Equities researchers at Wolfe Research assumed coverage on shares of GitLab (NASDAQ:GTLB – Get Rating) in a report issued on Tuesday, The Fly reports. The firm set a “market perform” rating on the stock.
Other analysts have also issued research reports about the company. Royal Bank of Canada upped their price objective on GitLab from $45.00 to $56.00 in a research note on Tuesday, June 6th. Bank of America upped their price objective on GitLab from $50.00 to $55.00 in a research note on Tuesday, June 6th. Mizuho upped their price objective on GitLab from $38.00 to $45.00 in a research note on Tuesday, June 6th. Scotiabank increased their target price on GitLab from $36.00 to $50.00 in a research note on Tuesday, June 6th. Finally, The Goldman Sachs Group lowered their target price on GitLab from $75.00 to $65.00 and set a “buy” rating on the stock in a research note on Tuesday, March 14th. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $56.88.
GitLab Stock Performance
GTLB opened at $51.24 on Tuesday. GitLab has a 52-week low of $26.24 and a 52-week high of $70.96. The firm has a market capitalization of $7.83 billion, a PE ratio of -38.24 and a beta of -0.28. The business’s 50-day simple moving average is $35.56 and its 200 day simple moving average is $40.85.
GitLab (NASDAQ:GTLB – Get Rating) last released its quarterly earnings data on Monday, June 5th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.08. The firm had revenue of $126.90 million for the quarter, compared to analyst estimates of $117.84 million. GitLab had a negative return on equity of 22.82% and a negative net margin of 42.84%. The business’s revenue for the quarter was up 45.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.30) earnings per share. On average, research analysts forecast that GitLab will post -1.03 earnings per share for the current year.
Insider Buying and Selling
In other GitLab news, major shareholder 2021 Gp L.L.C. Gv bought 309,931 shares of GitLab stock in a transaction on Wednesday, May 3rd. The shares were purchased at an average price of $28.34 per share, with a total value of $8,783,444.54. Following the acquisition, the insider now owns 2,243,665 shares in the company, valued at approximately $63,585,466.10. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $51.07, for a total value of $510,700.00. Following the completion of the transaction, the chief financial officer now directly owns 520,134 shares in the company, valued at approximately $26,563,243.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder 2021 Gp L.L.C. Gv purchased 309,931 shares of the company’s stock in a transaction dated Wednesday, May 3rd. The stock was purchased at an average price of $28.34 per share, with a total value of $8,783,444.54. Following the completion of the purchase, the insider now directly owns 2,243,665 shares in the company, valued at approximately $63,585,466.10. The disclosure for this purchase can be found here. Insiders have sold 55,274 shares of company stock valued at $2,495,400 over the last 90 days. 28.04% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
Large investors have recently modified their holdings of the company. Canton Hathaway LLC bought a new position in shares of GitLab in the 1st quarter valued at $27,000. Ossiam bought a new position in shares of GitLab in the 1st quarter valued at $27,000. Exchange Traded Concepts LLC bought a new position in shares of GitLab in the 4th quarter valued at $30,000. Sands Capital Ventures LLC bought a new position in GitLab during the 4th quarter worth $30,000. Finally, Manchester Capital Management LLC bought a new position in GitLab during the 1st quarter worth $31,000. 55.89% of the stock is currently 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.