D.A. Davidson & CO. has acquired a new stake in GitLab Inc., according to the company’s filing with the Securities and Exchange Commission. The investment firm purchased 4,890 shares valued at $222,000 in the fourth quarter of 2022. Other hedge funds, such as BlackRock, Goldman Sachs Group, and Altimeter Capital Management, have also recently increased their holdings in GitLab. Additionally, analysts have set new price targets for GitLab stock. Four analysts have rated the stock a “hold,” while ten have given it a “buy” rating, resulting in a consensus rating of “strong buy” with an average target price of $55.88. Despite the positive news, GitLab’s stock has experienced a decline in performance, with a 52-week low of $29.37 and a 52-week high of $70.96. The company reported a positive earnings surprise, with a $0.11 increase in earnings per share for the quarter, as well as a 58% increase in revenue on a year-over-year basis. Equities research analysts predict that GitLab will post a negative EPS of $0.92 for the current fiscal year.
Gitlab Stock Analysis & Forecast
GitLab Inc’s stock is expected to rise to an average target price of $51.68 over the next 12 months, according to the forecasts of 20 analysts. The consensus rating among the analysts is Strong Buy. However, Stock Target Advisor has given a Slightly Bearish rating based on 3 positive signals and 6 negative signals in its own stock analysis of GitLab Inc. The stock closed at $28.22, which is a decline of 8.53% in the past week, 17.82% in the past month, and 42.17% in the last year.
GitLab Inc. is a software development company with operations in the United States, Europe, and the Asia Pacific. The company’s primary product is the GitLab DevOps platform, which allows for faster development cycles and better visibility and control over the various stages of software development. GitLab Inc. helps businesses plan, build, secure, and deploy software to achieve desired outcomes. In addition to its software offerings, the company also provides training and professional services. Founded in 2011 as GitLab B.V., the company changed its name to GitLab Inc. in July 2015 and is headquartered in San Francisco, California.