Canaccord Genuity Group Cuts GitLab (NASDAQ:GTLB) Price Target to $76.00

GitLab (NASDAQ:GTLB) had its price target decreased by Canaccord Genuity Group from $78.00 to $76.00 in a research note published on Thursday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

A number of other equities analysts have also issued reports on GTLB. BTIG Research lowered their price target on GitLab from $86.00 to $67.00 and set a “buy” rating on the stock in a report on Wednesday. DA Davidson lowered their price target on GitLab from $60.00 to $45.00 and set a “neutral” rating on the stock in a report on Monday, April 14th. Robert W. Baird lowered their price target on GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a report on Monday, March 3rd. Piper Sandler restated an “overweight” rating and issued a $85.00 price objective on shares of GitLab in a research report on Wednesday. Finally, Royal Bank of Canada reduced their price objective on shares of GitLab from $68.00 to $62.00 and set an “outperform” rating for the company in a research report on Wednesday. Four investment 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. According to data from MarketBeat.com, GitLab currently has an average rating of “Moderate Buy” and a consensus price target of $63.59.

GitLab Stock Up 0.8%

NASDAQ GTLB opened at $43.71 on Thursday. GitLab has a 52-week low of $37.90 and a 52-week high of $74.18. 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 cap of $7.17 billion, a P/E ratio of -136.59 and a beta of 0.75.

GitLab (NASDAQ:GTLB) last released its quarterly earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $214.51 million for the quarter, compared to analyst estimates of $213.21 million. During the same quarter last year, the company posted $0.03 earnings per share. The business’s revenue was up 26.8% on a year-over-year basis. As a group, analysts anticipate that GitLab will post -0.31 earnings per share for the current year.

Insider Activity

In other news, Director Susan L. Bostrom sold 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $51.88, for a total transaction of $2,075,200.00. Following the completion of the transaction, the director now directly owns 144,913 shares of the company’s stock, valued at $7,518,086.44. This trade represents a 21.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Sytse Sijbrandij sold 108,600 shares of the firm’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 transaction of $4,655,682.00. The disclosure for this sale can be found here. In the last three months, insiders sold 461,584 shares of company stock worth $23,192,574. Company insiders own 16.37% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of GTLB. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of GitLab by 15.5% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,700 shares of the company’s stock worth $717,000 after purchasing an additional 1,700 shares in the last quarter. Wilmington Savings Fund Society FSB increased its stake in shares of GitLab by 7.9% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock worth $116,000 after purchasing an additional 150 shares in the last quarter. Wildcat Capital Management LLC purchased a new position in shares of GitLab during the 4th quarter worth approximately $642,000. Vontobel Holding Ltd. purchased a new position in shares of GitLab during the 4th quarter worth approximately $549,000. Finally, Blue Trust Inc. grew its stake in GitLab by 60.9% in the 4th quarter. Blue Trust Inc. now owns 5,095 shares of the company’s stock worth $287,000 after acquiring an additional 1,929 shares during the period. 95.04% of the stock is owned by hedge funds and other institutional investors.

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.