BTIG Research Lowers GitLab (NASDAQ:GTLB) Price Target to $67.00

GitLab (NASDAQ:GTLB - Free Report) had its target price decreased by BTIG Research from $86.00 to $67.00 in a research note released on Wednesday morning,Benzinga reports. BTIG Research currently has a buy rating on the stock.

Several other equities analysts have also issued reports on GTLB. Truist Financial dropped their target price on shares of GitLab from $90.00 to $80.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Morgan Stanley dropped their price objective on shares of GitLab from $77.00 to $53.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Robert W. Baird dropped their price objective on shares of GitLab from $80.00 to $76.00 and set an "outperform" rating on the stock in a report on Monday, March 3rd. JPMorgan Chase & Co. dropped their price objective on shares of GitLab from $65.00 to $62.00 and set a "neutral" rating on the stock in a report on Tuesday, March 4th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and set a $80.00 price objective on shares of GitLab in a report on Tuesday, March 4th. Four 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 MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $63.59.

GitLab Stock Down 5.7%

Shares of GTLB stock traded down $2.48 during trading hours on Wednesday, hitting $41.23. 7,015,686 shares of the company's stock traded hands, compared to its average volume of 2,749,055. The stock's 50 day simple moving average is $46.45 and its 200 day simple moving average is $55.34. The stock has a market cap of $6.76 billion, a PE ratio of -128.84 and a beta of 0.75. GitLab has a 12 month low of $37.90 and a 12 month high of $74.18.

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

Insider Transactions at GitLab

In other GitLab news, Director Susan L. Bostrom sold 40,000 shares of the company's stock in a transaction dated Wednesday, March 19th. The shares were 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 directly owns 144,913 shares of the company's stock, valued at approximately $7,518,086.44. This represents a 21.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Karen Blasing sold 3,250 shares of the company's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $51.58, for a total transaction of $167,635.00. Following the completion of the sale, the director now directly owns 108,733 shares of the company's stock, valued at $5,608,448.14. The trade was a 2.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 461,584 shares of company stock valued at $23,192,574 over the last three months. Corporate insiders own 16.37% of the company's stock.

Institutional Investors Weigh In On GitLab

A number of institutional investors have recently added to or reduced their stakes in GTLB. Mirae Asset Global Investments Co. Ltd. grew its position 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 purchasing an additional 1,700 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its stake in GitLab by 70.6% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 507,713 shares of the company's stock valued at $28,610,000 after acquiring an additional 210,081 shares during the last quarter. Wilmington Savings Fund Society FSB boosted its stake in GitLab by 7.9% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company's stock valued at $116,000 after acquiring an additional 150 shares during the last quarter. Wildcat Capital Management LLC purchased a new position in GitLab in the fourth quarter valued at about $642,000. Finally, Vontobel Holding Ltd. purchased a new position in GitLab in the fourth quarter valued at about $549,000. 95.04% of the stock is owned by institutional investors.

GitLab Company Profile

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.