Royal Bank of Canada Cuts GitLab (NASDAQ:GTLB) Price Target to $62.00

GitLab (NASDAQ:GTLB - Get Free Report) had its target price dropped by analysts at Royal Bank of Canada from $68.00 to $62.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Royal Bank of Canada's target price would suggest a potential upside of 41.04% from the company's previous close.

Other equities research analysts have also recently issued research reports about the stock. The Goldman Sachs Group reiterated a "neutral" rating and set a $50.00 price target (down previously from $63.00) on shares of GitLab in a report 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. 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. Cowen reaffirmed a "buy" rating on shares of GitLab in a research report on Friday, June 6th. Finally, Cantor Fitzgerald dropped their price objective on GitLab from $70.00 to $60.00 and set an "overweight" rating on the stock in a research report on Wednesday. Four analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, GitLab currently has a consensus rating of "Moderate Buy" and a consensus target price of $63.59.

GitLab Stock Performance

Shares of GitLab stock traded up $0.59 during midday trading on Wednesday, hitting $43.96. The company had a trading volume of 6,869,905 shares, compared to its average volume of 2,727,200. The stock has a market capitalization of $7.21 billion, a P/E ratio of -137.38 and a beta of 0.75. The company has a 50 day moving average of $46.42 and a 200 day moving average of $55.73. GitLab has a 52-week low of $37.90 and a 52-week high of $74.18.

GitLab (NASDAQ:GTLB - Get Free Report) last released its earnings results on Tuesday, June 10th. The company reported $0.17 EPS for the quarter, topping 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 in the prior year, the firm posted $0.03 earnings per share. The company's quarterly revenue was up 26.8% on a year-over-year basis. Equities research analysts forecast that GitLab will post -0.31 EPS for the current year.

Insider Activity

In related news, CFO Brian G. Robins sold 45,000 shares of the business's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $53.04, for a total value of $2,386,800.00. Following the sale, the chief financial officer now directly owns 344,105 shares in the company, valued at approximately $18,251,329.20. The trade was a 11.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Susan L. Bostrom sold 40,000 shares of the business's stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $51.88, for a total value of $2,075,200.00. Following the completion of the sale, the director now owns 144,913 shares in the company, valued at $7,518,086.44. This represents a 21.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 461,584 shares of company stock worth $23,192,574 over the last ninety days. Corporate insiders own 16.37% of the company's stock.

Institutional Investors Weigh In On GitLab

A number of hedge funds have recently bought and sold shares of GTLB. Norges Bank purchased a new stake in GitLab during the fourth quarter valued at $279,089,000. 1832 Asset Management L.P. raised 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 buying an additional 2,205,238 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of GitLab by 276.9% during the 4th quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company's stock valued at $121,435,000 after buying an additional 1,583,221 shares in the last quarter. Artisan Partners Limited Partnership raised its position in shares of GitLab by 55.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company's stock valued at $227,318,000 after buying an additional 1,443,160 shares in the last quarter. Finally, Alliancebernstein L.P. raised its position in shares of GitLab by 4,042.0% during the 4th quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company's stock valued at $82,011,000 after buying an additional 1,420,248 shares in the last quarter. Hedge funds and other 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.