GitLab (NASDAQ:GTLB) Given “Overweight” Rating at Cantor Fitzgerald

Cantor Fitzgerald reiterated their overweight rating on shares of GitLab (NASDAQ:GTLB) in a research note released on Monday, Benzinga reports. Cantor Fitzgerald currently has a $55.00 price objective on the stock.

A number of other equities research analysts also recently issued reports on the company. Needham & Company LLC restated a hold rating on shares of GitLab in a research report on Wednesday, July 17th. KeyCorp lowered their price target on GitLab from $70.00 to $62.00 and set an overweight rating for the company in a research report on Tuesday, June 4th. JPMorgan Chase & Co. cut their price objective on shares of GitLab from $55.00 to $50.00 and set a neutral rating on the stock in a research report on Tuesday, June 4th. Bank of America lowered their target price on shares of GitLab from $85.00 to $80.00 and set a buy rating for the company in a report on Tuesday, June 4th. Finally, Barclays dropped their price target 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. Four research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $67.30.

GitLab Stock Performance

NASDAQ GTLB opened at $46.12 on Monday. The stock has a 50 day moving average price of $48.22 and a 200-day moving average price of $54.88. GitLab has a one year low of $40.19 and a one year high of $78.53. The company has a market capitalization of $7.33 billion, a P/E ratio of -16.77 and a beta of 0.46.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings data on Monday, June 3rd. The company reported ($0.24) EPS for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.09. The business had revenue of $169.19 million during the quarter, compared to analysts’ expectations of $165.66 million. GitLab had a negative net margin of 68.52% and a negative return on equity of 19.14%. As a group, equities analysts predict that GitLab will post -0.5 EPS for the current fiscal year.

Insider Activity at GitLab

In other GitLab news, CEO Sytse Sijbrandij sold 56,000 shares of the stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $48.99, for a total transaction of $2,743,440.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other GitLab news, CEO Sytse Sijbrandij sold 56,000 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $48.99, for a total transaction of $2,743,440.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Merline Saintil sold 1,182 shares of GitLab stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $51.51, for a total value of $60,884.82. Following the completion of the transaction, the director now owns 9,902 shares in the company, valued at $510,052.02. The disclosure for this sale can be found here. Insiders sold 140,275 shares of company stock worth $6,848,847 over the last three months. 21.36% of the stock is owned by corporate insiders.

Institutional Trading of GitLab

Hedge funds have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of GitLab in the 4th quarter worth approximately $1,143,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in GitLab by 13.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,537 shares of the company’s stock valued at $1,041,000 after acquiring an additional 1,986 shares in the last quarter. Federated Hermes Inc. grew its holdings in GitLab by 456.6% in the fourth quarter. Federated Hermes Inc. now owns 13,831 shares of the company’s stock worth $871,000 after purchasing an additional 11,346 shares during the last quarter. CWM LLC increased its position in shares of GitLab by 23.9% during the fourth quarter. CWM LLC now owns 3,388 shares of the company’s stock worth $213,000 after purchasing an additional 654 shares in the last quarter. Finally, Handelsbanken Fonder AB lifted its holdings in shares of GitLab by 26.6% during the 4th quarter. Handelsbanken Fonder AB now owns 13,800 shares of the company’s stock valued at $869,000 after purchasing an additional 2,900 shares during the last quarter. 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.