Cantor Fitzgerald Issues Pessimistic Forecast for GitLab (NASDAQ:GTLB) Stock Price

GitLab (NASDAQ:GTLB - Get Free Report) had its price objective dropped by equities researchers at Cantor Fitzgerald from $70.00 to $60.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Cantor Fitzgerald's price target would indicate a potential upside of 35.69% from the stock's current price.

A number of other equities research analysts have also recently issued reports on the company. Morgan Stanley decreased their target price on GitLab from $77.00 to $53.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. BTIG Research decreased their price target on GitLab from $86.00 to $67.00 and set a "buy" rating on the stock in a report on Wednesday. Macquarie reiterated an "outperform" rating and issued a $90.00 target price on shares of GitLab in a report on Tuesday, March 4th. UBS Group reduced their price objective on GitLab from $85.00 to $73.00 and set a "buy" rating for the company in a research report on Wednesday. Finally, Mizuho lowered their target price on shares of GitLab from $80.00 to $72.00 and set an "outperform" rating on the stock in a report on Tuesday, March 4th. Four research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $63.59.

GitLab Price Performance

GTLB traded up $0.85 during trading hours on Wednesday, reaching $44.22. 5,916,438 shares of the stock traded hands, compared to its average volume of 3,164,116. The company has a market cap of $7.25 billion, a price-to-earnings ratio of -138.19 and a beta of 0.75. GitLab has a fifty-two week low of $37.90 and a fifty-two week high of $74.18. The firm's fifty day simple moving average is $46.42 and its two-hundred day simple moving average is $55.73.

GitLab (NASDAQ:GTLB - Get Free Report) last posted its earnings results on Tuesday, June 10th. The company reported $0.17 EPS for the quarter, beating the consensus estimate of $0.15 by $0.02. The firm had revenue of $214.51 million for the quarter, compared to analysts' expectations of $213.21 million. GitLab had a negative return on equity of 11.72% and a negative net margin of 6.83%. The firm's revenue was up 26.8% compared to the same quarter last year. During the same period last year, the firm earned $0.03 EPS. On average, research analysts predict that GitLab will post -0.31 earnings per share for the current year.

Insider Buying and Selling at GitLab

In other GitLab news, CFO Brian G. Robins sold 45,000 shares of the firm's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $53.04, for a total value of $2,386,800.00. Following the completion of the sale, the chief financial officer now owns 344,105 shares in the company, valued at approximately $18,251,329.20. This trade represents a 11.57% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Matthew Jacobson sold 152,884 shares of GitLab stock in a transaction on Monday, March 24th. The stock was sold at an average price of $52.34, for a total transaction of $8,001,948.56. Following the transaction, the director now directly owns 493,554 shares in the company, valued at approximately $25,832,616.36. This represents a 23.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 461,584 shares of company stock valued at $23,192,574 in the last 90 days. 16.37% of the stock is currently owned by corporate insiders.

Institutional Trading of GitLab

Several hedge funds and other institutional investors have recently modified their holdings of GTLB. Norges Bank acquired a new stake in shares of GitLab in the 4th quarter valued at $279,089,000. 1832 Asset Management L.P. lifted its position in shares of GitLab by 2,456.8% during the 1st quarter. 1832 Asset Management L.P. now owns 2,295,000 shares of the company's stock valued at $107,865,000 after acquiring an additional 2,205,238 shares during the period. Ameriprise Financial Inc. raised its position in shares of GitLab by 276.9% during the fourth quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company's stock worth $121,435,000 after purchasing an additional 1,583,221 shares during the period. Artisan Partners Limited Partnership grew its holdings in GitLab by 55.7% during the fourth 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 in the last quarter. Finally, Alliancebernstein L.P. boosted its stake in shares of GitLab by 4,042.0% in the 4th quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company's stock worth $82,011,000 after buying an additional 1,420,248 shares during the last quarter. Institutional investors 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.