Royal Bank of Canada Has Lowered Expectations for GitLab (NASDAQ:GTLB) Stock Price

GitLab (NASDAQ:GTLB) had its price objective cut by equities research analysts at Royal Bank of Canada from $68.00 to $62.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price target would suggest a potential upside of 38.64% from the company’s previous close.

GTLB has been the subject of a number of other reports. Cantor Fitzgerald dropped their price target on GitLab from $70.00 to $60.00 and set an “overweight” rating for the company in a research note on Wednesday. UBS Group dropped their target price on GitLab from $85.00 to $73.00 and set a “buy” rating for the company in a research report on Wednesday. KeyCorp cut their price target on GitLab from $80.00 to $60.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. DA Davidson lowered their price objective on GitLab from $60.00 to $45.00 and set a “neutral” rating for the company in a research note on Monday, April 14th. Finally, Cowen reiterated a “buy” rating on shares of GitLab in a report on Friday. Four equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $65.38.

GitLab Trading Down 7.8%

NASDAQ GTLB traded down $3.79 during trading on Wednesday, hitting $44.72. 14,415,176 shares of the company’s stock were exchanged, compared to its average volume of 2,659,971. The company has a market cap of $7.33 billion, a PE ratio of -139.07 and a beta of 0.75. GitLab has a fifty-two week low of $37.90 and a fifty-two week high of $74.18. The stock’s 50 day moving average price is $46.37 and its two-hundred day moving average price is $55.81.

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

Insider Buying and Selling

In other GitLab news, insider Sytse Sijbrandij sold 108,600 shares of the stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $42.87, for a total transaction of $4,655,682.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Matthew Jacobson sold 152,884 shares of GitLab stock in a transaction dated 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 transaction, the director now directly owns 493,554 shares of the company’s stock, valued at approximately $25,832,616.36. This trade represents a 23.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 461,584 shares of company stock valued at $23,192,574 over the last quarter. Insiders own 16.37% of the company’s stock.

Hedge Funds Weigh In On GitLab

A number of institutional investors and hedge funds have recently modified their holdings of GTLB. EverSource Wealth Advisors LLC increased its stake in shares of GitLab by 5,700.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock valued at $29,000 after acquiring an additional 513 shares in the last quarter. Cullen Frost Bankers Inc. grew its holdings in GitLab by 174.9% in 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. CoreCap Advisors LLC increased its stake in GitLab by 327.5% in the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock valued at $33,000 after purchasing an additional 452 shares in the last quarter. Twin Tree Management LP acquired a new position in shares of GitLab during the first quarter valued at about $29,000. Finally, Cloud Capital Management LLC bought a new position in shares of GitLab during the 1st quarter worth about $29,000. 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.