GitLab (NASDAQ:GTLB) Upgraded by Needham & Company LLC to Buy

Needham & Company LLC upgraded shares of GitLab (NASDAQ:GTLB) from a hold rating to a buy rating in a report issued on Monday, MarketBeat reports. The firm currently has $70.00 price target on the stock.

A number of other research firms have also recently commented on GTLB. TD Cowen upped their price target on shares of GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Barclays upped their target price on shares of GitLab from $50.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 5th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $55.00 target price on shares of GitLab in a research report on Monday, August 19th. Wells Fargo & Company boosted their price target on GitLab from $70.00 to $75.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Finally, UBS Group increased their price objective on GitLab from $62.00 to $65.00 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 assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $66.38.

GitLab Price Performance

Shares of NASDAQ GTLB opened at $55.64 on Monday. GitLab has a 1 year low of $40.19 and a 1 year high of $78.53. The firm has a 50-day simple moving average of $51.39 and a two-hundred day simple moving average of $51.00. The company has a market cap of $8.84 billion, a P/E ratio of -20.23 and a beta of 0.46.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $182.58 million during the quarter, compared to analyst estimates of $176.86 million. During the same period last year, the company earned ($0.29) EPS. GitLab’s quarterly revenue was up 30.8% compared to the same quarter last year. As a group, equities research analysts expect that GitLab will post -0.41 EPS for the current year.

Insiders Place Their Bets

In other news, Director Karen Blasing sold 3,250 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $54.72, for a total transaction of $177,840.00. Following the completion of the sale, the director now owns 141,233 shares in the company, valued at approximately $7,728,269.76. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director Karen Blasing sold 3,250 shares of the company’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $54.72, for a total transaction of $177,840.00. Following the transaction, the director now directly owns 141,233 shares of the company’s stock, valued at $7,728,269.76. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Brian G. Robins sold 23,332 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $49.24, for a total value of $1,148,867.68. Following the completion of the sale, the chief financial officer now directly owns 259,109 shares of the company’s stock, valued at approximately $12,758,527.16. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 103,673 shares of company stock valued at $5,523,472. 21.36% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in shares of GitLab by 12.9% during the fourth quarter. Vanguard Group Inc. now owns 9,388,440 shares of the company’s stock worth $591,096,000 after buying an additional 1,070,994 shares during the period. Banque Cantonale Vaudoise purchased a new position in GitLab in the 1st quarter worth $58,000. Park Avenue Securities LLC lifted its position in GitLab by 9.6% during the 1st quarter. Park Avenue Securities LLC now owns 3,544 shares of the company’s stock worth $207,000 after acquiring an additional 311 shares during the period. Arkfeld Wealth Strategies L.L.C. purchased a new stake in GitLab during the 1st quarter valued at about $722,000. Finally, Counterpoint Mutual Funds LLC purchased a new stake in GitLab during the 1st quarter valued at about $251,000. 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.