GitLab (NASDAQ:GTLB) Stock Rating Upgraded by Cantor Fitzgerald

Cantor Fitzgerald upgraded shares of GitLab (NASDAQ:GTLB) to a strong-buy rating in a report issued on Tuesday morning,Zacks.com reports.

Other analysts have also issued research reports about the company. Scotiabank boosted their price target on GitLab from $59.00 to $65.00 and gave the company a “sector outperform” rating in a report on Wednesday, September 4th. Morgan Stanley started coverage on shares of GitLab in a report on Wednesday, October 9th. They issued an “overweight” rating and a $70.00 target price for the company. Baird R W upgraded shares of GitLab to a “strong-buy” rating in a research note on Tuesday, August 27th. BTIG Research upped their price target on shares of GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Finally, Bank of America raised their price objective on shares of GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Three research analysts have rated the stock with a hold rating, twenty have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $66.38.

GitLab Stock Down 2.1 %

Shares of NASDAQ:GTLB opened at $59.87 on Tuesday. The stock has a market capitalization of $9.61 billion, a PE ratio of -25.59 and a beta of 0.45. The firm’s 50 day moving average price is $54.37 and its 200-day moving average price is $51.23. GitLab has a twelve month low of $40.72 and a twelve month high of $78.53.

GitLab (NASDAQ:GTLB) last released its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $176.86 million. During the same period last year, the firm earned ($0.29) earnings per share. The company’s quarterly revenue was up 30.8% on a year-over-year basis. Analysts expect that GitLab will post -0.41 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Brian G. Robins sold 16,668 shares of the stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $53.67, for a total value of $894,571.56. Following the sale, the chief financial officer now directly owns 250,109 shares in the company, valued at approximately $13,423,350.03. This represents a 6.25 % 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 on Thursday, September 19th. The shares were sold at an average price of $52.80, for a total value of $75,662.40. Following the transaction, the chief accounting officer now owns 72,448 shares of the company’s stock, valued at approximately $3,825,254.40. The trade was a 1.94 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 97,007 shares of company stock valued at $5,320,233. 21.36% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in GTLB. M&T Bank Corp purchased a new stake in GitLab in the 3rd quarter valued at about $248,000. Barclays PLC raised its stake in shares of GitLab by 189.1% during the third quarter. Barclays PLC now owns 61,419 shares of the company’s stock valued at $3,164,000 after acquiring an additional 40,171 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of GitLab in the third quarter valued at approximately $678,000. MML Investors Services LLC bought a new position in GitLab in the third quarter worth approximately $1,685,000. Finally, XTX Topco Ltd purchased a new position in GitLab during the 3rd quarter worth $531,000. 91.72% of the stock is currently owned by 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.