GitLab (NASDAQ:GTLB) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

GitLab (NASDAQ:GTLB) had its target price raised by analysts at Needham & Company LLC from $70.00 to $85.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 28.71% from the stock’s current price.

A number of other research firms have also recently commented on GTLB. Royal Bank of Canada increased their target price on GitLab from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. Baird R W upgraded shares of GitLab to a “strong-buy” rating in a research note on Tuesday, August 27th. Cantor Fitzgerald raised GitLab to a “strong-buy” rating in a report on Tuesday, November 12th. Barclays upped their price target on GitLab from $50.00 to $55.00 and gave the company an “equal weight” rating in a report on Thursday, September 5th. Finally, KeyCorp lifted their price objective on GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday. 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 stock. According to data from MarketBeat.com, GitLab presently has an average rating of “Moderate Buy” and an average target price of $70.16.

GitLab Stock Performance

Shares of NASDAQ GTLB opened at $66.04 on Friday. The company has a 50 day simple moving average of $57.60 and a two-hundred day simple moving average of $52.22. GitLab has a fifty-two week low of $40.72 and a fifty-two week high of $78.53. The company has a market capitalization of $10.60 billion, a price-to-earnings ratio of -28.22 and a beta of 0.54.

GitLab (NASDAQ:GTLB) last posted 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. The company had revenue of $182.58 million for the quarter, compared to the consensus estimate of $176.86 million. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The firm’s quarterly revenue was up 30.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.29) EPS. On average, analysts forecast that GitLab will post -0.41 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Sytse Sijbrandij sold 84,776 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $59.64, for a total value of $5,056,040.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 completion of the transaction, the insider now directly owns 136,076 shares in the company, valued at approximately $7,484,180. This represents a 2.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 185,033 shares of company stock valued at $10,569,356 in the last ninety days. Corporate insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

Hedge funds have recently modified their holdings of the stock. Franklin Resources Inc. increased its holdings in GitLab by 0.8% in the 3rd 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. State Street Corp grew its holdings in shares of GitLab by 5.8% in the third 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 increased its position in GitLab by 7.0% in the third quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company’s stock worth $104,476,000 after purchasing an additional 132,548 shares during the last quarter. Fiera Capital Corp lifted its position in GitLab by 1.4% during the third quarter. Fiera Capital Corp now owns 1,259,429 shares of the company’s stock valued at $64,911,000 after purchasing an additional 16,961 shares during the last quarter. Finally, Bamco Inc. NY grew its stake in shares of GitLab by 0.4% in the 3rd quarter. Bamco Inc. NY now owns 1,253,244 shares of the company’s stock worth $64,592,000 after buying an additional 4,874 shares in the last quarter. Hedge funds and other institutional investors own 91.72% of the company’s stock.

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.