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

GitLab (NASDAQ:GTLB) had its price target dropped by equities research analysts at Macquarie from $90.00 to $75.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Macquarie’s price objective indicates a potential upside of 71.59% from the stock’s current price.

A number of other research firms have also weighed in on GTLB. The Goldman Sachs Group reiterated a “neutral” rating and issued a $50.00 price objective (down from $63.00) on shares of GitLab in a research note on Wednesday. Raymond James reduced their price target on shares of GitLab from $80.00 to $60.00 and set an “outperform” rating for the company in a research report on Wednesday. Truist Financial reduced their price target on shares of GitLab from $90.00 to $80.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Barclays reduced their price target on shares of GitLab from $58.00 to $47.00 and set an “equal weight” rating for the company in a research report on Wednesday. Finally, DA Davidson dropped their price objective on shares of GitLab from $60.00 to $45.00 and set a “neutral” rating for the company in a report on Monday, April 14th. Four equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $63.59.

GitLab Stock Up 0.8%

GitLab stock opened at $43.71 on Wednesday. GitLab has a 52 week low of $37.90 and a 52 week high of $74.18. The company’s 50 day moving average price is $46.43 and its two-hundred day moving average price is $55.57. The stock 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 posted its quarterly earnings results on Tuesday, June 10th. The company reported $0.17 EPS for the quarter, topping analysts’ consensus estimates of $0.15 by $0.02. The company had revenue of $214.51 million for the quarter, compared to analysts’ expectations of $213.21 million. GitLab had a negative net margin of 6.83% and a negative return on equity of 11.72%. GitLab’s revenue was up 26.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.03 EPS. On average, equities analysts anticipate that GitLab will post -0.31 EPS for the current year.

Insider Transactions at GitLab

In other GitLab news, Director Karen Blasing sold 3,250 shares of GitLab stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $45.00, for a total value of $146,250.00. Following the sale, the director now directly owns 111,983 shares in the company, valued at approximately $5,039,235. The trade was a 2.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Susan L. Bostrom sold 40,000 shares of GitLab stock in a transaction 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 sale, the director now owns 144,913 shares in the company, valued at approximately $7,518,086.44. This represents a 21.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 461,584 shares of company stock worth $23,192,574 in the last 90 days. 16.37% of the stock is currently owned by insiders.

Institutional Trading of GitLab

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of GitLab by 2.3% during the 1st quarter. Vanguard Group Inc. now owns 13,445,456 shares of the company’s stock worth $631,936,000 after purchasing an additional 302,864 shares during the period. Norges Bank purchased a new stake in GitLab in the 4th quarter valued at about $279,089,000. Artisan Partners Limited Partnership boosted its position in GitLab by 55.7% in the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock valued at $227,318,000 after buying an additional 1,443,160 shares during the period. Franklin Resources Inc. boosted its position in GitLab by 17.6% in the 4th quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company’s stock valued at $176,954,000 after buying an additional 470,192 shares during the period. Finally, Eminence Capital LP boosted its position in GitLab by 13.6% in the 1st quarter. Eminence Capital LP now owns 2,498,201 shares of the company’s stock valued at $117,415,000 after buying an additional 299,191 shares during the period. 95.04% of the stock is currently 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.