GitLab (NASDAQ:GTLB) Shares Gap Up – What’s Next?

GitLab Inc. (NASDAQ:GTLB) gapped up prior to trading on Monday . The stock had previously closed at $55.34, but opened at $57.17. GitLab shares last traded at $56.73, with a volume of 326,612 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on GTLB. UBS Group boosted their price objective on shares of GitLab from $62.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Robert W. Baird increased their target price on GitLab from $59.00 to $62.00 and gave the company an “outperform” rating in a report on Wednesday, September 4th. Royal Bank of Canada raised their price target on shares of GitLab from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. DA Davidson reissued a “neutral” rating and issued a $50.00 price objective on shares of GitLab in a research report on Monday, October 14th. Finally, BTIG Research increased their price target on GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Three equities research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, GitLab presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.38.

GitLab Stock Up 0.3 %

The firm has a 50 day moving average price of $50.49 and a two-hundred day moving average price of $50.97. The company has a market capitalization of $8.82 billion, a price-to-earnings ratio of -20.76 and a beta of 0.46.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.05. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The company had revenue of $182.58 million for the quarter, compared to the consensus estimate of $176.86 million. During the same period in the previous year, the business earned ($0.29) EPS. GitLab’s revenue for the quarter was up 30.8% compared to the same quarter last year. Analysts predict that GitLab Inc. will post -0.41 earnings per share for the current year.

Insider Buying and Selling

In other GitLab news, CFO Brian G. Robins sold 16,668 shares of the firm’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $53.67, for a total transaction of $894,571.56. Following the completion of the transaction, the chief financial officer now directly owns 250,109 shares of the company’s stock, valued at $13,423,350.03. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other GitLab news, CEO Sytse Sijbrandij sold 56,000 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total value of $3,062,080.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Brian G. Robins sold 16,668 shares of the stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $53.67, for a total value of $894,571.56. Following the sale, the chief financial officer now owns 250,109 shares in the company, valued at $13,423,350.03. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 103,673 shares of company stock worth $5,523,472. Insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of GTLB. Allspring Global Investments Holdings LLC raised its holdings in shares of GitLab by 2,107.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock valued at $33,000 after buying an additional 548 shares during the last quarter. Future Financial Wealth Managment LLC acquired a new stake in GitLab in the 3rd quarter valued at approximately $52,000. Banque Cantonale Vaudoise bought a new stake in GitLab during the 1st quarter valued at $58,000. Quarry LP boosted its position in GitLab by 527.0% during the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after acquiring an additional 1,502 shares during the period. Finally, Canton Hathaway LLC grew its stake in shares of GitLab by 26.3% in the second quarter. Canton Hathaway LLC now owns 2,086 shares of the company’s stock worth $104,000 after purchasing an additional 435 shares in the last quarter. 91.72% of the stock is owned by institutional investors and hedge funds.

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.