GitLab (NASDAQ:GTLB - Get Free Report) had its target price upped by equities research analysts at JPMorgan Chase & Co. from $60.00 to $65.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price objective points to a potential downside of 5.76% from the stock's previous close.
Several other research analysts also recently issued reports on the company. KeyCorp upped their price objective on GitLab from $74.00 to $80.00 and gave the stock an "overweight" rating in a report on Friday. UBS Group upped their target price on shares of GitLab from $62.00 to $65.00 and gave the company a "buy" rating in a research report on Wednesday, September 4th. BTIG Research lifted 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. Cantor Fitzgerald upgraded shares of GitLab to a "strong-buy" rating in a report on Tuesday, November 12th. Finally, Morgan Stanley initiated coverage on shares of GitLab in a report on Wednesday, October 9th. They set an "overweight" rating and a $70.00 target price for the company. Three analysts have rated the stock with a hold rating, twenty-one have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, GitLab has an average rating of "Moderate Buy" and an average target price of $72.16.
Read Our Latest Research Report on GTLB
GTLB traded up $2.93 during trading on Friday, hitting $68.97. The company's stock had a trading volume of 4,756,462 shares, compared to its average volume of 2,355,647. The firm's 50 day moving average price is $57.60 and its two-hundred day moving average price is $52.22. The stock has a market capitalization of $11.07 billion, a price-to-earnings ratio of -29.47 and a beta of 0.54. GitLab has a 12 month low of $40.72 and a 12 month high of $78.53.
GitLab (NASDAQ:GTLB - Get Free Report) last issued 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. 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 quarter in the prior year, the company earned ($0.29) EPS. The firm's quarterly revenue was up 30.8% on a year-over-year basis. On average, sell-side analysts forecast that GitLab will post -0.41 earnings per share for the current year.
In related news, CFO Brian G. Robins sold 16,668 shares of the firm's stock in a transaction on Monday, September 9th. The shares were sold at an average price of $53.67, for a total value of $894,571.56. Following the completion of the transaction, the chief financial officer now owns 250,109 shares of the company's stock, valued at approximately $13,423,350.03. This trade represents a 6.25 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sytse Sijbrandij sold 84,776 shares of the firm's stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $59.64, for a total value of $5,056,040.64. The disclosure for this sale can be found here. Insiders have sold a total of 185,033 shares of company stock worth $10,569,356 over the last three months. Corporate insiders own 21.36% of the company's stock.
Institutional investors have recently bought and sold shares of the business. ARK Investment Management LLC bought a new stake in shares of GitLab during the 3rd quarter valued at approximately $13,435,000. Victory Capital Management Inc. grew its stake in shares of GitLab by 56.1% during the third quarter. Victory Capital Management Inc. now owns 352,256 shares of the company's stock worth $18,155,000 after buying an additional 126,578 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of GitLab by 111.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 336,317 shares of the company's stock valued at $17,334,000 after acquiring an additional 176,967 shares during the last quarter. Mission Creek Capital Partners Inc. boosted its holdings in shares of GitLab by 113.9% during the 3rd quarter. Mission Creek Capital Partners Inc. now owns 79,917 shares of the company's stock valued at $4,119,000 after acquiring an additional 42,550 shares in the last quarter. Finally, William Blair Investment Management LLC bought a new stake in GitLab during the 2nd quarter worth $16,071,000. Institutional investors and hedge funds own 91.72% of the company's stock.
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.
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