GitLab (NASDAQ:GTLB) Price Target Cut to $45.00

GitLab (NASDAQ:GTLB – Get Rating) had its target price lowered by Royal Bank of Canada from $60.00 to $45.00 in a research report sent to investors on Tuesday morning, The Fly reports.

Several other equities analysts have also recently commented on GTLB. Barclays began coverage on GitLab in a research note on Thursday, December 15th. They set an overweight rating and a $65.00 target price for the company. KeyCorp cut their target price on GitLab from $63.00 to $60.00 and set an overweight rating on the stock in a research note on Tuesday, December 6th. Truist Financial cut their target price on GitLab from $65.00 to $50.00 in a research note on Tuesday. UBS Group cut their target price on GitLab to $59.00 in a research note on Monday, November 28th. Finally, Bank of America lowered their price target on GitLab from $75.00 to $50.00 in a report on Tuesday. Two investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $61.57.

GitLab Stock Performance

GTLB opened at $33.96 on Tuesday. The firm has a 50 day moving average price of $46.30 and a 200 day moving average price of $47.17. The company has a market cap of $5.08 billion, a PE ratio of -27.61 and a beta of -0.18. GitLab has a 1 year low of $30.92 and a 1 year high of $70.96.

GitLab (NASDAQ:GTLB – Get Rating) last issued its quarterly earnings data on Monday, March 13th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.11. GitLab had a negative net margin of 47.30% and a negative return on equity of 23.06%. The company had revenue of $122.90 million during the quarter, compared to the consensus estimate of $119.59 million. During the same quarter last year, the company earned ($0.25) earnings per share. GitLab’s revenue for the quarter was up 58.0% on a year-over-year basis. On average, sell-side analysts predict that GitLab will post -1.37 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder Divesh Makan sold 53,676 shares of GitLab stock in a transaction dated Tuesday, December 27th. The stock was sold at an average price of $44.65, for a total value of $2,396,633.40. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other GitLab news, major shareholder Divesh Makan sold 53,676 shares of the firm’s stock in a transaction dated Tuesday, December 27th. The stock was sold at an average price of $44.65, for a total transaction of $2,396,633.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Dale R. Brown sold 894 shares of the firm’s stock in a transaction dated Thursday, January 5th. The stock was sold at an average price of $41.66, for a total value of $37,244.04. Following the sale, the insider now owns 16,265 shares of the company’s stock, valued at $677,599.90. The disclosure for this sale can be found here. In the last quarter, insiders have sold 64,082 shares of company stock valued at $2,880,100. 0.19% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On GitLab

Institutional investors have recently bought and sold shares of the business. Exchange Traded Concepts LLC acquired a new stake in shares of GitLab during the 4th quarter valued at about $30,000. Sands Capital Ventures LLC acquired a new stake in shares of GitLab during the 4th quarter valued at about $30,000. OLD Mission Capital LLC acquired a new stake in shares of GitLab during the 4th quarter valued at about $37,000. First Horizon Advisors Inc. acquired a new stake in shares of GitLab during the 3rd quarter valued at about $47,000. Finally, Lazard Asset Management LLC bought a new position in shares of GitLab in the 1st quarter valued at approximately $47,000. 48.99% of the stock is currently owned by institutional investors and hedge funds.

About GitLab

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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.