UBS Group Issues Pessimistic Forecast for GitLab (NASDAQ:GTLB) Stock Price

GitLab (NASDAQ:GTLB - Free Report) had its price objective decreased by UBS Group from $85.00 to $73.00 in a research report sent to investors on Wednesday morning,Benzinga reports. UBS Group currently has a buy rating on the stock.

A number of other equities analysts have also recently weighed in on the stock. Needham & Company LLC decreased their price objective on shares of GitLab from $85.00 to $55.00 and set a "buy" rating for the company in a research report on Wednesday. Truist Financial reduced their price target on GitLab from $90.00 to $80.00 and set a "buy" rating for the company in a report on Monday, March 31st. Cowen restated a "buy" rating on shares of GitLab in a research note on Friday, June 6th. Macquarie restated an "outperform" rating and set a $90.00 price objective on shares of GitLab in a report on Tuesday, March 4th. Finally, Robert W. Baird reduced their target price on GitLab from $80.00 to $76.00 and set an "outperform" rating for the company in a research note on Monday, March 3rd. Four equities research 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 stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $63.59.

GitLab Price Performance

NASDAQ GTLB traded up $0.96 during trading hours on Wednesday, hitting $44.33. The company had a trading volume of 5,157,317 shares, compared to its average volume of 2,718,924. GitLab has a fifty-two week low of $37.90 and a fifty-two week high of $74.18. The company has a market capitalization of $7.27 billion, a price-to-earnings ratio of -138.53 and a beta of 0.75. The firm's 50 day moving average is $46.42 and its 200 day moving average is $55.73.

GitLab (NASDAQ:GTLB - Get Free Report) last announced 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. GitLab had a negative return on equity of 11.72% and a negative net margin of 6.83%. The business had revenue of $214.51 million for the quarter, compared to the consensus estimate of $213.21 million. During the same period last year, the business posted $0.03 EPS. The company's revenue was up 26.8% on a year-over-year basis. On average, equities analysts anticipate that GitLab will post -0.31 EPS for the current year.

Insider Transactions at GitLab

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

Institutional Trading of GitLab

A number of hedge funds and other institutional investors have recently made changes to their positions in GTLB. Vanguard Group Inc. lifted its position in GitLab by 2.3% in the first quarter. Vanguard Group Inc. now owns 13,445,456 shares of the company's stock worth $631,936,000 after purchasing an additional 302,864 shares during the period. Norges Bank bought a new stake in shares of GitLab in the 4th quarter worth $279,089,000. Artisan Partners Limited Partnership boosted its stake in GitLab by 55.7% during the fourth 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. Franklin Resources Inc. grew its holdings in GitLab by 17.6% during the fourth quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company's stock worth $176,954,000 after acquiring an additional 470,192 shares during the period. Finally, Eminence Capital LP raised its position in GitLab by 13.6% in the first quarter. Eminence Capital LP now owns 2,498,201 shares of the company's stock worth $117,415,000 after acquiring an additional 299,191 shares in the last quarter. 95.04% of the stock is currently owned by 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.