GitLab (NASDAQ:GTLB) Price Target Cut to $50.00

GitLab (NASDAQ:GTLB – Get Rating) had its price objective cut by equities research analysts at Bank of America from $75.00 to $50.00 in a research note issued to investors on Tuesday, The Fly reports. Bank of America‘s price target points to a potential upside of 47.23% from the stock’s current price.

Several other research analysts also recently weighed in on the company. KeyCorp cut their price target on GitLab from $63.00 to $60.00 and set an “overweight” rating for the company in a research note on Tuesday, December 6th. Truist Financial cut their price target on GitLab from $75.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, February 22nd. Royal Bank of Canada raised their target price on GitLab from $50.00 to $60.00 and gave the stock an “outperform” rating in a research note on Monday, March 6th. FBN Securities started coverage on GitLab in a research note on Monday, January 23rd. They issued an “outperform” rating and a $60.00 target price for the company. Finally, UBS Group cut their target price on GitLab to $59.00 in a research note on Monday, November 28th. Two equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $61.57.

GitLab Price Performance

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

GitLab (NASDAQ:GTLB – Get Rating) last announced its earnings results 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 return on equity of 23.06% and a negative net margin of 47.30%. The firm had revenue of $122.90 million during the quarter, compared to analyst estimates of $119.59 million. During the same period last year, the firm posted ($0.25) EPS. The business’s revenue was up 58.0% compared to the same quarter last year. As a group, equities analysts anticipate that GitLab will post -1.37 EPS for the current fiscal year.

Insider Activity at GitLab

In related news, CRO Michael Eugene Mcbride sold 6,832 shares of the firm’s stock in a transaction dated Tuesday, January 3rd. The stock was sold at an average price of $45.70, for a total transaction of $312,222.40. Following the transaction, the executive now directly owns 869,178 shares of the company’s stock, valued at approximately $39,721,434.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CRO Michael Eugene Mcbride sold 6,832 shares of the firm’s stock in a transaction dated Tuesday, January 3rd. The stock was sold at an average price of $45.70, for a total transaction of $312,222.40. Following the transaction, the executive now directly owns 869,178 shares of the company’s stock, valued at approximately $39,721,434.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Divesh Makan sold 53,676 shares of GitLab stock in a transaction that occurred 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. In the last three months, insiders have sold 64,082 shares of company stock valued at $2,880,100. Corporate insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On GitLab

A number of large investors have recently bought and sold shares of GTLB. Raymond James & Associates increased its stake in GitLab by 62.6% in the 1st quarter. Raymond James & Associates now owns 4,289 shares of the company’s stock worth $234,000 after purchasing an additional 1,652 shares during the period. Bank of New York Mellon Corp increased its stake in shares of GitLab by 3,816.3% during the first quarter. Bank of New York Mellon Corp now owns 182,343 shares of the company’s stock valued at $9,930,000 after buying an additional 177,687 shares during the period. BlackRock Inc. increased its stake in shares of GitLab by 13.1% during the first quarter. BlackRock Inc. now owns 2,821,575 shares of the company’s stock valued at $153,635,000 after buying an additional 327,244 shares during the period. Blair William & Co. IL increased its stake in shares of GitLab by 229.4% during the first quarter. Blair William & Co. IL now owns 34,096 shares of the company’s stock valued at $1,857,000 after buying an additional 23,746 shares during the period. Finally, Sei Investments Co. purchased a new position in shares of GitLab during the first quarter valued at approximately $1,634,000. 48.99% of the stock is owned by hedge funds and other institutional investors.

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.