GitLab (NASDAQ:GTLB) Price Target Lowered to $45.00 at Royal Bank of Canada

Posted by MarketBeat News on Mar 15th, 2023

GitLab (NASDAQ:GTLB – Get Rating) had its price target cut by equities research analysts at Royal Bank of Canada from $60.00 to $45.00 in a note issued to investors on Tuesday, The Fly reports. Royal Bank of Canada’s target price indicates a potential upside of 32.51% from the company’s previous close.

A number of other brokerages have also recently commented on GTLB. Needham & Company LLC cut GitLab from a “buy” rating to a “hold” rating in a research report on Friday, February 10th. Piper Sandler reduced their price objective on GitLab from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, January 5th. Bank of America reduced their price objective on GitLab from $75.00 to $50.00 in a research note on Tuesday. UBS Group reduced their price objective on GitLab to $59.00 in a research note on Monday, November 28th. Finally, FBN Securities began coverage on GitLab in a research note on Monday, January 23rd. They set an “outperform” rating and a $60.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, GitLab has an average rating of “Moderate Buy” and a consensus target price of $61.57.

GitLab Stock Performance

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

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GitLab (NASDAQ:GTLB – Get Rating) last issued its quarterly earnings results on Monday, March 13th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $122.90 million during the quarter, compared to analysts’ expectations of $119.59 million. During the same quarter in the previous year, the firm posted ($0.25) EPS. The firm’s revenue was up 58.0% compared to the same quarter last year. Analysts predict that GitLab will post -1.37 EPS for the current fiscal year.

Insiders Place Their Bets

In other GitLab news, major shareholder Divesh Makan sold 53,676 shares of the business’s stock in a transaction that occurred 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 Securities & Exchange Commission, which is available through the SEC website. In other news, major shareholder Divesh Makan sold 53,676 shares of the business’s stock in a transaction that occurred 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 legal filing with the SEC, which can be accessed through this link. Also, insider Dale R. Brown sold 894 shares of the business’s stock in a transaction that occurred on Thursday, January 5th. The stock was sold at an average price of $41.66, for a total value of $37,244.04. Following the transaction, the insider now owns 16,265 shares in the company, valued at $677,599.90. The disclosure for this sale can be found here. In the last three months, insiders sold 64,082 shares of company stock worth $2,880,100. Corporate insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. August Capital Management VII L.L.C. acquired a new position in shares of GitLab during the 2nd quarter worth approximately $632,327,000. Morgan Stanley boosted its holdings in shares of GitLab by 3.0% during the 4th quarter. Morgan Stanley now owns 7,845,971 shares of the company’s stock worth $356,521,000 after purchasing an additional 228,085 shares during the last quarter. Vanguard Group Inc. lifted its holdings in GitLab by 73.8% in the third quarter. Vanguard Group Inc. now owns 4,649,197 shares of the company’s stock valued at $238,132,000 after acquiring an additional 1,973,796 shares during the last quarter. 1832 Asset Management L.P. lifted its holdings in GitLab by 152.1% in the fourth quarter. 1832 Asset Management L.P. now owns 3,952,200 shares of the company’s stock valued at $179,588,000 after acquiring an additional 2,384,500 shares during the last quarter. Finally, BlackRock Inc. lifted its holdings in GitLab by 0.5% in the third quarter. BlackRock Inc. now owns 3,314,294 shares of the company’s stock valued at $169,757,000 after acquiring an additional 16,023 shares during the last quarter. 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.