GitLab (NASDAQ:GTLB) Price Target Cut to $73.00 by Analysts at UBS Group

GitLab (NASDAQ:GTLB) had its price target decreased by analysts at UBS Group from $85.00 to $73.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. UBS Group’s price target indicates a potential upside of 67.01% from the stock’s previous close.

Several other equities analysts have also recently issued reports on the stock. Cowen restated a “buy” rating on shares of GitLab in a research note on Friday, June 6th. Morgan Stanley decreased their price objective on shares of GitLab from $77.00 to $53.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. DA Davidson lowered their price objective on shares of GitLab from $60.00 to $45.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Royal Bank of Canada dropped their target price on shares of GitLab from $80.00 to $68.00 and set an “outperform” rating on the stock in a report on Monday, May 19th. Finally, KeyCorp decreased their target price on shares of GitLab from $80.00 to $60.00 and set an “overweight” rating for the company in a research note on Thursday, April 17th. Four analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $63.59.

GitLab Trading Up 0.8%

Shares of GTLB opened at $43.71 on Wednesday. The company has a market cap of $7.17 billion, a price-to-earnings ratio of -136.59 and a beta of 0.75. The business’s fifty day simple moving average is $46.43 and its two-hundred day simple moving average is $55.57. GitLab has a 12 month low of $37.90 and a 12 month high of $74.18.

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

Insider Transactions at GitLab

In related news, Director Susan L. Bostrom sold 40,000 shares of the company’s stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $51.88, for a total value of $2,075,200.00. Following the completion of the transaction, the director now owns 144,913 shares of the company’s stock, valued at approximately $7,518,086.44. This represents a 21.63% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Sytse Sijbrandij sold 108,600 shares of the stock in a transaction 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 disclosure for this sale can be found here. Insiders have sold 461,584 shares of company stock valued at $23,192,574 over the last quarter. 16.37% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On GitLab

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Swiss National Bank grew its position in shares of GitLab by 3.7% during the fourth quarter. Swiss National Bank now owns 215,000 shares of the company’s stock worth $12,115,000 after purchasing an additional 7,700 shares in the last quarter. Smartleaf Asset Management LLC lifted its holdings in GitLab by 1,067.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock worth $71,000 after purchasing an additional 1,153 shares in the last quarter. Rhumbline Advisers boosted its stake in GitLab by 5.5% in the 4th quarter. Rhumbline Advisers now owns 150,312 shares of the company’s stock worth $8,470,000 after purchasing an additional 7,837 shares during the period. Principal Securities Inc. grew its holdings in GitLab by 79.6% during the 4th quarter. Principal Securities Inc. now owns 5,373 shares of the company’s stock valued at $303,000 after buying an additional 2,381 shares in the last quarter. Finally, Truist Financial Corp grew its holdings in GitLab by 32.4% during the 4th quarter. Truist Financial Corp now owns 22,078 shares of the company’s stock valued at $1,244,000 after buying an additional 5,406 shares in the last quarter. 95.04% of the stock is owned by institutional investors.

GitLab Company Profile

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.