Needham & Company LLC Lowers GitLab (NASDAQ:GTLB) Price Target to $55.00

GitLab (NASDAQ:GTLB - Free Report) had its price objective cut by Needham & Company LLC from $85.00 to $55.00 in a report published on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also recently weighed in on GTLB. DA Davidson lowered their price target on GitLab from $60.00 to $45.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. KeyCorp cut their price target on shares of GitLab from $80.00 to $60.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. JPMorgan Chase & Co. dropped their price objective on shares of GitLab from $65.00 to $62.00 and set a "neutral" rating for the company in a report on Tuesday, March 4th. Cantor Fitzgerald reissued an "overweight" rating and issued a $80.00 target price on shares of GitLab in a research note on Tuesday, March 4th. Finally, Barclays lowered their price target on GitLab from $70.00 to $58.00 and set an "equal weight" rating on the stock in a research report on Tuesday, March 4th. Four investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $63.59.

GitLab Trading Up 2.6%

Shares of GTLB stock traded up $1.11 during trading on Wednesday, hitting $44.48. The company's stock had a trading volume of 4,965,652 shares, compared to its average volume of 3,156,513. The business has a fifty day moving average of $46.42 and a 200-day moving average of $55.73. The company has a market cap of $7.29 billion, a PE ratio of -139.00 and a beta of 0.75. 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. The company 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 business's revenue for the quarter was up 26.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.03 EPS. As a group, research analysts predict that GitLab will post -0.31 EPS for the current year.

Insider Transactions at GitLab

In related news, insider Sytse Sijbrandij sold 108,600 shares of the company's stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $53.03, for a total transaction of $5,759,058.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Karen Blasing sold 3,250 shares of the company's stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $45.00, for a total value of $146,250.00. Following the completion of the sale, the director now owns 111,983 shares of the company's stock, valued at approximately $5,039,235. The trade was a 2.82% 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 in the last 90 days. 16.37% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On GitLab

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC boosted its holdings in GitLab by 5,700.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock valued at $29,000 after acquiring an additional 513 shares during the period. Cullen Frost Bankers Inc. increased its stake in GitLab by 174.9% during the 1st quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company's stock worth $25,000 after buying an additional 334 shares during the period. CoreCap Advisors LLC increased its stake in GitLab by 327.5% during the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company's stock worth $33,000 after buying an additional 452 shares during the period. Twin Tree Management LP acquired a new stake in GitLab during the 1st quarter worth approximately $29,000. Finally, Cloud Capital Management LLC purchased a new position in GitLab in the 1st quarter valued at approximately $29,000. Institutional investors and hedge funds 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.