GitLab Inc. (NASDAQ:GTLB – Get Free Report)’s share price reached a new 52-week high on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $59.84 and last traded at $58.61, with a volume of 5963062 shares. The stock had previously closed at $52.93.

The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.10. GitLab had a negative return on equity of 21.02% and a negative net margin of 37.77%. The business had revenue of $149.67 million during the quarter, compared to the consensus estimate of $141.54 million. During the same period last year, the company earned ($0.33) earnings per share. The business’s revenue for the quarter was up 32.5% compared to the same quarter last year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on GTLB. Barclays lifted their target price on GitLab from $50.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Royal Bank of Canada lifted their target price on GitLab from $60.00 to $62.00 and gave the company an “outperform” rating in a research note on Wednesday, September 6th. Canaccord Genuity Group started coverage on GitLab in a research note on Tuesday, September 12th. They issued a “buy” rating and a $62.00 target price on the stock. TD Cowen raised their price target on GitLab from $56.00 to $63.00 and gave the stock an “outperform” rating in a report on Wednesday, September 6th. Finally, BTIG Research assumed coverage on GitLab in a report on Monday, November 13th. They set a “buy” rating and a $56.00 target price for the company. Seven research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat, GitLab currently has a consensus rating of “Moderate Buy” and a consensus target price of $59.47.

Get Our Latest Stock Analysis on GTLB

Insider Activity

In related news, major shareholder Iconiq Strategic Partners Iii, sold 39,582 shares of the firm’s stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $51.31, for a total transaction of $2,030,952.42. Following the transaction, the insider now owns 1,298,646 shares in the company, valued at approximately $66,633,526.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other GitLab news, major shareholder Iconiq Strategic Partners Iii, sold 39,582 shares of the stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $51.31, for a total transaction of $2,030,952.42. Following the completion of the sale, the insider now directly owns 1,298,646 shares of the company’s stock, valued at approximately $66,633,526.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sytse Sijbrandij sold 159,433 shares of the stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $49.12, for a total value of $7,831,348.96. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 701,756 shares of company stock worth $34,216,334. 28.04% of the stock is currently owned by insiders.

Institutional Trading of GitLab

Several hedge funds have recently modified their holdings of GTLB. Raymond James & Associates lifted its holdings in shares of GitLab by 62.6% in the 1st quarter. Raymond James & Associates now owns 4,289 shares of the company’s stock valued at $234,000 after buying an additional 1,652 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of GitLab by 3,816.3% in the 1st quarter. Bank of New York Mellon Corp now owns 182,343 shares of the company’s stock valued at $9,930,000 after buying an additional 177,687 shares during the period. BlackRock Inc. raised its holdings in GitLab by 13.1% during the first quarter. BlackRock Inc. now owns 2,821,575 shares of the company’s stock worth $153,635,000 after purchasing an additional 327,244 shares during the last quarter. Blair William & Co. IL raised its holdings in GitLab by 229.4% during the first quarter. Blair William & Co. IL now owns 34,096 shares of the company’s stock worth $1,857,000 after purchasing an additional 23,746 shares during the last quarter. Finally, Sei Investments Co. acquired a new position in GitLab during the first quarter worth $1,634,000. 54.15% of the stock is owned by institutional investors and hedge funds.

GitLab Stock Up 11.5 %

The firm has a fifty day moving average of $45.66 and a 200-day moving average of $46.32. The stock has a market capitalization of $9.13 billion, a price-to-earnings ratio of -46.48 and a beta of 0.34.

GitLab Company Profile (Get Free Report)

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.

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Original: MarketBeat News Feed: GitLab (NASDAQ:GTLB) Reaches New 12-Month High After Earnings Beat