GitLab (NASDAQ:GTLB) Price Target Raised to $65.00 at Piper Sandler

Posted by Defense World Staff on Sep 7th, 2023

GitLab (NASDAQ:GTLB – Free Report) had its price target lifted by Piper Sandler from $52.00 to $65.00 in a research report released on Wednesday, MarketBeat Ratings reports. The firm currently has an overweight rating on the stock.

Other research analysts also recently issued reports about the stock. KeyCorp increased their price target on shares of GitLab from $50.00 to $60.00 in a research report on Tuesday, July 18th. Bank of America increased their price target on shares of GitLab from $60.00 to $62.00 and gave the stock a buy rating in a research report on Wednesday. DA Davidson increased their price target on shares of GitLab from $45.00 to $50.00 and gave the stock a neutral rating in a research report on Wednesday. Scotiabank increased their price target on shares of GitLab from $58.00 to $60.00 and gave the stock an outperform rating in a research report on Wednesday. Finally, Wolfe Research initiated coverage on shares of GitLab in a research report on Tuesday, June 20th. They issued a market perform rating on the stock. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, GitLab currently has an average rating of Moderate Buy and an average target price of $61.94.

Check Out Our Latest Stock Report on GitLab

GitLab Stock Up 0.5 %

Shares of GitLab stock opened at $49.99 on Wednesday. The company has a market cap of $7.64 billion, a price-to-earnings ratio of -37.31 and a beta of 0.18. The company’s 50 day moving average is $48.14 and its 200 day moving average is $41.69. GitLab has a twelve month low of $26.24 and a twelve month high of $62.12.

GitLab (NASDAQ:GTLB – Get Free Report) last issued its quarterly earnings data on Tuesday, September 5th. The company reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.04. The company had revenue of $139.58 million for the quarter, compared to the consensus estimate of $129.81 million. GitLab had a negative net margin of 42.84% and a negative return on equity of 22.82%. The firm’s revenue for the quarter was up 38.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.40) earnings per share. Sell-side analysts expect that GitLab will post -1.03 EPS for the current fiscal year.

Insiders Place Their Bets

In other GitLab news, CEO Sytse Sijbrandij sold 230,000 shares of GitLab stock in a transaction on Monday, July 17th. The shares were sold at an average price of $53.06, for a total value of $12,203,800.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other GitLab news, CEO Sytse Sijbrandij sold 230,000 shares of GitLab stock in a transaction on Monday, July 17th. The shares were sold at an average price of $53.06, for a total value of $12,203,800.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Brian G. Robins sold 10,000 shares of the firm’s stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $50.02, for a total transaction of $500,200.00. Following the completion of the sale, the chief financial officer now owns 506,849 shares of the company’s stock, valued at approximately $25,352,586.98. The disclosure for this sale can be found here. Insiders sold 290,580 shares of company stock valued at $15,179,123 in the last three months. Corporate insiders own 28.04% of the company’s stock.

Institutional Investors Weigh In On GitLab

Institutional investors have recently made changes to their positions in the company. HMI Capital Management L.P. lifted its holdings in GitLab by 53.9% during the 2nd quarter. HMI Capital Management L.P. now owns 7,406,153 shares of the company’s stock valued at $378,528,000 after buying an additional 2,594,437 shares in the last quarter. 1832 Asset Management L.P. lifted its holdings in GitLab by 152.1% during the 4th quarter. 1832 Asset Management L.P. now owns 3,952,200 shares of the company’s stock valued at $179,588,000 after buying an additional 2,384,500 shares in the last quarter. Vanguard Group Inc. lifted its holdings in GitLab by 73.8% during the 3rd quarter. Vanguard Group Inc. now owns 4,649,197 shares of the company’s stock valued at $238,132,000 after buying an additional 1,973,796 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in GitLab by 7,180.6% during the 2nd quarter. Goldman Sachs Group Inc. now owns 1,925,063 shares of the company’s stock valued at $102,298,000 after buying an additional 1,898,622 shares in the last quarter. Finally, Norges Bank bought a new stake in GitLab during the 4th quarter valued at about $71,823,000. Institutional investors own 54.15% of the company’s stock.

About GitLab

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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.