JPMorgan Chase & Co. Issues Pessimistic Forecast for GitLab (NASDAQ:GTLB) Stock Price

GitLab (NASDAQ:GTLB - Get Free Report) had its target price reduced by JPMorgan Chase & Co. from $58.00 to $52.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 17.30% from the stock's previous close.

GTLB has been the topic of a number of other research reports. Needham & Company LLC lowered their target price on GitLab from $85.00 to $55.00 and set a "buy" rating on the stock in a research note on Wednesday. Mizuho lowered their price objective on GitLab from $80.00 to $72.00 and set an "outperform" rating on the stock in a research report on Tuesday, March 4th. Truist Financial reduced their target price on shares of GitLab from $90.00 to $80.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Cowen reiterated a "buy" rating on shares of GitLab in a research note on Friday, June 6th. Finally, Morgan Stanley decreased their target price on shares of GitLab from $77.00 to $53.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Four research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, GitLab currently has a consensus rating of "Moderate Buy" and a consensus price target of $63.59.

GitLab Stock Up 2.2%

Shares of NASDAQ GTLB traded up $0.96 during midday trading on Wednesday, hitting $44.33. 5,157,317 shares of the company's stock were exchanged, compared to its average volume of 2,718,924. The firm has a market capitalization of $7.27 billion, a PE ratio of -138.53 and a beta of 0.75. GitLab has a 12 month low of $37.90 and a 12 month high of $74.18. The company's 50 day moving average price is $46.42 and its 200 day moving average price is $55.73.

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

Insider Activity at GitLab

In other GitLab news, Director Karen Blasing sold 3,250 shares of the stock in a transaction on 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 transaction, the director now directly owns 108,733 shares of the company's stock, valued at approximately $5,608,448.14. This represents a 2.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Matthew Jacobson sold 152,884 shares of the business's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $52.34, for a total value of $8,001,948.56. Following the completion of the sale, the director now owns 493,554 shares in the company, valued at approximately $25,832,616.36. The trade was a 23.65% 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 valued at $23,192,574 over the last ninety days. Corporate insiders own 16.37% of the company's stock.

Hedge Funds Weigh In On GitLab

Several hedge funds have recently bought and sold shares of GTLB. Vanguard Group Inc. raised its position in shares of 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 buying an additional 302,864 shares in the last quarter. Norges Bank purchased a new stake in shares of GitLab in the 4th quarter valued at about $279,089,000. Artisan Partners Limited Partnership raised its holdings in shares of GitLab by 55.7% in the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company's stock valued at $227,318,000 after acquiring an additional 1,443,160 shares in the last quarter. Franklin Resources Inc. grew its holdings in shares of 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 purchasing an additional 470,192 shares in the last quarter. Finally, Eminence Capital LP lifted its position in GitLab by 13.6% during the first quarter. Eminence Capital LP now owns 2,498,201 shares of the company's stock valued at $117,415,000 after purchasing an additional 299,191 shares during the last quarter. Hedge funds and other institutional investors own 95.04% of the company's stock.

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.