Wells Fargo & Company Forecasts Strong Price Appreciation for GitLab (NASDAQ:GTLB) Stock

GitLab (NASDAQ:GTLB) had its price objective upped by equities researchers at Wells Fargo & Company from $75.00 to $80.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential upside of 7.40% from the company’s previous close.

A number of other analysts have also issued reports on GTLB. Morgan Stanley began coverage on shares of GitLab in a research note on Wednesday, October 9th. They set an “overweight” rating and a $70.00 target price for the company. KeyCorp boosted their price objective on shares of GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday. Baird R W raised shares of GitLab to a “strong-buy” rating in a research report on Tuesday, August 27th. Piper Sandler boosted their price target on GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a report on Friday. Finally, BTIG Research increased their price objective on GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Three investment analysts have rated the stock with a hold rating, twenty-one have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $70.76.

GitLab Price Performance

Shares of NASDAQ:GTLB opened at $74.49 on Friday. The firm has a market capitalization of $11.96 billion, a PE ratio of -31.83 and a beta of 0.54. The business has a 50 day simple moving average of $57.60 and a two-hundred day simple moving average of $52.22. GitLab has a 1 year low of $40.72 and a 1 year high of $78.53.

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, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $176.86 million. During the same quarter in the previous year, the business earned ($0.29) EPS. GitLab’s revenue was up 30.8% compared to the same quarter last year. Equities research analysts expect that GitLab will post -0.41 EPS for the current fiscal year.

Insider Transactions at GitLab

In other news, CEO Sytse Sijbrandij sold 56,000 shares of GitLab stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total transaction of $3,062,080.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Brian G. Robins sold 16,668 shares of the business’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 sale, the chief financial officer now directly owns 250,109 shares in the company, valued at $13,423,350.03. This trade represents a 6.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 185,033 shares of company stock valued at $10,569,356. Corporate insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Franklin Resources Inc. increased its holdings in shares of GitLab by 0.8% in the third quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company’s stock valued at $146,774,000 after purchasing an additional 21,976 shares during the period. State Street Corp increased its holdings in GitLab by 5.8% in the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company’s stock worth $104,740,000 after buying an additional 111,997 shares during the period. Geode Capital Management LLC raised its position in GitLab by 7.0% during the 3rd quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company’s stock worth $104,476,000 after buying an additional 132,548 shares during the last quarter. Fiera Capital Corp lifted its stake in GitLab by 1.4% during the 3rd quarter. Fiera Capital Corp now owns 1,259,429 shares of the company’s stock valued at $64,911,000 after acquiring an additional 16,961 shares during the period. Finally, Bamco Inc. NY boosted its holdings in shares of GitLab by 0.4% in the 3rd quarter. Bamco Inc. NY now owns 1,253,244 shares of the company’s stock valued at $64,592,000 after acquiring an additional 4,874 shares during the last quarter. Institutional investors and hedge funds 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.