GitLab (NASDAQ:GTLB) Given New $74.00 Price Target at KeyCorp

GitLab (NASDAQ:GTLB) had its target price boosted by analysts at KeyCorp from $62.00 to $74.00 in a report released on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. KeyCorp’s price target points to a potential upside of 11.50% from the stock’s current price.

Several other research firms also recently issued reports on GTLB. BTIG Research upped their price objective on GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Royal Bank of Canada upped their price target on GitLab from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday, September 4th. Needham & Company LLC upgraded shares of GitLab from a “hold” rating to a “buy” rating and set a $70.00 target price on the stock in a research report on Monday, October 21st. DA Davidson reaffirmed a “neutral” rating and issued a $50.00 target price on shares of GitLab in a research note on Monday, October 14th. Finally, Scotiabank boosted their price target on shares of GitLab from $59.00 to $65.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, September 4th. Three equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $67.17.

GitLab Stock Performance

Shares of NASDAQ:GTLB opened at $66.37 on Tuesday. The business has a fifty day moving average of $55.59 and a 200-day moving average of $51.64. GitLab has a twelve month low of $40.72 and a twelve month high of $78.53. The firm has a market cap of $10.65 billion, a PE ratio of -28.36 and a beta of 0.45.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.05. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The firm had revenue of $182.58 million during the quarter, compared to analysts’ expectations of $176.86 million. During the same quarter last year, the company posted ($0.29) EPS. The company’s quarterly revenue was up 30.8% compared to the same quarter last year. On average, analysts anticipate that GitLab will post -0.41 EPS for the current fiscal year.

Insider Activity at GitLab

In other news, CFO Brian G. Robins sold 16,668 shares of the stock in a transaction dated 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 in the company, valued at $13,423,350.03. This represents a 6.25 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Sytse Sijbrandij sold 84,776 shares of GitLab stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $59.64, for a total value of $5,056,040.64. The disclosure for this sale can be found here. In the last quarter, insiders have sold 185,033 shares of company stock valued at $10,569,356. 21.36% of the stock is owned by insiders.

Institutional Investors Weigh In On GitLab

Several large investors have recently made changes to their positions in GTLB. Bank of Marin grew its holdings in GitLab by 3.0% during the third quarter. Bank of Marin now owns 5,856 shares of the company’s stock worth $302,000 after purchasing an additional 171 shares during the period. Moloney Securities Asset Management LLC increased its holdings in shares of GitLab by 4.9% during the 2nd quarter. Moloney Securities Asset Management LLC now owns 6,400 shares of the company’s stock worth $318,000 after acquiring an additional 300 shares during the last quarter. Glenmede Trust Co. NA lifted its holdings in GitLab by 3.0% during the 3rd quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company’s stock valued at $596,000 after purchasing an additional 334 shares during the last quarter. Canton Hathaway LLC boosted its position in GitLab by 26.3% during 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 during the period. Finally, Blue Trust Inc. raised its position in shares of GitLab by 18.2% in the third quarter. Blue Trust Inc. now owns 3,166 shares of the company’s stock valued at $157,000 after purchasing an additional 488 shares during the period. Institutional investors and hedge funds own 91.72% of the company’s stock.

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.