Analysts at Moffett Nathanson initiated coverage on shares of GitLab (NASDAQ:GTLB – Get Rating) in a report issued on Thursday, Briefing.com reports. The brokerage set a "buy" rating and a $104.00 price target on the stock. Moffett Nathanson's price objective points to a potential upside of 88.37% from the company's current price.
Several other brokerages have also commented on GTLB. UBS Group upped their target price on GitLab to $72.00 in a research report on Tuesday, September 6th. JPMorgan Chase & Co. began coverage on GitLab in a research report on Thursday, September 1st. They set a "neutral" rating and a $63.00 target price on the stock. Scotiabank began coverage on GitLab in a research report on Wednesday, June 8th. They set an "outperform" rating and a $62.00 target price on the stock. Cowen upped their target price on GitLab to $70.00 in a research report on Tuesday, September 6th. Finally, Royal Bank of Canada upped their target price on GitLab from $66.00 to $75.00 and gave the company an "outperform" rating in a research report on Thursday, August 18th. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $80.46.
Get GitLab alerts:GitLab Trading Up 2.0 %
Shares of GTLB stock opened at $55.21 on Thursday. The stock has a market cap of $8.22 billion and a price-to-earnings ratio of -36.32. The stock has a 50-day moving average of $59.55 and a 200-day moving average of $51.90. GitLab has a 1-year low of $30.74 and a 1-year high of $137.00.
GitLab (NASDAQ:GTLB – Get Rating) last issued its quarterly earnings results on Tuesday, September 6th. The company reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.23) by $0.08. The company had revenue of $101.00 million during the quarter, compared to analysts' expectations of $94.44 million. GitLab had a negative return on equity of 20.93% and a negative net margin of 51.69%. The company's revenue was up 73.8% on a year-over-year basis. Sell-side analysts forecast that GitLab will post -1.4 earnings per share for the current year.Insider Activity
In other news, major shareholder August Capital Management Vii, sold 61,170 shares of the firm's stock in a transaction that occurred on Tuesday, August 16th. The stock was sold at an average price of $67.07, for a total value of $4,102,671.90. Following the transaction, the insider now owns 149,737 shares in the company, valued at $10,042,860.59. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, major shareholder Howard Hartenbaum sold 18,453 shares of the stock in a transaction that occurred on Thursday, August 25th. The stock was sold at an average price of $64.63, for a total transaction of $1,192,617.39. Following the completion of the sale, the insider now directly owns 150,000 shares of the company's stock, valued at $9,694,500. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder August Capital Management Vii, sold 61,170 shares of the stock in a transaction that occurred on Tuesday, August 16th. The shares were sold at an average price of $67.07, for a total value of $4,102,671.90. Following the sale, the insider now directly owns 149,737 shares of the company's stock, valued at $10,042,860.59. The disclosure for this sale can be found here. Insiders have sold 193,196 shares of company stock worth $11,762,380 over the last 90 days.
Institutional Trading of GitLab
A number of institutional investors and hedge funds have recently modified their holdings of GTLB. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of GitLab during the second quarter valued at approximately $31,000. National Bank of Canada FI increased its position in shares of GitLab by 500.0% during the first quarter. National Bank of Canada FI now owns 600 shares of the company's stock valued at $33,000 after acquiring an additional 500 shares during the last quarter. Manchester Capital Management LLC purchased a new stake in GitLab in the first quarter worth $35,000. Asset Management One Co. Ltd. increased its position in GitLab by 48.3% in the second quarter. Asset Management One Co. Ltd. now owns 890 shares of the company's stock worth $47,000 after buying an additional 290 shares during the last quarter. Finally, Lazard Asset Management LLC purchased a new stake in GitLab in the first quarter worth $47,000. 42.66% of the stock is owned by hedge funds and other institutional investors.
About GitLab
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GitLab Inc, through its subsidiaries, develops software for the software development lifecycle in the United States, Europe, and the Asia Pacific. The company 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.
Further Reading
- Get a free copy of the StockNews.com research report on GitLab (GTLB)
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