Barclays Cuts GitLab (NASDAQ:GTLB) Price Target to $47.00

GitLab (NASDAQ:GTLB - Free Report) had its price target trimmed by Barclays from $58.00 to $47.00 in a research report report published on Wednesday,Benzinga reports. The firm currently has an equal weight rating on the stock.

Other research analysts have also issued research reports about the stock. Scotiabank reduced their price objective on shares of GitLab from $80.00 to $67.00 and set a "sector outperform" rating on the stock in a research note on Friday, June 6th. BTIG Research cut their price target on GitLab from $86.00 to $67.00 and set a "buy" rating on the stock in a report on Wednesday. Truist Financial reduced their target price on shares of GitLab from $90.00 to $80.00 and set a "buy" rating for the company in a report on Monday, March 31st. Royal Bank of Canada decreased their price target on GitLab from $80.00 to $68.00 and set an "outperform" rating for the company in a research note on Monday, May 19th. Finally, Cowen restated a "buy" rating on shares of GitLab in a research note on Friday, June 6th. Four research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $63.59.

GitLab Stock Up 1.2%

GTLB stock traded up $0.54 during trading on Wednesday, hitting $43.91. The company had a trading volume of 6,312,512 shares, compared to its average volume of 2,723,498. The firm has a 50-day moving average price of $46.42 and a 200-day moving average price of $55.73. GitLab has a 12 month low of $37.90 and a 12 month high of $74.18. The stock has a market cap of $7.20 billion, a price-to-earnings ratio of -137.22 and a beta of 0.75.

GitLab (NASDAQ:GTLB - Get Free Report) last released its earnings results 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. GitLab had a negative net margin of 6.83% and a negative return on equity of 11.72%. The company had revenue of $214.51 million for the quarter, compared to the consensus estimate of $213.21 million. During the same period in the prior year, the company posted $0.03 EPS. The company's revenue was up 26.8% compared to the same quarter last year. Equities analysts expect that GitLab will post -0.31 EPS for the current year.

Insider Activity at GitLab

In other news, Director Susan L. Bostrom sold 40,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $51.88, for a total transaction of $2,075,200.00. Following the transaction, the director now directly owns 144,913 shares of the company's stock, valued at approximately $7,518,086.44. This trade represents a 21.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Karen Blasing sold 3,250 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $51.58, for a total value of $167,635.00. Following the completion of the sale, the director now owns 108,733 shares of the company's stock, valued at approximately $5,608,448.14. This trade represents a 2.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over 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 large investors have recently added to or reduced their stakes in GTLB. Cullen Frost Bankers Inc. increased its position in shares of 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. EverSource Wealth Advisors LLC grew its stake in GitLab by 5,700.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock worth $29,000 after buying an additional 513 shares in the last quarter. Cloud Capital Management LLC acquired a new stake in GitLab during the first quarter worth about $29,000. Twin Tree Management LP bought a new position in GitLab in the 1st quarter valued at about $29,000. Finally, CoreCap Advisors LLC raised its position in shares of GitLab by 327.5% in the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company's stock valued at $33,000 after buying an additional 452 shares in the last quarter. Institutional investors and hedge funds own 95.04% of the company's stock.

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.