GitLab (NASDAQ:GTLB) Given New $70.00 Price Target at DA Davidson

GitLab (NASDAQ:GTLB) had its price objective boosted by DA Davidson from $50.00 to $70.00 in a research note issued to investors on Friday morning,Benzinga reports. DA Davidson currently has a neutral rating on the stock.

Other analysts also recently issued reports about the company. Morgan Stanley raised their target price on GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research report on Friday. KeyCorp lifted their price target on GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday. Canaccord Genuity Group lifted their price target on GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a research report on Friday. TD Cowen lifted their price target on GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, November 21st. Finally, Needham & Company LLC lifted their price target on GitLab from $70.00 to $85.00 and gave the company a “buy” rating in a research report on Friday. Three equities research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $74.56.

GitLab Price Performance

NASDAQ:GTLB opened at $67.19 on Friday. The business has a fifty day simple moving average of $57.91 and a two-hundred day simple moving average of $52.28. GitLab has a 1 year low of $40.72 and a 1 year high of $78.53.

GitLab (NASDAQ:GTLB) last released its earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.05. GitLab had a negative return on equity of 15.40% and a negative net margin of 54.62%. The business had revenue of $182.58 million during the quarter, compared to the consensus estimate of $176.86 million. During the same period last year, the business posted ($0.29) earnings per share. The business’s revenue for the quarter was up 30.8% on a year-over-year basis. On average, equities analysts predict that GitLab will post -0.41 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Brian G. Robins sold 16,668 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $53.67, for a total transaction 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 $13,423,350.03. This trade represents a 6.25 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Erin Mannix sold 1,433 shares of the firm’s stock in a transaction that occurred 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 directly owns 72,448 shares of the company’s stock, valued at approximately $3,825,254.40. This trade represents a 1.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 185,033 shares of company stock valued at $10,569,356 over the last 90 days. Insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GTLB. Oddo BHF Asset Management Sas purchased a new stake in GitLab during the 3rd quarter valued at $6,865,000. Franklin Resources Inc. boosted its stake in GitLab by 0.8% during the 3rd quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company’s stock valued at $146,774,000 after purchasing an additional 21,976 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in GitLab during the 3rd quarter valued at $98,000. Sanctuary Advisors LLC boosted its stake in GitLab by 205.9% during the 3rd quarter. Sanctuary Advisors LLC now owns 12,245 shares of the company’s stock valued at $631,000 after purchasing an additional 8,242 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in GitLab by 7.0% during the 3rd quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company’s stock valued at $104,476,000 after purchasing an additional 132,548 shares during the last quarter. 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.