Canaccord Genuity Group Cuts GitLab (NASDAQ:GTLB) Price Target to $76.00

GitLab (NASDAQ:GTLB - Get Free Report) had its price objective decreased by equities research analysts at Canaccord Genuity Group from $78.00 to $76.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's price target indicates a potential upside of 84.33% from the company's current price.

GTLB has been the topic of several other reports. Morgan Stanley raised their target price on GitLab from $53.00 to $56.00 and gave the stock an "overweight" rating in a research note on Wednesday. Robert W. Baird cut their target price on GitLab from $80.00 to $76.00 and set an "outperform" rating on the stock in a research note on Monday, March 3rd. Cantor Fitzgerald cut their target price on GitLab from $70.00 to $60.00 and set an "overweight" rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. cut their target price on GitLab from $58.00 to $52.00 and set a "neutral" rating on the stock in a research note on Wednesday. Finally, UBS Group cut their target price on GitLab from $85.00 to $73.00 and set a "buy" rating on the stock in a research note on Wednesday. Four equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $63.59.

GitLab Trading Down 5.7%

Shares of NASDAQ:GTLB traded down $2.48 on Thursday, reaching $41.23. 7,015,686 shares of the company traded hands, compared to its average volume of 2,749,055. The business's 50-day simple moving average is $46.45 and its 200 day simple moving average is $55.34. GitLab has a 52 week low of $37.90 and a 52 week high of $74.18. The stock has a market capitalization of $6.76 billion, a P/E ratio of -128.84 and a beta of 0.75.

GitLab (NASDAQ:GTLB - Get Free Report) last announced 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. GitLab had a negative return on equity of 11.72% and a negative net margin of 6.83%. The firm had revenue of $214.51 million for the quarter, compared to analysts' expectations of $213.21 million. During the same period last year, the firm earned $0.03 earnings per share. The company's revenue for the quarter was up 26.8% compared to the same quarter last year. Sell-side analysts expect that GitLab will post -0.31 EPS for the current fiscal year.

Insider Activity

In other news, CFO Brian G. Robins sold 45,000 shares of GitLab stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $53.04, for a total transaction of $2,386,800.00. Following the completion of the transaction, the chief financial officer now directly owns 344,105 shares in the company, valued at approximately $18,251,329.20. This trade represents a 11.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Karen Blasing sold 3,250 shares of GitLab stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $45.00, for a total transaction of $146,250.00. Following the transaction, the director now owns 111,983 shares of the company's stock, valued at $5,039,235. The trade was a 2.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 461,584 shares of company stock worth $23,192,574. Insiders own 16.37% of the company's stock.

Hedge Funds Weigh In On GitLab

Large investors have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. raised its holdings in GitLab by 15.5% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,700 shares of the company's stock worth $717,000 after acquiring an additional 1,700 shares during the last quarter. Wilmington Savings Fund Society FSB raised its holdings in GitLab by 7.9% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company's stock worth $116,000 after acquiring an additional 150 shares during the last quarter. Wildcat Capital Management LLC purchased a new position in GitLab in the 4th quarter worth approximately $642,000. Vontobel Holding Ltd. purchased a new position in GitLab in the 4th quarter worth approximately $549,000. Finally, Blue Trust Inc. raised its holdings in GitLab by 60.9% in the 4th quarter. Blue Trust Inc. now owns 5,095 shares of the company's stock worth $287,000 after acquiring an additional 1,929 shares during the last quarter. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

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.