Royal Bank of Canada Reaffirms Outperform Rating for GitLab (NASDAQ:GTLB)

Royal Bank of Canada reaffirmed their outperform rating on shares of GitLab (NASDAQ:GTLB) in a report published on Friday morning, Benzinga reports. They currently have a $65.00 target price on the stock.

GTLB has been the topic of a number of other research reports. Capital One Financial started coverage on GitLab in a report on Friday, March 22nd. They issued an overweight rating and a $72.00 target price on the stock. Barclays cut their target price on shares of GitLab from $55.00 to $50.00 and set an equal weight rating for the company in a research note on Tuesday, June 4th. Mizuho reduced their target price on GitLab from $70.00 to $62.00 and set a buy rating on the stock in a report on Tuesday, June 4th. Citic Securities initiated coverage on shares of GitLab in a research report on Monday, June 3rd. They issued a buy rating and a $80.00 price objective for the company. Finally, KeyCorp decreased their price objective on GitLab from $70.00 to $62.00 and set an overweight rating for the company in a report on Tuesday, June 4th. Four research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. Based on data from MarketBeat.com, GitLab has an average rating of Moderate Buy and an average target price of $67.30.

GitLab Stock Performance

Shares of GTLB stock opened at $49.72 on Friday. The stock’s 50-day simple moving average is $50.70 and its 200-day simple moving average is $59.07. The firm has a market capitalization of $7.90 billion, a PE ratio of -18.08 and a beta of 0.44. GitLab has a fifty-two week low of $40.19 and a fifty-two week high of $78.53.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings data on Monday, June 3rd. The company reported ($0.24) EPS for the quarter, beating the consensus estimate of ($0.33) by $0.09. GitLab had a negative return on equity of 19.14% and a negative net margin of 68.52%. The firm had revenue of $169.19 million during the quarter, compared to the consensus estimate of $165.66 million. Sell-side analysts forecast that GitLab will post -0.5 earnings per share for the current 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 stock was sold at an average price of $44.28, for a total value of $58,848.12. Following the transaction, the director now owns 7,040 shares of the company’s stock, valued at approximately $311,731.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CEO Sytse Sijbrandij sold 56,000 shares of the stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $54.92, for a total transaction of $3,075,520.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Merline Saintil sold 1,329 shares of the stock in a transaction dated Wednesday, June 26th. The stock was 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 approximately $311,731.20. The disclosure for this sale can be found here. Insiders sold a total of 81,157 shares of company stock valued at $4,194,167 over the last three months. 21.36% of the stock is owned by insiders.

Institutional Investors Weigh In On GitLab

Institutional investors have recently modified their holdings of the business. Byrne Asset Management LLC purchased a new stake in GitLab in the 1st quarter worth approximately $33,000. Allspring Global Investments Holdings LLC increased its position in shares of GitLab by 2,107.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock valued at $33,000 after purchasing an additional 548 shares during the last quarter. Ramirez Asset Management Inc. purchased a new stake in GitLab in the 3rd quarter worth about $36,000. SRS Capital Advisors Inc. bought a new position in shares of GitLab in the third quarter worth about $40,000. Finally, Banque Cantonale Vaudoise purchased a new position in shares of GitLab during the first quarter worth approximately $58,000. 91.72% of the stock is owned by hedge funds and other institutional investors.

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.