JPMorgan Chase & Co. Cuts GitLab (NASDAQ:GTLB) Price Target to $52.00

GitLab (NASDAQ:GTLB) had its price objective decreased by JPMorgan Chase & Co. from $58.00 to $52.00 in a report issued on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

Other equities analysts have also issued reports about the stock. Wells Fargo & Company lowered their price target on shares of GitLab from $65.00 to $60.00 and set an “overweight” rating on the stock in a research report on Wednesday. Mizuho lowered their price target 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. DA Davidson decreased their target price on shares of GitLab from $60.00 to $45.00 and set a “neutral” rating on the stock in a report on Monday, April 14th. BTIG Research decreased their target price on shares of GitLab from $86.00 to $67.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, Barclays decreased their target price on shares of GitLab from $70.00 to $58.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 4th. Four equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, GitLab has an average rating of “Moderate Buy” and an average target price of $63.59.

GitLab Stock Performance

NASDAQ:GTLB opened at $41.23 on Wednesday. GitLab has a 52 week low of $37.90 and a 52 week high of $74.18. The firm has a market cap of $6.76 billion, a price-to-earnings ratio of -128.84 and a beta of 0.75. The firm’s 50-day simple moving average is $46.45 and its 200 day simple moving average is $55.40.

GitLab (NASDAQ:GTLB) last released its quarterly earnings results on Tuesday, June 10th. The company reported $0.17 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 for the quarter, compared to analyst estimates of $213.21 million. During the same period last year, the firm earned $0.03 earnings per share. GitLab’s revenue for the quarter was up 26.8% compared to the same quarter last year. Sell-side analysts anticipate that GitLab will post -0.31 EPS for the current year.

Insider Activity

In other news, insider Sytse Sijbrandij sold 108,600 shares of the firm’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 transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Matthew Jacobson sold 152,884 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $52.34, for a total transaction of $8,001,948.56. Following the completion of the sale, the director now owns 493,554 shares in the company, valued at approximately $25,832,616.36. The trade was a 23.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 461,584 shares of company stock worth $23,192,574. Corporate insiders own 16.37% of the company’s stock.

Institutional Investors Weigh In On GitLab

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in GitLab by 2.3% during the 1st quarter. Vanguard Group Inc. now owns 13,445,456 shares of the company’s stock worth $631,936,000 after buying an additional 302,864 shares during the period. Norges Bank acquired a new stake in GitLab during the 4th quarter worth approximately $279,089,000. Artisan Partners Limited Partnership boosted its position in GitLab by 55.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock worth $227,318,000 after buying an additional 1,443,160 shares during the period. Franklin Resources Inc. boosted its position in GitLab by 17.6% during the 4th quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company’s stock worth $176,954,000 after buying an additional 470,192 shares during the period. Finally, Eminence Capital LP boosted its position in GitLab by 13.6% during the 1st quarter. Eminence Capital LP now owns 2,498,201 shares of the company’s stock worth $117,415,000 after buying an additional 299,191 shares during the period. 95.04% of the stock is currently owned by institutional investors and hedge funds.

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.