Morgan Stanley Raises GitLab (NASDAQ:GTLB) Price Target to $56.00

GitLab (NASDAQ:GTLB) had its price target lifted by investment analysts at Morgan Stanley from $53.00 to $56.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Morgan Stanley’s target price would indicate a potential upside of 24.74% from the stock’s current price.

GTLB has been the subject of several other reports. Wells Fargo & Company cut their price objective on GitLab from $65.00 to $60.00 and set an “overweight” rating for the company in a research note on Wednesday. Needham & Company LLC lowered their price target on GitLab from $85.00 to $55.00 and set a “buy” rating on the stock in a research note on Wednesday. KeyCorp dropped their price target on GitLab from $80.00 to $60.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. UBS Group decreased their price objective on GitLab from $85.00 to $73.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, Scotiabank lowered their target price on shares of GitLab from $80.00 to $67.00 and set a “sector outperform” rating on the stock in a research note on Friday, June 6th. Four investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $65.67.

GitLab Stock Performance

Shares of NASDAQ:GTLB traded down $3.62 during midday trading on Wednesday, reaching $44.89. 12,845,175 shares of the company’s stock traded hands, compared to its average volume of 2,653,097. The company has a fifty day simple moving average of $46.37 and a two-hundred day simple moving average of $55.81. GitLab has a 1 year low of $37.90 and a 1 year high of $74.18. The company has a market cap of $7.36 billion, a P/E ratio of -140.22 and a beta of 0.75.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.02. The company had revenue of $214.51 million during the quarter, compared to analysts’ expectations of $213.21 million. GitLab had a negative net margin of 6.83% and a negative return on equity of 11.72%. The firm’s revenue for the quarter was up 26.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.03 earnings per share. As a group, research analysts forecast that GitLab will post -0.31 EPS for the current fiscal year.

Insider Activity at GitLab

In other GitLab news, insider Sytse Sijbrandij sold 108,600 shares of the company’s stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $42.87, for a total transaction of $4,655,682.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 45,000 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $53.04, for a total value of $2,386,800.00. Following the transaction, the chief financial officer now owns 344,105 shares of the company’s stock, valued at $18,251,329.20. This trade represents a 11.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 461,584 shares of company stock worth $23,192,574. Insiders own 16.37% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC boosted its holdings in GitLab by 5,700.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock valued at $29,000 after purchasing an additional 513 shares in the last quarter. Cullen Frost Bankers Inc. increased its position in shares of GitLab by 174.9% during the first quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company’s stock worth $25,000 after purchasing an additional 334 shares in the last quarter. CoreCap Advisors LLC increased its position in shares of GitLab by 327.5% during the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock worth $33,000 after purchasing an additional 452 shares in the last quarter. Twin Tree Management LP purchased a new stake in shares of GitLab in the 1st quarter valued at about $29,000. Finally, Cloud Capital Management LLC acquired a new stake in shares of GitLab in the 1st quarter valued at about $29,000. Institutional investors and hedge funds own 95.04% 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.