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

GitLab (NASDAQ:GTLB) had its target price cut by Cantor Fitzgerald from $70.00 to $60.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Cantor Fitzgerald’s target price indicates a potential upside of 33.18% from the stock’s previous close.

Several other research firms have also issued reports on GTLB. Needham & Company LLC reduced their target price on shares of GitLab from $85.00 to $55.00 and set a “buy” rating for the company in a report on Wednesday. Robert W. Baird decreased their price target on GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a research note on Monday, March 3rd. BTIG Research dropped their price target on GitLab from $86.00 to $67.00 and set a “buy” rating on the stock in a research report on Wednesday. Mizuho reduced their price objective on shares of GitLab from $80.00 to $72.00 and set an “outperform” rating for the company in a research note on Tuesday, March 4th. Finally, Barclays cut their target price on GitLab from $70.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 4th. Four equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, GitLab has an average rating of “Moderate Buy” and an average target price of $66.05.

GitLab Price Performance

NASDAQ GTLB traded down $3.46 during trading hours on Wednesday, reaching $45.05. 10,964,876 shares of the company’s stock traded hands, compared to its average volume of 2,648,622. GitLab has a 52-week low of $37.90 and a 52-week high of $74.18. The firm has a 50-day simple moving average of $46.37 and a 200 day simple moving average of $55.81. The firm has a market cap of $7.39 billion, a PE ratio of -140.13 and a beta of 0.75.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.02. The company had revenue of $214.51 million for 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 for the quarter was up 26.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.03 earnings per share. Sell-side analysts forecast that GitLab will post -0.31 EPS for the current fiscal year.

Insider Activity at GitLab

In other news, Director Matthew Jacobson sold 152,884 shares of the company’s 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 completion of the transaction, the director now directly owns 493,554 shares in the company, valued at approximately $25,832,616.36. This represents a 23.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Sytse Sijbrandij sold 108,600 shares of GitLab stock in a transaction 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. Over the last 90 days, insiders have sold 461,584 shares of company stock worth $23,192,574. 16.37% of the stock is owned by insiders.

Hedge Funds Weigh In On GitLab

Several large investors have recently modified their holdings of the stock. Norges Bank acquired a new stake in shares of GitLab in the fourth quarter valued at approximately $279,089,000. 1832 Asset Management L.P. lifted its position in shares of GitLab by 2,456.8% in the 1st quarter. 1832 Asset Management L.P. now owns 2,295,000 shares of the company’s stock valued at $107,865,000 after acquiring an additional 2,205,238 shares in the last quarter. Ameriprise Financial Inc. boosted its position in shares of GitLab by 276.9% in the fourth quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company’s stock worth $121,435,000 after buying an additional 1,583,221 shares during the period. Artisan Partners Limited Partnership lifted its position in shares of GitLab by 55.7% in the fourth quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock worth $227,318,000 after purchasing an additional 1,443,160 shares in the last quarter. Finally, Alliancebernstein L.P. increased its stake in shares of GitLab by 4,042.0% in the fourth quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company’s stock worth $82,011,000 after acquiring an additional 1,420,248 shares during the last quarter. 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.