Bank of America Increases GitLab (NASDAQ:GTLB) Price Target to $68.00

GitLab (NASDAQ:GTLBFree Report) had its price target hoisted by Bank of America from $66.00 to $68.00 in a report published on Wednesday, Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities analysts have also recently commented on the company. Robert W. Baird initiated coverage on GitLab in a report on Tuesday, August 27th. They set an outperform rating and a $59.00 target price for the company. Royal Bank of Canada restated an outperform rating and issued a $65.00 price target on shares of GitLab in a research report on Thursday, July 18th. JPMorgan Chase & Co. dropped their price target on GitLab from $55.00 to $50.00 and set a neutral rating for the company in a research report on Tuesday, June 4th. Baird R W upgraded GitLab to a strong-buy rating in a research report on Tuesday, August 27th. Finally, DA Davidson restated a neutral rating and issued a $50.00 price target on shares of GitLab in a research report on Thursday, August 29th. Four investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, GitLab has a consensus rating of Moderate Buy and an average price target of $65.87.

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GitLab Price Performance

Shares of GitLab stock opened at $53.09 on Wednesday. The business has a 50 day simple moving average of $49.06 and a two-hundred day simple moving average of $52.88. GitLab has a 12 month low of $40.19 and a 12 month high of $78.53. The stock has a market capitalization of $8.44 billion, a P/E ratio of -19.31 and a beta of 0.44.

GitLab (NASDAQ:GTLBGet Free Report) last announced its earnings results on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.05. GitLab had a negative return on equity of 19.14% and a negative net margin of 68.52%. The business had revenue of $182.58 million during the quarter, compared to analysts’ expectations of $176.86 million. During the same quarter in the prior year, the firm earned ($0.29) earnings per share. The business’s revenue was up 30.8% compared to the same quarter last year. As a group, research analysts anticipate that GitLab will post -0.5 EPS for the current fiscal year.

Insider Transactions at GitLab

In other news, CFO Brian G. Robins sold 23,332 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $49.24, for a total transaction of $1,148,867.68. Following the completion of the transaction, the chief financial officer now directly owns 259,109 shares in the company, valued at $12,758,527.16. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CFO Brian G. Robins sold 11,667 shares of the stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $45.46, for a total value of $530,381.82. Following the sale, the chief financial officer now directly owns 293,508 shares in the company, valued at $13,342,873.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Brian G. Robins sold 23,332 shares of the stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $49.24, for a total value of $1,148,867.68. Following the completion of the sale, the chief financial officer now owns 259,109 shares in the company, valued at $12,758,527.16. The disclosure for this sale can be found here. Insiders sold a total of 128,608 shares of company stock worth $6,340,633 over the last ninety days. Company insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Several hedge funds have recently modified their holdings of GTLB. Vanguard Personalized Indexing Management LLC raised its stake in GitLab by 5.3% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 5,499 shares of the company’s stock valued at $346,000 after buying an additional 276 shares in the last quarter. Moloney Securities Asset Management LLC raised its stake in GitLab by 4.9% in the second quarter. Moloney Securities Asset Management LLC now owns 6,400 shares of the company’s stock valued at $318,000 after buying an additional 300 shares in the last quarter. Park Avenue Securities LLC raised its stake in GitLab by 9.6% in the first quarter. Park Avenue Securities LLC now owns 3,544 shares of the company’s stock valued at $207,000 after buying an additional 311 shares in the last quarter. Treasurer of the State of North Carolina raised its stake in GitLab by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 38,900 shares of the company’s stock valued at $2,449,000 after buying an additional 380 shares in the last quarter. Finally, Canton Hathaway LLC raised its stake in GitLab by 26.3% in the second quarter. Canton Hathaway LLC now owns 2,086 shares of the company’s stock valued at $104,000 after buying an additional 435 shares in the last quarter. 91.72% of the stock is currently owned by institutional investors and hedge funds.

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. 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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Analyst Recommendations for GitLab (NASDAQ:GTLB)

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