UBS Group Lowers GitLab (NASDAQ:GTLB) Price Target to $51.00

GitLab (NASDAQ:GTLB) had its target price decreased by stock analysts at UBS Group from $60.00 to $51.00 in a research report issued on Wednesday, Marketbeat Ratings reports. The firm currently has a “buy” rating on the stock. UBS Group’s price objective would indicate a potential upside of 36.90% from the stock’s previous close.

A number of other research analysts have also recently weighed in on the stock. Zacks Research raised shares of GitLab from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 8th. Weiss Ratings reiterated a “sell (e+)” rating on shares of GitLab in a report on Wednesday, October 8th. Piper Sandler restated an “overweight” rating on shares of GitLab in a research note on Wednesday. Morgan Stanley lowered their target price on GitLab from $60.00 to $55.00 and set an “overweight” rating for the company in a research note on Wednesday. Finally, Wells Fargo & Company reduced their price target on GitLab from $50.00 to $45.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $56.30.

GitLab Stock Performance

Shares of GTLB traded down $6.12 during trading hours on Wednesday, hitting $37.25. The stock had a trading volume of 11,070,636 shares, compared to its average volume of 3,928,502. GitLab has a 12-month low of $35.81 and a 12-month high of $74.18. The firm has a market cap of $6.21 billion, a P/E ratio of -930.10 and a beta of 0.75. The company’s fifty day simple moving average is $45.54 and its 200 day simple moving average is $45.59.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings results on Wednesday, September 3rd. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.16 by ($0.19). The firm had revenue of $236.00 million for the quarter, compared to analyst estimates of $227.20 million. GitLab had a negative return on equity of 2.71% and a negative net margin of 0.55%.The business’s revenue was up 29.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.15 earnings per share. As a group, sell-side analysts predict that GitLab will post -0.31 earnings per share for the current fiscal year.

Insider Activity at GitLab

In other news, Director Karen Blasing sold 3,250 shares of the business’s stock in a transaction dated Wednesday, October 15th. The shares were sold at an average price of $45.26, for a total value of $147,095.00. Following the completion of the sale, the director owned 97,389 shares of the company’s stock, valued at approximately $4,407,826.14. The trade was a 3.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Simon Mundy sold 5,191 shares of the company’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $43.99, for a total transaction of $228,352.09. Following the completion of the sale, the chief accounting officer owned 53,507 shares in the company, valued at approximately $2,353,772.93. This trade represents a 8.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,329,712 shares of company stock worth $64,154,795 in the last ninety days. 21.36% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On GitLab

Several institutional investors and hedge funds have recently made changes to their positions in the company. Eminence Capital LP increased its stake in GitLab by 148.9% during the second quarter. Eminence Capital LP now owns 6,218,607 shares of the company’s stock valued at $280,521,000 after purchasing an additional 3,720,406 shares during the last quarter. Atreides Management LP increased its stake in shares of GitLab by 867.3% in the second quarter. Atreides Management LP now owns 3,938,198 shares of the company’s stock valued at $177,652,000 after purchasing an additional 3,531,070 shares during the period. Champlain Investment Partners LLC raised its stake in GitLab by 251.3% during the 2nd quarter. Champlain Investment Partners LLC now owns 4,512,197 shares of the company’s stock valued at $203,545,000 after acquiring an additional 3,227,717 shares in the last quarter. 1832 Asset Management L.P. lifted its holdings in GitLab by 2,456.8% in the first quarter. 1832 Asset Management L.P. now owns 2,295,000 shares of the company’s stock worth $107,865,000 after purchasing an additional 2,205,238 shares during the period. Finally, Norges Bank bought a new stake in shares of GitLab during the 2nd quarter worth about $93,489,000. 95.04% of the stock is 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.