KeyCorp Issues Positive Forecast for GitLab (NASDAQ:GTLB) Stock Price

GitLab (NASDAQ:GTLB) had its price objective boosted by KeyCorp from $62.00 to $74.00 in a research note issued to investors on Tuesday,Benzinga reports. KeyCorp currently has an overweight rating on the stock.

A number of other equities analysts have also commented on the company. Royal Bank of Canada lifted their price objective on GitLab from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 4th. TD Cowen boosted their price target on shares of GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. BTIG Research increased their price objective 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. Scotiabank boosted their target price on shares of GitLab from $59.00 to $65.00 and gave the company a “sector outperform” rating in a report on Wednesday, September 4th. Finally, Bank of America upped their price target on shares of GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Three research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $67.17.

GitLab Stock Performance

GTLB stock opened at $63.80 on Tuesday. The company has a market capitalization of $10.24 billion, a P/E ratio of -27.26 and a beta of 0.45. The company has a fifty day moving average price of $56.37 and a 200-day moving average price of $51.90. GitLab has a 52-week low of $40.72 and a 52-week high of $78.53.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.05. The business had revenue of $182.58 million during 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%. GitLab’s quarterly revenue was up 30.8% on a year-over-year basis. During the same period in the prior year, the business posted ($0.29) earnings per share. As a group, sell-side analysts forecast that GitLab will post -0.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In other GitLab news, CFO Brian G. Robins sold 16,668 shares of GitLab stock in a transaction on Monday, September 9th. The shares were sold at an average price of $53.67, for a total transaction of $894,571.56. Following the transaction, the chief financial officer now directly owns 250,109 shares of the company’s stock, valued at $13,423,350.03. The trade was a 6.25 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sytse Sijbrandij sold 84,776 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $59.64, for a total transaction of $5,056,040.64. The disclosure for this sale can be found here. Insiders have sold 185,033 shares of company stock worth $10,569,356 in the last quarter. Insiders own 21.36% of the company’s stock.

Institutional Investors Weigh In On GitLab

A number of institutional investors have recently added to or reduced their stakes in GTLB. Future Financial Wealth Managment LLC bought a new position in shares of GitLab during the 3rd quarter worth approximately $52,000. True Wealth Design LLC bought a new stake in GitLab during the third quarter worth $56,000. Rakuten Securities Inc. boosted its position in GitLab by 268.1% in the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after purchasing an additional 1,032 shares during the last quarter. Quarry LP grew its stake in GitLab by 527.0% in the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock valued at $89,000 after purchasing an additional 1,502 shares during the period. Finally, Capital Performance Advisors LLP purchased a new stake in shares of GitLab during the 3rd quarter valued at $96,000. 91.72% of the stock is owned by institutional investors.

GitLab Company Profile

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.