Canaccord Genuity Group Reiterates “Buy” Rating for GitLab (NASDAQ:GTLB)

GitLab (NASDAQ:GTLB)‘s stock had its “buy” rating reissued by research analysts at Canaccord Genuity Group in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $70.00 target price on the stock. Canaccord Genuity Group’s price target would indicate a potential upside of 91.61% from the company’s current price.

Other equities research analysts have also recently issued research reports about the company. Barclays set a $42.00 target price on GitLab in a report on Wednesday. Weiss Ratings reissued a “sell (e+)” rating on shares of GitLab in a research note on Wednesday, October 8th. Guggenheim initiated coverage on GitLab in a report on Thursday, September 11th. They issued a “buy” rating and a $70.00 price objective for the company. Piper Sandler reaffirmed an “overweight” rating on shares of GitLab in a report on Wednesday. Finally, Truist Financial set a $42.00 price target on shares of GitLab in a research report on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $55.87.

GitLab Trading Down 15.8%

GTLB traded down $6.84 on Wednesday, reaching $36.53. The company had a trading volume of 8,329,468 shares, compared to its average volume of 3,909,948. The company has a market capitalization of $6.09 billion, a P/E ratio of -921.15 and a beta of 0.75. The company has a fifty day moving average of $45.54 and a 200-day moving average of $45.59. GitLab has a one year low of $35.81 and a one year high of $74.18.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings results on Wednesday, September 3rd. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.19). The company had revenue of $236.00 million during the quarter, compared to analyst estimates of $227.20 million. GitLab had a negative return on equity of 2.71% and a negative net margin of 0.55%.The company’s revenue was up 29.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.15 earnings per share. Research analysts predict that GitLab will post -0.31 EPS for the current year.

Insiders Place Their Bets

In other GitLab news, CAO Simon Mundy sold 5,191 shares of the firm’s stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $43.99, for a total transaction of $228,352.09. Following the completion of the sale, the chief accounting officer directly owned 53,507 shares in the company, valued at approximately $2,353,772.93. This trade represents a 8.84% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Matthew Jacobson sold 63,587 shares of GitLab stock in a transaction dated Tuesday, September 23rd. The shares were sold at an average price of $50.16, for a total value of $3,189,523.92. Following the transaction, the director directly owned 820 shares in the company, valued at approximately $41,131.20. This trade represents a 98.73% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 1,329,712 shares of company stock worth $64,154,795 over the last three months. Company insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Institutional investors have recently made changes to their positions in the stock. Allworth Financial LP grew its position in GitLab by 124.1% during the third quarter. Allworth Financial LP now owns 558 shares of the company’s stock valued at $25,000 after purchasing an additional 309 shares in the last quarter. Twin Tree Management LP purchased a new stake in GitLab in the 1st quarter worth approximately $29,000. Quarry LP acquired a new stake in shares of GitLab during the 3rd quarter valued at $31,000. Farther Finance Advisors LLC boosted its stake in shares of GitLab by 284.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 907 shares of the company’s stock valued at $41,000 after buying an additional 671 shares during the period. Finally, Harbour Investments Inc. grew its holdings in shares of GitLab by 447.6% during the 1st quarter. Harbour Investments Inc. now owns 898 shares of the company’s stock valued at $42,000 after acquiring an additional 734 shares in the last quarter. 95.04% of the stock is currently owned by institutional investors and hedge funds.

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.