Needham & Company LLC Issues Pessimistic Forecast for GitLab (NASDAQ:GTLB) Stock Price

GitLab (NASDAQ:GTLBGet Free Report) had its target price lowered by stock analysts at Needham & Company LLC from $85.00 to $55.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s target price indicates a potential upside of 25.83% from the company’s previous close.

A number of other equities research analysts have also recently commented on the stock. Mizuho lowered their price objective on shares of GitLab from $80.00 to $72.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 4th. Wells Fargo & Company reduced their price target on shares of GitLab from $85.00 to $65.00 and set an “overweight” rating on the stock in a report on Tuesday, April 22nd. Morgan Stanley lowered their price target on shares of GitLab from $77.00 to $53.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. DA Davidson cut their price objective on GitLab from $60.00 to $45.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. Finally, JPMorgan Chase & Co. reduced their target price on GitLab from $65.00 to $62.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 4th. Four research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $63.59.

Check Out Our Latest Stock Report on GitLab

GitLab Trading Up 0.8%

GTLB stock opened at $43.71 on Wednesday. The firm has a 50 day moving average of $46.43 and a 200-day moving average of $55.57. The company has a market cap of $7.17 billion, a price-to-earnings ratio of -136.59 and a beta of 0.75. GitLab has a 12-month low of $37.90 and a 12-month high of $74.18.

GitLab (NASDAQ:GTLBGet Free Report) last released its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.02. The firm had revenue of $214.51 million during the quarter, compared to the consensus estimate of $213.21 million. GitLab had a negative return on equity of 11.72% and a negative net margin of 6.83%. GitLab’s quarterly revenue was up 26.8% on a year-over-year basis. During the same period last year, the business posted $0.03 EPS. Sell-side analysts forecast that GitLab will post -0.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In other GitLab news, Director Matthew Jacobson sold 152,884 shares of GitLab stock in a transaction on Monday, March 24th. The shares were sold at an average price of $52.34, for a total value of $8,001,948.56. Following the transaction, the director now owns 493,554 shares in the company, valued at $25,832,616.36. This trade represents a 23.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Brian G. Robins sold 45,000 shares of the business’s stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $53.04, for a total transaction of $2,386,800.00. Following the sale, the chief financial officer now directly owns 344,105 shares of the company’s stock, valued at $18,251,329.20. This represents a 11.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 461,584 shares of company stock worth $23,192,574. 16.37% of the stock is owned by company insiders.

Institutional Inflows and Outflows

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

GitLab Company Profile

(Get Free Report)

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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