BTIG Research Has Lowered Expectations for GitLab (NASDAQ:GTLB) Stock Price

GitLab (NASDAQ:GTLB) had its target price dropped by equities research analysts at BTIG Research from $86.00 to $67.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. BTIG Research’s price target points to a potential upside of 53.28% from the company’s current price.

Several other equities analysts also recently weighed in on the stock. Barclays decreased their price target on shares of GitLab from $70.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 4th. Morgan Stanley decreased their target price on shares of GitLab from $77.00 to $53.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Needham & Company LLC lowered their target price on GitLab from $85.00 to $55.00 and set a “buy” rating on the stock in a report on Wednesday. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $80.00 price target on shares of GitLab in a report on Tuesday, March 4th. Finally, Royal Bank of Canada reduced their price objective on GitLab from $80.00 to $68.00 and set an “outperform” rating on the stock in a research report on Monday, May 19th. Four equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, GitLab presently has a consensus rating of “Moderate Buy” and an average target price of $63.59.

GitLab Price Performance

Shares of NASDAQ:GTLB opened at $43.71 on Wednesday. The business’s 50 day moving average price is $46.43 and its 200-day moving average price is $55.57. The firm has a market capitalization of $7.17 billion, a PE ratio of -136.59 and a beta of 0.75. GitLab has a 1 year low of $37.90 and a 1 year high of $74.18.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.02. GitLab had a negative return on equity of 11.72% and a negative net margin of 6.83%. The company had revenue of $214.51 million for the quarter, compared to analyst estimates of $213.21 million. During the same quarter last year, the firm posted $0.03 EPS. The firm’s revenue for the quarter was up 26.8% on a year-over-year basis. As a group, analysts expect that GitLab will post -0.31 earnings per share for the current year.

Insider Buying and Selling

In other GitLab news, insider Sytse Sijbrandij sold 108,600 shares of the business’s stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $42.87, for a total value of $4,655,682.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Karen Blasing sold 3,250 shares of the company’s stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $45.00, for a total value of $146,250.00. Following the transaction, the director now owns 111,983 shares in the company, valued at $5,039,235. This trade represents a 2.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 461,584 shares of company stock valued at $23,192,574. 16.37% of the stock is currently owned by insiders.

Institutional Investors Weigh In On GitLab

A number of institutional investors have recently modified their holdings of the company. Belpointe Asset Management LLC acquired a new position in GitLab during the 1st quarter worth about $409,000. Fortis Capital Advisors LLC acquired a new position in GitLab in the 1st quarter valued at about $409,000. Focus Partners Wealth increased its stake in GitLab by 42.5% during the first quarter. Focus Partners Wealth now owns 252,586 shares of the company’s stock worth $11,871,000 after purchasing an additional 75,331 shares during the period. Bayforest Capital Ltd purchased a new stake in GitLab during the first quarter worth about $830,000. Finally, Woodline Partners LP acquired a new stake in shares of GitLab during the first quarter worth about $314,000. 95.04% of the stock is owned by institutional investors and hedge funds.

About GitLab

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.