GitLab (NASDAQ:GTLB) Given New $50.00 Price Target at Truist Financial

GitLab (NASDAQ:GTLB – Get Rating) had its target price lowered by equities research analysts at Truist Financial from $65.00 to $50.00 in a research report issued on Tuesday, The Fly reports. Truist Financial’s target price indicates a potential upside of 47.23% from the company’s previous close.

Several other research analysts have also recently weighed in on the company. Piper Sandler lowered their target price on GitLab from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, January 5th. Bank of America lowered their target price on GitLab from $75.00 to $50.00 in a report on Tuesday. FBN Securities initiated coverage on GitLab in a report on Monday, January 23rd. They issued an “outperform” rating and a $60.00 price objective on the stock. Royal Bank of Canada upped their price objective on GitLab from $50.00 to $60.00 and gave the company an “outperform” rating in a report on Monday, March 6th. Finally, KeyCorp decreased their price objective on GitLab from $63.00 to $60.00 and set an “overweight” rating on the stock in a report on Tuesday, December 6th. Two equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $61.57.

GitLab Trading Down 23.9 %

NASDAQ:GTLB opened at $33.96 on Tuesday. GitLab has a 12 month low of $30.92 and a 12 month high of $70.96. The stock has a 50 day moving average of $46.30 and a two-hundred day moving average of $47.17. The firm has a market cap of $5.08 billion, a P/E ratio of -27.61 and a beta of -0.18.

GitLab (NASDAQ:GTLB – Get Rating) last issued its earnings results on Monday, March 13th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.14) by $0.11. The business had revenue of $122.90 million for the quarter, compared to analysts’ expectations of $119.59 million. GitLab had a negative return on equity of 23.06% and a negative net margin of 47.30%. The business’s revenue for the quarter was up 58.0% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.25) EPS. On average, research analysts forecast that GitLab will post -1.37 earnings per share for the current year.

Insider Transactions at GitLab

In other news, major shareholder Divesh Makan sold 53,676 shares of the company’s stock in a transaction on Tuesday, December 27th. The stock was sold at an average price of $44.65, for a total transaction of $2,396,633.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CRO Michael Eugene Mcbride sold 6,832 shares of the company’s stock in a transaction on Tuesday, January 3rd. The stock was sold at an average price of $45.70, for a total transaction of $312,222.40. Following the sale, the executive now owns 869,178 shares of the company’s stock, valued at $39,721,434.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Divesh Makan sold 53,676 shares of the company’s stock in a transaction on Tuesday, December 27th. The stock was sold at an average price of $44.65, for a total value of $2,396,633.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 64,082 shares of company stock valued at $2,880,100. 0.19% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On GitLab

Large investors have recently bought and sold shares of the business. Sands Capital Ventures LLC purchased a new position in GitLab in the fourth quarter valued at $30,000. Exchange Traded Concepts LLC purchased a new position in GitLab in the fourth quarter valued at $30,000. OLD Mission Capital LLC purchased a new position in GitLab in the fourth quarter valued at $37,000. Lazard Asset Management LLC purchased a new position in GitLab in the first quarter valued at $47,000. Finally, First Horizon Advisors Inc. purchased a new position in GitLab in the third quarter valued at $47,000. Hedge funds and other institutional investors own 48.99% of the company’s stock.

GitLab Company Profile

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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.