GitLab (NASDAQ:GTLB) Stock Price Expected to Rise, Piper Sandler Analyst Says

GitLab (NASDAQ:GTLB) had its price objective lifted by equities research analysts at Piper Sandler from $75.00 to $85.00 in a report released on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s target price would suggest a potential upside of 28.71% from the stock’s current price.

Several other research analysts also recently weighed in on the stock. Morgan Stanley began coverage on shares of GitLab in a research report on Wednesday, October 9th. They issued an “overweight” rating and a $70.00 price target on the stock. Robert W. Baird increased their price objective on shares of GitLab from $62.00 to $75.00 and gave the company an “outperform” rating in a report on Friday. KeyCorp lifted their target price on GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday. UBS Group upped their price target on shares of GitLab from $62.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Finally, Bank of America upped their price objective on GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Three equities research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $70.16.

GitLab Stock Down 0.8 %

NASDAQ GTLB opened at $66.04 on Friday. The firm has a market capitalization of $10.60 billion, a PE ratio of -28.22 and a beta of 0.54. GitLab has a twelve month low of $40.72 and a twelve month high of $78.53. The stock’s 50 day moving average is $57.60 and its 200 day moving average is $52.22.

GitLab (NASDAQ:GTLB) last released its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, beating 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 business had revenue of $182.58 million during the quarter, compared to analyst estimates of $176.86 million. During the same period last year, the business earned ($0.29) EPS. GitLab’s revenue was up 30.8% compared to the same quarter last year. On average, research analysts anticipate that GitLab will post -0.41 earnings per share for the current year.

Insider Transactions at GitLab

In related news, CFO Brian G. Robins sold 16,668 shares of the stock in a transaction dated Monday, September 9th. The shares were 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 $13,423,350.03. This represents a 6.25 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Sytse Sijbrandij sold 56,000 shares of GitLab stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total value of $3,062,080.00. The disclosure for this sale can be found here. Insiders sold 185,033 shares of company stock worth $10,569,356 over the last 90 days. 21.36% of the stock is currently owned by insiders.

Institutional Trading of GitLab

Institutional investors have recently modified their holdings of the business. Franklin Resources Inc. boosted its position in shares of GitLab by 0.8% during the 3rd quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company’s stock worth $146,774,000 after purchasing an additional 21,976 shares in the last quarter. State Street Corp increased its holdings in shares of GitLab by 5.8% in the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company’s stock valued at $104,740,000 after purchasing an additional 111,997 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of GitLab by 7.0% during the 3rd 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 period. Fiera Capital Corp raised its holdings in GitLab by 1.4% during the third quarter. Fiera Capital Corp now owns 1,259,429 shares of the company’s stock worth $64,911,000 after purchasing an additional 16,961 shares during the last quarter. Finally, Bamco Inc. NY grew its holdings in GitLab by 0.4% in the third quarter. Bamco Inc. NY now owns 1,253,244 shares of the company’s stock valued at $64,592,000 after purchasing an additional 4,874 shares during the last quarter. 91.72% of the stock is currently 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.