Morgan Stanley Begins Coverage on GitLab (NASDAQ:GTLB)

Morgan Stanley began coverage on shares of GitLab (NASDAQ:GTLB) in a research note published on Wednesday morning, MarketBeat.com reports. The brokerage issued an overweight rating and a $70.00 price objective on the stock.

Several other equities research analysts also recently commented on GTLB. Barclays lifted their price objective on GitLab from $50.00 to $55.00 and gave the stock an equal weight rating in a report on Thursday, September 5th. Wells Fargo & Company lifted their price objective on GitLab from $70.00 to $75.00 and gave the stock an overweight rating in a report on Wednesday, September 4th. Cantor Fitzgerald reiterated an overweight rating and issued a $55.00 price objective on shares of GitLab in a report on Monday, August 19th. UBS Group lifted their price objective on GitLab from $62.00 to $65.00 and gave the stock a buy rating in a report on Wednesday, September 4th. Finally, Needham & Company LLC reiterated a hold rating on shares of GitLab in a report on Wednesday, September 4th. Four research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $66.22.

GitLab Price Performance

GTLB opened at $54.73 on Wednesday. The stock has a 50-day moving average price of $49.25 and a 200-day moving average price of $51.10. The firm has a market cap of $8.70 billion, a PE ratio of -19.90 and a beta of 0.46. GitLab has a 1 year low of $40.19 and a 1 year high of $78.53.

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 the consensus estimate of $0.10 by $0.05. The firm had revenue of $182.58 million during 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%. GitLab’s quarterly revenue was up 30.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.29) EPS. As a group, sell-side analysts anticipate that GitLab will post -0.41 EPS for the current year.

Insider Buying and Selling

In related news, insider Robin Schulman sold 2,990 shares of the business’s stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $55.00, for a total value of $164,450.00. Following the transaction, the insider now directly owns 136,076 shares of the company’s stock, valued at approximately $7,484,180. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Karen Blasing sold 4,430 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $56.25, for a total transaction of $249,187.50. Following the sale, the director now directly owns 150,983 shares of the company’s stock, valued at $8,492,793.75. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Robin Schulman sold 2,990 shares of the company’s stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $55.00, for a total value of $164,450.00. Following the sale, the insider now directly owns 136,076 shares in the company, valued at $7,484,180. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 110,755 shares of company stock valued at $5,585,417. Corporate insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Several hedge funds have recently modified their holdings of the company. Moloney Securities Asset Management LLC raised its holdings in shares of GitLab by 4.9% during the 2nd quarter. Moloney Securities Asset Management LLC now owns 6,400 shares of the company’s stock worth $318,000 after acquiring an additional 300 shares in the last quarter. Park Avenue Securities LLC raised its holdings in shares of 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 in the last quarter. Canton Hathaway LLC raised its holdings in shares of GitLab by 26.3% during the 2nd quarter. Canton Hathaway LLC now owns 2,086 shares of the company’s stock worth $104,000 after acquiring an additional 435 shares in the last quarter. Quarry LP increased its position in shares of GitLab by 75.1% during the 4th quarter. Quarry LP now owns 1,166 shares of the company’s stock valued at $73,000 after purchasing an additional 500 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in shares of GitLab by 2,107.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock valued at $33,000 after purchasing an additional 548 shares during the last quarter. 91.72% of the stock is 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.