GitLab (NASDAQ:GTLB) Trading 2.2% Higher

GitLab Inc. (NASDAQ:GTLBGet Rating)’s stock price traded up 2.2% during mid-day trading on Tuesday . The company traded as high as $55.55 and last traded at $55.55. 7,781 shares changed hands during trading, a decline of 100% from the average session volume of 2,307,721 shares. The stock had previously closed at $54.35.

A number of research analysts have issued reports on the stock. UBS Group increased their target price on shares of GitLab from $54.00 to $59.00 and gave the stock a “buy” rating in a research report on Tuesday, June 7th. Piper Sandler decreased their target price on shares of GitLab from $75.00 to $60.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 7th. KeyCorp increased their target price on shares of GitLab from $50.00 to $63.00 and gave the stock an “overweight” rating in a research report on Monday, April 25th. Scotiabank assumed coverage on shares of GitLab in a research report on Wednesday, June 8th. They set an “outperform” rating and a $62.00 target price on the stock. Finally, Truist Financial decreased their target price on shares of GitLab from $105.00 to $95.00 in a research report on Tuesday, May 10th. Eleven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $79.91.

The company’s 50-day moving average is $45.07 and its 200-day moving average is $55.93.

GitLab (NASDAQ:GTLBGet Rating) last issued its quarterly earnings data on Monday, June 6th. The company reported ($0.30) EPS for the quarter, beating the consensus estimate of ($0.35) by $0.05. The company had revenue of $87.40 million during the quarter, compared to the consensus estimate of $78.13 million. GitLab’s revenue for the quarter was up 75.2% on a year-over-year basis. Equities research analysts expect that GitLab Inc. will post -1.38 earnings per share for the current year.

In other news, major shareholder 2021 Gp L.L.C. Gv acquired 13,528 shares of the firm’s stock in a transaction dated Tuesday, May 24th. The stock was bought at an average cost of $33.72 per share, for a total transaction of $456,164.16. Following the completion of the transaction, the insider now directly owns 593,402 shares in the company, valued at approximately $20,009,515.44. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Several hedge funds and other institutional investors have recently modified their holdings of GTLB. ICONIQ Capital LLC raised its position in GitLab by 252.2% in the first quarter. ICONIQ Capital LLC now owns 9,773,455 shares of the company’s stock worth $532,164,000 after acquiring an additional 6,998,187 shares during the period. Coatue Management LLC purchased a new position in GitLab during the fourth quarter valued at approximately $169,817,000. T Ventures Management Co Ltd. purchased a new position in GitLab in the 4th quarter worth approximately $132,913,000. D1 Capital Partners L.P. bought a new stake in shares of GitLab in the 4th quarter worth approximately $99,875,000. Finally, SQN Investors LP bought a new stake in shares of GitLab in the 1st quarter worth approximately $58,657,000. Hedge funds and other institutional investors own 21.30% of the company’s stock.

About GitLab (NASDAQ:GTLB)

GitLab Inc, through its subsidiaries, develops software for the software development lifecycle in the United States, Europe, and the Asia Pacific. The company 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.

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