GitLab (NASDAQ:GTLB) Lifted to Strong-Buy at Baird R W

Baird R W upgraded shares of GitLab (NASDAQ:GTLB) to a strong-buy rating in a report published on Tuesday morning, Zacks.com reports.

Several other research analysts have also weighed in on the company. Royal Bank of Canada reissued an outperform rating and issued a $65.00 price objective on shares of GitLab in a research report on Thursday, July 18th. Cantor Fitzgerald reiterated an overweight rating and issued a $55.00 target price on shares of GitLab in a report on Monday, August 19th. Needham & Company LLC restated a hold rating on shares of GitLab in a report on Wednesday, July 17th. KeyCorp reduced their price objective on shares of GitLab from $70.00 to $62.00 and set an overweight rating for the company in a research report on Tuesday, June 4th. Finally, BTIG Research dropped their target price on shares of GitLab from $71.00 to $58.00 and set a buy rating on the stock in a research report on Tuesday, June 4th. Four analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, GitLab has an average rating of Moderate Buy and an average price target of $65.63.

GitLab Price Performance

GitLab stock opened at $47.89 on Tuesday. The stock’s 50 day moving average is $48.59 and its 200 day moving average is $53.95. GitLab has a one year low of $40.19 and a one year high of $78.53. The firm has a market cap of $7.61 billion, a P/E ratio of -17.41 and a beta of 0.46.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings results on Monday, June 3rd. The company reported ($0.24) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.09. GitLab had a negative net margin of 68.52% and a negative return on equity of 19.14%. The firm had revenue of $169.19 million for the quarter, compared to the consensus estimate of $165.66 million. Equities analysts anticipate that GitLab will post -0.5 earnings per share for the current fiscal year.

Insider Buying and Selling at GitLab

In other news, CEO Sytse Sijbrandij sold 56,000 shares of the stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $48.99, for a total value of $2,743,440.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CFO Brian G. Robins sold 11,667 shares of the business’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $45.46, for a total value of $530,381.82. Following the transaction, the chief financial officer now directly owns 293,508 shares of the company’s stock, valued at approximately $13,342,873.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Sytse Sijbrandij sold 56,000 shares of the business’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $48.99, for a total transaction of $2,743,440.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 140,275 shares of company stock worth $6,848,847. Corporate insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Several hedge funds have recently made changes to their positions in GTLB. Allspring Global Investments Holdings LLC increased its holdings in GitLab by 2,107.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after acquiring an additional 548 shares during the last quarter. Banque Cantonale Vaudoise bought a new position in GitLab during the first quarter worth about $58,000. Future Financial Wealth Managment LLC purchased a new position in shares of GitLab in the first quarter worth about $58,000. Quarry LP raised its position in shares of GitLab by 75.1% in the fourth quarter. Quarry LP now owns 1,166 shares of the company’s stock valued at $73,000 after purchasing an additional 500 shares during the period. Finally, Tucker Asset Management LLC purchased a new stake in shares of GitLab during the 4th quarter valued at approximately $83,000. 91.72% of the stock is currently owned by institutional investors.

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.