Gitlab (GTLB) Receives a Buy from Needham

Needham analyst Mike Cikos initiated coverage with a Buy rating on Gitlab (GTLBResearch Report) today and set a price target of $60.00. The company’s shares closed yesterday at $47.40.

Cikos covers the Technology sector, focusing on stocks such as Alteryx, New Relic, and Nutanix. According to TipRanks, Cikos has an average return of -8.8% and a 25.97% success rate on recommended stocks.

In addition to Needham, Gitlab also received a Buy from UBS’s Karl Keirstead in a report issued on August 31. However, on September 1, J.P. Morgan downgraded Gitlab (NASDAQ: GTLB) to a Hold.

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Based on Gitlab’s latest earnings release for the quarter ending April 30, the company reported a quarterly revenue of $87.41 million and a GAAP net loss of $26.1 million. In comparison, last year the company earned a revenue of $49.93 million and had a GAAP net loss of $27.94 million

Based on the recent corporate insider activity of 41 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of GTLB in relation to earlier this year.

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GitLab Inc is the DevOps platform that empowers organizations to maximize the overall return on software development by delivering software faster and efficiently, while strengthening security and compliance.

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