GitLab (NASDAQ:GTLB) Sees Large Volume Increase After Analyst Upgrade

GitLab Inc. (NASDAQ:GTLB) shares saw unusually-strong trading volume on Friday after Wells Fargo & Company raised their price target on the stock from $75.00 to $80.00. Wells Fargo & Company currently has an overweight rating on the stock. Approximately 3,024,226 shares traded hands during trading, an increase of 29% from the previous session’s volume of 2,343,088 shares.The stock last traded at $69.79 and had previously closed at $66.04.

GTLB has been the topic of several other research reports. Royal Bank of Canada lifted their target price on shares of GitLab from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. KeyCorp lifted their target price on shares of GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday. UBS Group lifted their target price on shares of GitLab from $62.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. DA Davidson reissued a “neutral” rating and set a $50.00 price target on shares of GitLab in a research report on Monday, October 14th. Finally, Morgan Stanley initiated coverage on shares of GitLab in a research report on Wednesday, October 9th. They set an “overweight” rating and a $70.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $70.76.

Insider Activity

In related news, CEO Sytse Sijbrandij sold 84,776 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $59.64, for a total transaction of $5,056,040.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Erin Mannix sold 1,433 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $52.80, for a total value of $75,662.40. Following the sale, 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 1.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 185,033 shares of company stock valued at $10,569,356. 21.36% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Oddo BHF Asset Management Sas purchased a new position in shares of GitLab in the third quarter valued at $6,865,000. Franklin Resources Inc. boosted its stake in shares of GitLab by 0.8% during the third quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company’s stock valued at $146,774,000 after acquiring an additional 21,976 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of GitLab during the third quarter valued at $98,000. Sanctuary Advisors LLC boosted its stake in shares of GitLab by 205.9% during the third quarter. Sanctuary Advisors LLC now owns 12,245 shares of the company’s stock valued at $631,000 after acquiring an additional 8,242 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of GitLab by 7.0% during the third quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company’s stock valued at $104,476,000 after acquiring an additional 132,548 shares during the last quarter. Hedge funds and other institutional investors own 91.72% of the company’s stock.

GitLab Stock Up 5.7 %

The firm has a market cap of $11.20 billion, a price-to-earnings ratio of -31.83 and a beta of 0.54. The business has a 50 day moving average of $57.60 and a 200 day moving average of $52.22.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.05. The business had revenue of $182.58 million for the quarter, compared to analyst estimates of $176.86 million. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The business’s revenue for the quarter was up 30.8% compared to the same quarter last year. During the same quarter last year, the company earned ($0.29) earnings per share. Research analysts predict that GitLab Inc. will post -0.41 earnings per share for the current year.

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.