GitLab (NASDAQ:GTLB) Price Target Cut to $50.00 by Analysts at Bank of America

GitLab (NASDAQ:GTLB – Get Rating) had its price objective cut by Bank of America from $75.00 to $50.00 in a report released on Tuesday morning, The Fly reports.

Several other research analysts have also weighed in on GTLB. FBN Securities initiated coverage on shares of GitLab in a report on Monday, January 23rd. They set an outperform rating and a $60.00 price objective on the stock. Truist Financial cut their price objective on shares of GitLab from $75.00 to $65.00 and set a buy rating on the stock in a report on Wednesday, February 22nd. Piper Sandler cut their price objective on shares of GitLab from $60.00 to $58.00 and set an overweight rating on the stock in a report on Thursday, January 5th. Barclays initiated coverage on shares of GitLab in a research report on Thursday, December 15th. They set an overweight rating and a $65.00 target price for the company. Finally, Needham & Company LLC downgraded shares of GitLab from a buy rating to a hold rating in a research report on Friday, February 10th. Two analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, GitLab presently 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. The firm has a market cap of $5.08 billion, a price-to-earnings ratio of -27.61 and a beta of -0.18. The company’s 50-day moving average is $46.30 and its two-hundred day moving average is $47.17. GitLab has a 12-month low of $30.92 and a 12-month high of $70.96.

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

Insider Activity

In other news, major shareholder Divesh Makan sold 53,676 shares of the firm’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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, major shareholder Divesh Makan sold 53,676 shares of the firm’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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Dale R. Brown sold 2,680 shares of the firm’s stock in a transaction on Thursday, January 26th. The shares were sold at an average price of $50.00, for a total value of $134,000.00. Following the transaction, the insider now directly owns 16,265 shares in the company, valued at $813,250. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 64,082 shares of company stock valued at $2,880,100. Company insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

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

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.