GitLab (NASDAQ:GTLB) Price Target Raised to $80.00 at Cantor Fitzgerald

GitLab (NASDAQ:GTLBFree Report) had its price objective increased by Cantor Fitzgerald from $65.00 to $80.00 in a research note issued to investors on Monday morning, Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other research firms also recently commented on GTLB. The Goldman Sachs Group increased their price objective on GitLab from $70.00 to $80.00 and gave the company a buy rating in a research note on Wednesday, December 6th. KeyCorp reduced their price objective on GitLab from $65.00 to $57.00 and set an overweight rating for the company in a research note on Monday, October 23rd. BTIG Research initiated coverage on GitLab in a research note on Monday, November 13th. They issued a buy rating and a $56.00 price objective for the company. DA Davidson increased their price objective on GitLab from $60.00 to $75.00 and gave the company a neutral rating in a research note on Monday, February 5th. Finally, JPMorgan Chase & Co. increased their price objective on GitLab from $48.00 to $55.00 and gave the company a neutral rating in a research note on Tuesday, December 5th. Six investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $64.68.

Check Out Our Latest Stock Analysis on GTLB

GitLab Price Performance

Shares of GTLB stock opened at $72.80 on Monday. The company has a market cap of $11.33 billion, a price-to-earnings ratio of -26.19 and a beta of 0.52. The stock has a 50 day simple moving average of $65.29 and a 200-day simple moving average of $53.00. GitLab has a 1-year low of $26.24 and a 1-year high of $78.53.

GitLab (NASDAQ:GTLBGet Free Report) last announced its earnings results on Monday, December 4th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.10. GitLab had a negative return on equity of 19.66% and a negative net margin of 79.11%. The business had revenue of $149.67 million during the quarter, compared to the consensus estimate of $141.54 million. During the same period in the prior year, the company posted ($0.33) EPS. The business’s quarterly revenue was up 32.5% on a year-over-year basis. Analysts anticipate that GitLab will post -0.89 earnings per share for the current fiscal year.

Insider Transactions at GitLab

In related news, insider Robin Schulman sold 30,543 shares of the firm’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $75.11, for a total transaction of $2,294,084.73. Following the completion of the transaction, the insider now directly owns 60,132 shares in the company, valued at approximately $4,516,514.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Robin Schulman sold 30,543 shares of the firm’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $75.11, for a total transaction of $2,294,084.73. Following the completion of the transaction, the insider now directly owns 60,132 shares in the company, valued at approximately $4,516,514.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sytse Sijbrandij sold 1,425,567 shares of the firm’s stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $62.47, for a total value of $89,055,170.49. Following the transaction, the chief executive officer now owns 189,716 shares of the company’s stock, valued at $11,851,558.52. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,183,132 shares of company stock worth $135,215,865. 28.04% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On GitLab

Hedge funds and other institutional investors have recently bought and sold shares of the company. Raymond James & Associates raised its position in GitLab by 62.6% in the 1st quarter. Raymond James & Associates now owns 4,289 shares of the company’s stock valued at $234,000 after purchasing an additional 1,652 shares in the last quarter. Bank of New York Mellon Corp raised its position in GitLab by 3,816.3% in the 1st quarter. Bank of New York Mellon Corp now owns 182,343 shares of the company’s stock valued at $9,930,000 after purchasing an additional 177,687 shares in the last quarter. BlackRock Inc. raised its position in GitLab by 13.1% in the 1st quarter. BlackRock Inc. now owns 2,821,575 shares of the company’s stock valued at $153,635,000 after purchasing an additional 327,244 shares in the last quarter. Blair William & Co. IL raised its position in GitLab by 229.4% in the 1st quarter. Blair William & Co. IL now owns 34,096 shares of the company’s stock valued at $1,857,000 after purchasing an additional 23,746 shares in the last quarter. Finally, Sei Investments Co. acquired a new stake in GitLab in the 1st quarter valued at about $1,634,000. 54.15% of the stock is currently owned by hedge funds and other institutional investors.

GitLab Company Profile

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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.

Further Reading

Analyst Recommendations for GitLab (NASDAQ:GTLB)

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