GitLab (NASDAQ:GTLB) Upgraded by Cantor Fitzgerald to Strong-Buy Rating

GitLab (NASDAQ:GTLB) was upgraded by Cantor Fitzgerald to a “strong-buy” rating in a note issued to investors on Tuesday,Zacks.com reports.

Several other research firms have also weighed in on GTLB. Royal Bank of Canada lifted their target price on shares of GitLab from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, September 4th. Robert W. Baird lifted their target price on shares of GitLab from $59.00 to $62.00 and gave the company an “outperform” rating in a report on Wednesday, September 4th. DA Davidson reaffirmed a “neutral” rating and set a $50.00 target price on shares of GitLab in a report on Monday, October 14th. Bank of America lifted their target price on shares of GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Finally, Barclays lifted their target price on shares of GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a report on Thursday, September 5th. Three investment analysts have rated the stock with a hold rating, twenty have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.38.

GitLab Trading Up 1.6 %

GTLB opened at $60.93 on Tuesday. GitLab has a 12-month low of $40.72 and a 12-month high of $78.53. The firm has a market capitalization of $9.78 billion, a PE ratio of -26.04 and a beta of 0.45. The firm has a 50 day moving average of $54.13 and a two-hundred day moving average of $51.09.

GitLab (NASDAQ:GTLB) last posted 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 net margin of 54.62% and a negative return on equity of 15.40%. The company had revenue of $182.58 million during the quarter, compared to analyst estimates of $176.86 million. During the same period last year, the firm posted ($0.29) EPS. GitLab’s revenue for the quarter was up 30.8% compared to the same quarter last year. As a group, analysts predict that GitLab will post -0.41 EPS for the current fiscal year.

Insider Activity at GitLab

In other GitLab news, CAO Erin Mannix sold 1,433 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $52.80, for a total transaction of $75,662.40. Following the sale, the chief accounting officer now directly owns 72,448 shares in the company, valued at $3,825,254.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Brian G. Robins sold 16,668 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $53.67, for a total transaction of $894,571.56. Following the completion of the transaction, the chief financial officer now directly owns 250,109 shares of the company’s stock, valued at approximately $13,423,350.03. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Erin Mannix sold 1,433 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $52.80, for a total value of $75,662.40. Following the transaction, the chief accounting officer now directly owns 72,448 shares of the company’s stock, valued at approximately $3,825,254.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 97,007 shares of company stock worth $5,320,233. Company insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

A number of institutional investors and hedge funds have recently made changes to their positions in GTLB. Capital Research Global Investors grew its position in shares of GitLab by 78.5% during the first quarter. Capital Research Global Investors now owns 7,040,410 shares of the company’s stock worth $410,597,000 after buying an additional 3,096,437 shares in the last quarter. Westfield Capital Management Co. LP acquired a new position in GitLab in the first quarter valued at approximately $49,196,000. DNB Asset Management AS acquired a new position in GitLab in the second quarter valued at approximately $37,851,000. Renaissance Technologies LLC boosted its holdings in GitLab by 168.8% in the second quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company’s stock valued at $59,196,000 after purchasing an additional 747,712 shares in the last quarter. Finally, Primecap Management Co. CA boosted its holdings in GitLab by 269.5% in the second quarter. Primecap Management Co. CA now owns 827,040 shares of the company’s stock valued at $41,120,000 after purchasing an additional 603,200 shares in the last quarter. 91.72% of the stock is owned by institutional investors and hedge funds.

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.