GitLab (NASDAQ:GTLB) PT Lowered to $50.00

GitLab (NASDAQ:GTLB – Get Rating) had its price objective lowered by equities research analysts at Piper Sandler from $58.00 to $50.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s price target points to a potential upside of 49.48% from the stock’s current price.

A number of other equities analysts have also issued reports on GTLB. Barclays decreased their price target on GitLab from $65.00 to $45.00 and set an “overweight” rating for the company in a research note on Wednesday. Royal Bank of Canada dropped their price target on GitLab from $60.00 to $45.00 and set an “outperform” rating on the stock in a research report on Tuesday. Truist Financial dropped their target price on GitLab from $65.00 to $50.00 and set a “buy” rating on the stock in a report on Tuesday. UBS Group dropped their target price on GitLab from $54.00 to $35.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, Needham & Company LLC downgraded GitLab from a “buy” rating to a “hold” rating in a report on Friday, February 10th. Two research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $58.50.

GitLab Stock Performance

Shares of GTLB opened at $33.45 on Tuesday. The company has a market capitalization of $5.01 billion, a P/E ratio of -28.59 and a beta of -0.18. GitLab has a one year low of $30.92 and a one year high of $70.96. The stock has a 50-day moving average price of $46.11 and a 200 day moving average price of $47.07.

GitLab (NASDAQ:GTLB – Get Rating) last issued its quarterly earnings results on Monday, March 13th. The company reported ($0.03) EPS for the quarter, beating 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 firm had revenue of $122.90 million during the quarter, compared to the consensus estimate of $119.59 million. During the same quarter in the prior year, the business posted ($0.25) earnings per share. GitLab’s revenue for the quarter was up 58.0% on a year-over-year basis. As a group, equities research analysts forecast that GitLab will post -1.37 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, major shareholder 2021 Gp L.L.C. Gv purchased 415,000 shares of the company’s stock in a transaction dated Monday, March 13th. The stock was bought at an average cost of $29.29 per share, for a total transaction of $12,155,350.00. Following the purchase, the insider now owns 1,709,527 shares of the company’s stock, valued at $50,072,045.83. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other GitLab news, insider Dale R. Brown sold 2,680 shares of the stock in a transaction dated Thursday, January 26th. The stock was sold at an average price of $50.00, for a total transaction of $134,000.00. Following the completion of the sale, the insider now directly owns 16,265 shares in the company, valued at approximately $813,250. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder 2021 Gp L.L.C. Gv purchased 415,000 shares of the firm’s stock in a transaction on Monday, March 13th. The shares were acquired at an average price of $29.29 per share, with a total value of $12,155,350.00. Following the completion of the acquisition, the insider now owns 1,709,527 shares in the company, valued at approximately $50,072,045.83. The disclosure for this purchase can be found here. Insiders have sold 64,082 shares of company stock valued at $2,880,100 over the last 90 days. 0.19% of the stock is owned by corporate insiders.

Institutional Trading of GitLab

A number of large investors have recently bought and sold shares of the business. Sands Capital Ventures LLC bought a new position in shares of GitLab during the 4th quarter worth $30,000. Exchange Traded Concepts LLC purchased a new stake in GitLab during the 4th quarter worth about $30,000. OLD Mission Capital LLC purchased a new stake in GitLab during the 4th quarter worth about $37,000. Lazard Asset Management LLC purchased a new stake in GitLab during the 1st quarter worth about $47,000. Finally, First Horizon Advisors Inc. purchased a new stake in GitLab during the 3rd quarter worth about $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.