from $70.00 to $60.00 and set an “overweight” rating for the company in a research note on Wednesday, June 11th. KeyCorp reduced their price objective on GitLab from $80.00 to $60.00 and set an “overweight” rating for the company in a research note on Thursday, April 17th. JPMorgan Chase & Co. decreased their target price on GitLab from $58.00 to $52.00 and set a “neutral” rating for the company in a report on Wednesday, June 11th. Wells Fargo & Company cut 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, June 11th. Finally, Cowen restated a “buy” rating on shares of GitLab in a research note on Friday, June 6th. Four equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $63.59.

GitLab Stock Performance

Shares of GTLB stock opened at $44.23 on Wednesday. GitLab has a fifty-two week low of $37.90 and a fifty-two week high of $74.18. The firm has a market capitalization of $7.31 billion, a price-to-earnings ratio of 442.30 and a beta of 0.75. The stock’s 50-day simple moving average is $46.25 and its 200-day simple moving average is $53.98.

GitLab (NASDAQ:GTLB) last released its earnings results on Tuesday, June 10th. The company reported $0.17 EPS for the quarter, topping analysts’ consensus estimates of $0.15 by $0.02. GitLab had a net margin of 2.17% and a negative return on equity of 4.07%. The company had revenue of $214.51 million during the quarter, compared to analysts’ expectations of $213.21 million. During the same period last year, the business earned $0.03 EPS. GitLab’s revenue for the quarter was up 26.8% on a year-over-year basis. As a group, equities analysts forecast that GitLab will post -0.31 earnings per share for the current year.

Insider Activity

In other GitLab news, Director Sytse Sijbrandij sold 108,600 shares of the stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $41.44, for a total transaction of $4,500,384.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Karen Blasing sold 3,250 shares of the firm’s stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $51.58, for a total value of $167,635.00. Following the completion of the sale, the director now directly owns 108,733 shares in the company, valued at approximately $5,608,448.14. The trade was a 2.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 377,300 shares of company stock worth $17,615,809 in the last ninety days. Company insiders own 16.37% of the company’s stock.

Institutional Investors Weigh In On GitLab

Several institutional investors and hedge funds have recently added to or reduced their stakes in GTLB. M&T Bank Corp raised its holdings in shares of GitLab by 3.1% during the fourth quarter. M&T Bank Corp now owns 4,965 shares of the company’s stock valued at $280,000 after acquiring an additional 148 shares during the last quarter. OneDigital Investment Advisors LLC raised its stake in GitLab by 4.3% in the 4th quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock valued at $228,000 after purchasing an additional 166 shares during the last quarter. Utah Retirement Systems raised its stake in GitLab by 3.1% in the 4th quarter. Utah Retirement Systems now owns 6,600 shares of the company’s stock valued at $372,000 after purchasing an additional 200 shares during the last quarter. Mariner LLC lifted its holdings in GitLab by 1.7% in the 4th quarter. Mariner LLC now owns 12,583 shares of the company’s stock valued at $709,000 after purchasing an additional 214 shares in the last quarter. Finally, True Wealth Design LLC boosted its stake in GitLab by 20.0% during the 4th quarter. True Wealth Design LLC now owns 1,297 shares of the company’s stock worth $73,000 after purchasing an additional 216 shares during the last quarter. Hedge funds and other institutional investors own 95.04% 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.