Wells Fargo & Company Raises GitLab (NASDAQ:GTLB) Price Target to $75.00

GitLab (NASDAQ:GTLB) had its price objective upped by Wells Fargo & Company from $70.00 to $75.00 in a research report report published on Wednesday, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Several other equities research analysts also recently issued reports on GTLB. Mizuho cut their price target on GitLab from $70.00 to $62.00 and set a buy rating for the company in a report on Tuesday, June 4th. Canaccord Genuity Group reduced their target price on shares of GitLab from $74.00 to $65.00 and set a buy rating for the company in a report on Wednesday, June 5th. TD Cowen reduced their target price on shares of GitLab from $76.00 to $58.00 and set a buy rating for the company in a report on Tuesday, August 27th. BTIG Research lowered their price target on shares of GitLab from $71.00 to $58.00 and set a buy rating on the stock in a report on Tuesday, June 4th. Finally, Needham & Company LLC reaffirmed a hold rating on shares of GitLab in a research report on Wednesday. Four investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, GitLab presently has a consensus rating of Moderate Buy and a consensus target price of $65.87.

GitLab Price Performance

Shares of GTLB opened at $53.09 on Wednesday. The firm has a 50-day moving average of $49.06 and a 200-day moving average of $53.00. GitLab has a one year low of $40.19 and a one year high of $78.53. The company has a market cap of $8.44 billion, a PE ratio of -19.31 and a beta of 0.44.

GitLab (NASDAQ:GTLB) last issued its earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.05. The business had revenue of $182.58 million during the quarter, compared to the consensus estimate of $176.86 million. GitLab had a negative net margin of 68.52% and a negative return on equity of 19.14%. GitLab’s revenue was up 30.8% on a year-over-year basis. During the same period last year, the business posted ($0.29) EPS. Analysts expect that GitLab will post -0.5 earnings per share for the current year.

Insider Buying and Selling

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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Brian G. Robins sold 11,667 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $45.46, for a total value of $530,381.82. Following the sale, the chief financial officer now directly owns 293,508 shares of the company’s stock, valued at $13,342,873.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sytse Sijbrandij sold 56,000 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $48.99, for a total value of $2,743,440.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 128,608 shares of company stock worth $6,340,633. Corporate insiders own 21.36% of the company’s stock.

Institutional Investors Weigh In On GitLab

Hedge funds have recently made changes to their positions in the stock. Sanctuary Advisors LLC acquired a new position in GitLab during the 2nd quarter worth approximately $199,000. Sycomore Asset Management grew its stake in shares of GitLab by 135.6% during the second quarter. Sycomore Asset Management now owns 166,574 shares of the company’s stock worth $8,089,000 after buying an additional 95,874 shares during the last quarter. Clearbridge Investments LLC increased its holdings in shares of GitLab by 4.8% during the second quarter. Clearbridge Investments LLC now owns 523,820 shares of the company’s stock worth $26,044,000 after buying an additional 23,899 shares in the last quarter. Quarry LP increased its holdings in shares of GitLab by 527.0% during the second quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after buying an additional 1,502 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in shares of GitLab by 1,890.6% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 143,008 shares of the company’s stock valued at $7,110,000 after acquiring an additional 135,824 shares during the last quarter. 91.72% of the stock is currently 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.