GitLab (NASDAQ:GTLB) Price Target Cut to $47.00 by Analysts at Barclays

GitLab (NASDAQ:GTLB) had its target price trimmed by Barclays from $58.00 to $47.00 in a research note released on Wednesday morning,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Other research analysts have also recently issued reports about the stock. Mizuho decreased their price objective on shares of GitLab from $80.00 to $72.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 4th. Macquarie reissued an “outperform” rating and issued a $90.00 price target on shares of GitLab in a report on Tuesday, March 4th. Truist Financial lowered their price objective on shares of GitLab from $90.00 to $80.00 and set a “buy” rating on the stock in a research report on Monday, March 31st. Morgan Stanley lifted their price objective on shares of GitLab from $53.00 to $56.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, BTIG Research reduced their target price on GitLab from $86.00 to $67.00 and set a “buy” rating on the stock in a research note on Wednesday. Four research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $63.59.

GitLab Stock Performance

Shares of GTLB stock opened at $41.23 on Wednesday. The company has a market capitalization of $6.76 billion, a PE ratio of -128.84 and a beta of 0.75. GitLab has a 52-week low of $37.90 and a 52-week high of $74.18. The business’s fifty day moving average is $46.45 and its 200 day moving average is $55.40.

GitLab (NASDAQ:GTLB) last released its quarterly earnings results 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 for the quarter, compared to analysts’ expectations of $213.21 million. GitLab had a negative return on equity of 11.72% and a negative net margin of 6.83%. The company’s revenue was up 26.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.03 EPS. On average, sell-side analysts forecast that GitLab will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling

In other GitLab news, Director Susan L. Bostrom sold 40,000 shares of the stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $51.88, for a total value 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 trade represents a 21.63% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Sytse Sijbrandij sold 108,600 shares of GitLab stock in a transaction that occurred on Tuesday, April 15th. The stock was 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 a total of 461,584 shares of company stock valued at $23,192,574 over the last three months. 16.37% of the stock is owned by company insiders.

Hedge Funds Weigh In On GitLab

Several hedge funds have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. boosted its holdings in GitLab by 15.5% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,700 shares of the company’s stock valued at $717,000 after acquiring an additional 1,700 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of GitLab by 70.6% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 507,713 shares of the company’s stock worth $28,610,000 after purchasing an additional 210,081 shares during the period. Wilmington Savings Fund Society FSB boosted its stake in shares of GitLab by 7.9% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock valued at $116,000 after purchasing an additional 150 shares in the last quarter. Wildcat Capital Management LLC purchased a new position in shares of GitLab during the fourth quarter valued at about $642,000. Finally, Vontobel Holding Ltd. purchased a new position in shares of GitLab during the fourth quarter valued at about $549,000. 95.04% of the stock is owned by hedge funds and other 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.