GitLab (NASDAQ:GTLB) Upgraded to Strong-Buy at Cantor Fitzgerald

Cantor Fitzgerald upgraded shares of GitLab (NASDAQ:GTLB) to a strong-buy rating in a report released on Tuesday morning,Zacks.com reports.

A number of other brokerages also recently issued reports on GTLB. DA Davidson reaffirmed a “neutral” rating and issued a $50.00 price objective on shares of GitLab in a research report on Monday, October 14th. Barclays upped their price target on GitLab from $50.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 5th. Morgan Stanley started coverage on GitLab in a research report on Wednesday, October 9th. They issued an “overweight” rating and a $70.00 price objective for the company. BTIG Research upped their target price on GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Finally, Wells Fargo & Company raised their price target on GitLab from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Three investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $66.38.

GitLab Stock Down 2.1 %

GitLab stock opened at $59.87 on Tuesday. The firm has a market cap of $9.61 billion, a P/E ratio of -25.59 and a beta of 0.45. The business has a fifty day moving average of $54.37 and a two-hundred day moving average of $51.23. GitLab has a twelve month low of $40.72 and a twelve month high of $78.53.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.05. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The firm 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 posted ($0.29) EPS. The firm’s quarterly revenue was up 30.8% on a year-over-year basis. Equities analysts expect that GitLab will post -0.41 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Brian G. Robins sold 16,666 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $56.74, for a total value of $945,628.84. Following the completion of the transaction, the chief financial officer now directly owns 242,803 shares in the company, valued at $13,776,642.22. The trade was a 6.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Erin Mannix sold 1,433 shares of GitLab stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $52.80, for a total transaction of $75,662.40. Following the completion of the transaction, the chief accounting officer now directly owns 72,448 shares of the company’s stock, valued at $3,825,254.40. The trade was a 1.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 97,007 shares of company stock valued at $5,320,233 over the last ninety days. Company insiders own 21.36% of the company’s stock.

Institutional Investors Weigh In On GitLab

Institutional investors have recently added to or reduced their stakes in the stock. Capital Research Global Investors boosted its holdings in GitLab by 78.5% in the 1st quarter. Capital Research Global Investors now owns 7,040,410 shares of the company’s stock worth $410,597,000 after buying an additional 3,096,437 shares during the last quarter. Westfield Capital Management Co. LP acquired a new stake in shares of GitLab in the first quarter worth approximately $49,196,000. DNB Asset Management AS acquired a new stake in shares of GitLab in the second quarter worth approximately $37,851,000. Renaissance Technologies LLC increased its position in shares of GitLab by 168.8% during the second quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company’s stock worth $59,196,000 after purchasing an additional 747,712 shares in the last quarter. Finally, Primecap Management Co. CA raised its stake in GitLab by 269.5% in the 2nd quarter. Primecap Management Co. CA now owns 827,040 shares of the company’s stock valued at $41,120,000 after purchasing an additional 603,200 shares during the last quarter. Institutional investors and hedge funds own 91.72% 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.