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

GitLab (NASDAQ:GTLB) had its price objective lowered by analysts at Raymond James from $80.00 to $60.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Raymond James’ price target suggests a potential upside of 37.27% from the company’s current price.

GTLB has been the subject of a number of other research reports. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $50.00 price objective (down previously from $63.00) on shares of GitLab in a report on Wednesday. Scotiabank decreased their price objective on shares of GitLab from $80.00 to $67.00 and set a “sector outperform” rating for the company in a report on Friday, June 6th. Cantor Fitzgerald reduced their price target on shares of GitLab from $70.00 to $60.00 and set an “overweight” rating for the company in a report on Wednesday. Cowen reissued a “buy” rating on shares of GitLab in a report on Friday, June 6th. Finally, KeyCorp reduced their price target on shares of GitLab from $80.00 to $60.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Four 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 MarketBeat, GitLab presently has an average rating of “Moderate Buy” and an average price target of $63.59.

GitLab Trading Up 0.8%

Shares of NASDAQ:GTLB opened at $43.71 on Wednesday. The company has a fifty day simple moving average of $46.43 and a 200 day simple moving average of $55.57. The firm has a market cap of $7.17 billion, a PE 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:GTLB) last released its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 EPS for the quarter, topping analysts’ consensus estimates 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 net margin of 6.83% and a negative return on equity of 11.72%. The firm’s revenue was up 26.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.03 earnings per share. As a group, equities research analysts forecast that GitLab will post -0.31 EPS for the current fiscal year.

Insider Activity

In related news, Director Matthew Jacobson sold 152,884 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $52.34, for a total value of $8,001,948.56. Following the completion of the sale, the director now owns 493,554 shares of the company’s stock, valued at approximately $25,832,616.36. The trade was a 23.65% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Sytse Sijbrandij sold 108,600 shares of the business’s stock in a transaction that occurred on Tuesday, April 15th. The shares were 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 worth $23,192,574 in the last 90 days. Company insiders own 16.37% of the company’s stock.

Institutional Investors Weigh In On GitLab

Several large investors have recently made changes to their positions in GTLB. Cullen Frost Bankers Inc. boosted its position in GitLab by 174.9% during the first quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company’s stock worth $25,000 after purchasing an additional 334 shares during the period. EverSource Wealth Advisors LLC boosted its position in GitLab by 5,700.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after purchasing an additional 513 shares during the period. Cloud Capital Management LLC bought a new stake in GitLab during the first quarter worth approximately $29,000. Twin Tree Management LP bought a new stake in GitLab during the first quarter worth approximately $29,000. Finally, CoreCap Advisors LLC boosted its position in GitLab by 327.5% during the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock worth $33,000 after purchasing an additional 452 shares during the period. Institutional investors own 95.04% of the company’s stock.

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.