Wells Fargo & Company Increases GitLab (NASDAQ:GTLB) Price Target to $75.00

GitLab (NASDAQ:GTLB) had its price objective raised by Wells Fargo & Company from $70.00 to $75.00 in a report published on Wednesday, Benzinga reports. They currently have an overweight rating on the stock.

Several other analysts also recently issued reports on the company. Bank of America upped their price target on GitLab from $66.00 to $68.00 and gave the stock a buy rating in a research note on Wednesday. TD Cowen lowered their price target on GitLab from $76.00 to $58.00 and set a buy rating on the stock in a report on Tuesday, August 27th. Citic Securities started coverage on shares of GitLab in a research report on Monday, June 3rd. They issued a buy rating and a $80.00 price target on the stock. Needham & Company LLC reiterated a hold rating on shares of GitLab in a research note on Wednesday. Finally, Royal Bank of Canada lifted their target price on shares of GitLab from $55.00 to $60.00 and gave the stock an outperform rating in a report on Wednesday. Four investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average target price of $65.87.

GitLab Stock Performance

NASDAQ:GTLB opened at $53.09 on Wednesday. The company has a market capitalization of $8.44 billion, a P/E ratio of -19.31 and a beta of 0.44. The stock’s 50 day moving average price is $49.06 and its 200 day moving average price is $52.88. GitLab has a 52 week low of $40.19 and a 52 week high of $78.53.

GitLab (NASDAQ:GTLB) last released its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.05. The business had revenue of $182.58 million for the quarter, compared to the consensus estimate of $176.86 million. GitLab had a negative net margin of 68.52% and a negative return on equity of 19.14%. GitLab’s revenue for the quarter was up 30.8% on a year-over-year basis. During the same quarter last year, the firm earned ($0.29) EPS. As a group, sell-side analysts forecast that GitLab will post -0.5 earnings per share for the current fiscal year.

Insider Activity at GitLab

In other news, Director Merline Saintil sold 1,329 shares of the stock in a transaction on Wednesday, June 26th. The shares were sold at an average price of $44.28, for a total value of $58,848.12. Following the completion of the transaction, the director now owns 7,040 shares in the company, valued at approximately $311,731.20. The sale was disclosed in a filing with the SEC, which is available at this link. In other GitLab news, CFO Brian G. Robins sold 23,332 shares of the firm’s stock in a transaction dated Thursday, August 1st. The shares were 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 in the company, valued at $12,758,527.16. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Merline Saintil sold 1,329 shares of GitLab stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $44.28, for a total value of $58,848.12. Following the sale, the director now directly owns 7,040 shares in the company, valued at $311,731.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 128,608 shares of company stock worth $6,340,633. 21.36% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On GitLab

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in GitLab by 12.9% in the fourth quarter. Vanguard Group Inc. now owns 9,388,440 shares of the company’s stock valued at $591,096,000 after acquiring an additional 1,070,994 shares during the period. Capital Research Global Investors grew its holdings in shares of GitLab by 78.5% in the 1st quarter. Capital Research Global Investors now owns 7,040,410 shares of the company’s stock worth $410,597,000 after purchasing an additional 3,096,437 shares during the last quarter. Norges Bank acquired a new stake in shares of GitLab during the 4th quarter worth about $222,591,000. Fiera Capital Corp boosted its position in GitLab by 1.2% in the second quarter. Fiera Capital Corp now owns 1,242,468 shares of the company’s stock valued at $61,776,000 after buying an additional 14,687 shares in the last quarter. Finally, 1832 Asset Management L.P. bought a new stake in GitLab during the fourth quarter worth about $76,918,000. Institutional investors own 91.72% of the company’s stock.

GitLab Company Profile

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.