GitLab (NASDAQ:GTLB) Given New $65.00 Price Target at Canaccord Genuity Group

GitLab (NASDAQ:GTLBGet Free Report) had its price objective lowered by equities research analysts at Canaccord Genuity Group from $74.00 to $65.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target points to a potential upside of 47.33% from the company’s current price.

GTLB has been the subject of several other research reports. JPMorgan Chase & Co. dropped their price target on shares of GitLab from $55.00 to $50.00 and set a “neutral” rating for the company in a research report on Tuesday. KeyCorp cut their target price on GitLab from $70.00 to $62.00 and set an “overweight” rating on the stock in a research report on Tuesday. Wells Fargo & Company began coverage on GitLab in a research report on Tuesday, April 9th. They set an “overweight” rating and a $70.00 price target for the company. Mizuho cut their price objective on GitLab from $70.00 to $62.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, Bank of America reduced their price objective on GitLab from $85.00 to $80.00 and set a “buy” rating on the stock in a research note on Tuesday. Four research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $67.70.

Check Out Our Latest Report on GTLB

GitLab Stock Performance

GTLB stock opened at $44.12 on Wednesday. GitLab has a one year low of $40.19 and a one year high of $78.53. The company has a 50 day moving average price of $54.22 and a two-hundred day moving average price of $59.88. The stock has a market capitalization of $7.00 billion, a P/E ratio of -16.04 and a beta of 0.44.

GitLab (NASDAQ:GTLBGet Free Report) last issued its quarterly earnings results on Monday, March 4th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.07. GitLab had a negative return on equity of 18.68% and a negative net margin of 68.52%. The firm had revenue of $163.80 million for the quarter, compared to analyst estimates of $157.89 million. During the same period last year, the company earned ($0.26) EPS. The firm’s quarterly revenue was up 33.3% on a year-over-year basis. Research analysts forecast that GitLab will post -0.96 earnings per share for the current fiscal year.

Insider Transactions at GitLab

In other news, CEO Sytse Sijbrandij sold 75,000 shares of the company’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $55.19, for a total value of $4,139,250.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other GitLab news, CFO Brian G. Robins sold 60,000 shares of the stock in a transaction on Monday, April 1st. The shares were sold at an average price of $56.08, for a total transaction of $3,364,800.00. Following the sale, the chief financial officer now directly owns 346,146 shares of the company’s stock, valued at $19,411,867.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sytse Sijbrandij sold 75,000 shares of GitLab stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $55.19, for a total transaction of $4,139,250.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 433,383 shares of company stock valued at $23,632,528. 21.36% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On GitLab

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Byrne Asset Management LLC bought a new position in GitLab in the 1st quarter worth about $33,000. Allspring Global Investments Holdings LLC boosted its position in shares of GitLab by 2,107.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after buying an additional 548 shares during the period. Ramirez Asset Management Inc. bought a new position in GitLab in the 3rd quarter worth approximately $36,000. SRS Capital Advisors Inc. acquired a new stake in GitLab in the 3rd quarter valued at approximately $40,000. Finally, Banque Cantonale Vaudoise bought a new stake in GitLab during the 1st quarter valued at $58,000. 91.72% 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. It 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.

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