GitLab Inc. (NASDAQ:GTLB - Get Free Report) has received an average recommendation of "Moderate Buy" from the twenty-six research firms that are covering the company, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation, twenty-two have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $74.56.
GTLB has been the subject of a number of recent analyst reports. Bank of America boosted their target price on GitLab from $66.00 to $68.00 and gave the stock a "buy" rating in a research report on Wednesday, September 4th. JPMorgan Chase & Co. increased their price objective on shares of GitLab from $60.00 to $65.00 and gave the company a "neutral" rating in a research report on Friday. Morgan Stanley lifted their target price on shares of GitLab from $70.00 to $77.00 and gave the stock an "overweight" rating in a research report on Friday. Baird R W raised GitLab to a "strong-buy" rating in a report on Tuesday, August 27th. Finally, BTIG Research lifted their price objective on GitLab from $58.00 to $63.00 and gave the stock a "buy" rating in a report on Wednesday, September 4th.
Check Out Our Latest Analysis on GTLB
In related news, CEO Sytse Sijbrandij sold 84,776 shares of the firm's stock in a transaction on Monday, November 18th. The shares were sold at an average price of $59.64, for a total transaction of $5,056,040.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Brian G. Robins sold 16,668 shares of the business's stock in a transaction on Monday, September 9th. The stock was sold at an average price of $53.67, for a total transaction of $894,571.56. Following the completion of the sale, the chief financial officer now owns 250,109 shares in the company, valued at approximately $13,423,350.03. The trade was a 6.25 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 185,033 shares of company stock worth $10,569,356. 21.36% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the company. Franklin Resources Inc. boosted its position in shares of GitLab by 0.8% during the 3rd quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company's stock valued at $146,774,000 after acquiring an additional 21,976 shares during the last quarter. State Street Corp raised its stake in GitLab by 5.8% during the third quarter. State Street Corp now owns 2,032,206 shares of the company's stock valued at $104,740,000 after purchasing an additional 111,997 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of GitLab by 7.0% in the 3rd quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company's stock worth $104,476,000 after buying an additional 132,548 shares in the last quarter. Fiera Capital Corp increased its holdings in shares of GitLab by 1.4% in the 3rd quarter. Fiera Capital Corp now owns 1,259,429 shares of the company's stock worth $64,911,000 after buying an additional 16,961 shares during the last quarter. Finally, Bamco Inc. NY raised its position in shares of GitLab by 0.4% during the 3rd quarter. Bamco Inc. NY now owns 1,253,244 shares of the company's stock valued at $64,592,000 after buying an additional 4,874 shares in the last quarter. Hedge funds and other institutional investors own 91.72% of the company's stock.
Shares of GTLB opened at $67.19 on Friday. The company has a market capitalization of $10.78 billion, a P/E ratio of -28.71 and a beta of 0.54. GitLab has a twelve month low of $40.72 and a twelve month high of $78.53. The firm has a 50 day moving average of $57.91 and a 200 day moving average of $52.28.
GitLab (NASDAQ:GTLB - Get Free Report) last posted its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate 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 quarter in the previous year, the business earned ($0.29) earnings per share. The company's revenue was up 30.8% on a year-over-year basis. On average, sell-side analysts expect that GitLab will post -0.41 EPS for the current year.
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.
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