Robert W. Baird Boosts GitLab (NASDAQ:GTLB) Price Target to $62.00

GitLab (NASDAQ:GTLB) had its price target raised by Robert W. Baird from $59.00 to $62.00 in a research report sent to investors on Wednesday, Benzinga reports. Robert W. Baird currently has an outperform rating on the stock.

GTLB has been the topic of a number of other research reports. DA Davidson restated a neutral rating and issued a $50.00 target price on shares of GitLab in a report on Thursday, August 29th. Barclays cut their price objective on shares of GitLab from $55.00 to $50.00 and set an equal weight rating on the stock in a report on Tuesday, June 4th. BTIG Research lowered their target price on shares of GitLab from $71.00 to $58.00 and set a buy rating for the company in a report on Tuesday, June 4th. JPMorgan Chase & Co. cut their price target on shares of GitLab from $55.00 to $50.00 and set a neutral rating on the stock in a report on Tuesday, June 4th. Finally, Baird R W upgraded shares of GitLab to a strong-buy rating in a research note on Tuesday, August 27th. Four investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $65.87.

GitLab Trading Down 4.9 %

Shares of GTLB stock opened at $53.09 on Wednesday. The firm has a fifty 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 firm has a market capitalization of $8.44 billion, a PE ratio of -19.31 and a beta of 0.44.

GitLab (NASDAQ:GTLB) last posted its earnings results on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.10 by $0.05. GitLab had a negative net margin of 68.52% and a negative return on equity of 19.14%. The company had revenue of $182.58 million during the quarter, compared to the consensus estimate of $176.86 million. During the same period in the previous year, the firm posted ($0.29) earnings per share. The firm’s revenue for the quarter was up 30.8% on a year-over-year basis. On average, equities analysts predict that GitLab will post -0.5 earnings per share for the current fiscal year.

Insider Transactions at GitLab

In related news, CFO Brian G. Robins sold 23,332 shares of the business’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 sale, the chief financial officer now directly owns 259,109 shares in the company, valued at approximately $12,758,527.16. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other GitLab news, CFO Brian G. Robins sold 23,332 shares of GitLab stock in a transaction dated 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 owns 259,109 shares of the company’s stock, valued at approximately $12,758,527.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sytse Sijbrandij sold 56,000 shares of the company’s 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 disclosure for this sale can be found here. Insiders sold 128,608 shares of company stock valued at $6,340,633 over the last three months. Company insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Fiera Capital Corp raised its position in shares of GitLab by 0.5% in the fourth quarter. Fiera Capital Corp now owns 1,199,817 shares of the company’s stock worth $75,540,000 after buying an additional 5,446 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of GitLab by 10.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 531,731 shares of the company’s stock valued at $33,478,000 after acquiring an additional 51,612 shares in the last quarter. Blair William & Co. IL boosted its position in shares of GitLab by 55.3% during the 1st quarter. Blair William & Co. IL now owns 41,382 shares of the company’s stock valued at $2,413,000 after acquiring an additional 14,738 shares during the last quarter. Banque Cantonale Vaudoise purchased a new position in shares of GitLab during the first quarter worth about $58,000. Finally, Balyasny Asset Management L.P. increased its position in shares of GitLab by 520.6% in the fourth quarter. Balyasny Asset Management L.P. now owns 748,636 shares of the company’s stock worth $47,134,000 after purchasing an additional 627,999 shares during the last quarter. 91.72% of the stock is 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.