GitLab (NASDAQ:GTLB) Price Target Cut to $44.00 by Analysts at Barclays

Key Points

• Barclays lowered its price target for GitLab's stock from $47.00 to $44.00, indicating a potential downside of 2.87% from the current price, while maintaining an "equal weight" rating.
• Various analysts have differing views on GitLab, with some reducing their price targets significantly, while others maintain a "buy" or "outperform" rating, reflecting mixed sentiment in the investment community.
• GitLab's recent quarterly earnings report showed a revenue increase of 26.8% year-over-year, with earnings per share of $0.17, exceeding analyst expectations.

GitLab (NASDAQ:GTLB - Get Free Report) had its target price cut by equities researchers at Barclays from $47.00 to $44.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Barclays's price target would suggest a potential downside of 8.05% from the company's previous close.

GTLB has been the subject of several other reports. Cowen reiterated a "buy" rating on shares of GitLab in a research note on Friday, June 6th. Scotiabank lowered their price objective on shares of GitLab from $80.00 to $67.00 and set a "sector outperform" rating for the company in a research note on Friday, June 6th. Raymond James Financial reduced their target price on shares of GitLab from $60.00 to $55.00 and set an "outperform" rating for the company in a report on Thursday, September 4th. Capital One Financial cut shares of GitLab from an "overweight" rating to an "equal weight" rating and set a $46.00 target price for the company. in a report on Wednesday, July 16th. Finally, Mizuho reduced their target price on shares of GitLab from $55.00 to $52.00 and set an "outperform" rating for the company in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $58.39.

GitLab Price Performance

Shares of NASDAQ:GTLB traded down $0.04 during trading on Friday, reaching $47.85. 3,112,470 shares of the company were exchanged, compared to its average volume of 3,751,368. The firm has a market capitalization of $7.91 billion, a PE ratio of -1,198.18 and a beta of 0.74. The business's fifty day simple moving average is $44.84 and its 200-day simple moving average is $46.94. GitLab has a 12-month low of $37.90 and a 12-month high of $74.18.

GitLab (NASDAQ:GTLB - Get Free Report) last released its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.15 by $0.02. The firm 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 0.55% and a negative return on equity of 2.71%. The company's quarterly revenue was up 26.8% on a year-over-year basis. During the same period last year, the firm earned $0.03 earnings per share. On average, sell-side analysts anticipate that GitLab will post -0.31 EPS for the current fiscal year.

Insider Activity

In other news, Director Matthew Jacobson sold 129,400 shares of GitLab stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $42.32, for a total value of $5,476,208.00. Following the sale, the director owned 551,997 shares in the company, valued at $23,360,513.04. This trade represents a 18.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Sytse Sijbrandij sold 108,600 shares of GitLab stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $45.16, for a total transaction of $4,904,376.00. The disclosure for this sale can be found here. Insiders have sold a total of 464,950 shares of company stock worth $20,025,356 over the last 90 days. 21.36% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On GitLab

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in GitLab by 2.3% during the first quarter. Vanguard Group Inc. now owns 13,445,456 shares of the company's stock worth $631,936,000 after acquiring an additional 302,864 shares during the last quarter. Eminence Capital LP boosted its holdings in GitLab by 148.9% in the 2nd 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. HMI Capital Management L.P. boosted its holdings in GitLab by 32.3% in the 2nd quarter. HMI Capital Management L.P. now owns 5,858,626 shares of the company's stock valued at $264,283,000 after purchasing an additional 1,430,151 shares during the last quarter. Champlain Investment Partners LLC boosted its holdings in GitLab by 251.3% in the 2nd quarter. Champlain Investment Partners LLC now owns 4,512,197 shares of the company's stock valued at $203,545,000 after purchasing an additional 3,227,717 shares during the last quarter. Finally, Atreides Management LP boosted its holdings in GitLab by 867.3% in the 2nd 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 last quarter. 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.