Raymond James Lowers GitLab (NASDAQ:GTLB) Price Target to $60.00

GitLab (NASDAQ:GTLB - Free Report) had its price target reduced by Raymond James from $80.00 to $60.00 in a research report report published on Wednesday,Benzinga reports. They currently have an outperform rating on the stock.

Several other brokerages have also recently issued reports on GTLB. The Goldman Sachs Group reiterated a "neutral" rating and issued a $50.00 price objective (down previously from $63.00) on shares of GitLab in a research note on Wednesday. Morgan Stanley boosted their target price on GitLab from $53.00 to $56.00 and gave the stock an "overweight" rating in a research note on Wednesday. Royal Bank of Canada decreased their target price on GitLab from $68.00 to $62.00 and set an "outperform" rating for the company in a research note on Wednesday. UBS Group decreased their target price on GitLab from $85.00 to $73.00 and set a "buy" rating for the company in a research note on Wednesday. Finally, Needham & Company LLC decreased their target price on GitLab from $85.00 to $55.00 and set a "buy" rating for the company in a research note on Wednesday. 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. Based on data from MarketBeat, GitLab has an average rating of "Moderate Buy" and an average price target of $63.59.

GitLab Stock Performance

Shares of GTLB traded down $2.48 during midday trading on Wednesday, hitting $41.23. The company had a trading volume of 7,015,686 shares, compared to its average volume of 2,747,987. The company's 50-day simple moving average is $46.45 and its 200-day simple moving average is $55.40. The firm has a market capitalization of $6.76 billion, a P/E ratio of -128.84 and a beta of 0.75. GitLab has a 1 year low of $37.90 and a 1 year high of $74.18.

GitLab (NASDAQ:GTLB - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $214.51 million during 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 quarterly revenue was up 26.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.03 EPS. Equities analysts predict that GitLab will post -0.31 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Brian G. Robins sold 45,000 shares of the business's stock in a transaction that occurred on 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 transaction, the chief financial officer now owns 344,105 shares of the company's stock, 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 document filed with the SEC, which is accessible through this hyperlink. Also, insider Sytse Sijbrandij sold 108,600 shares of the business's stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $42.87, for a total value of $4,655,682.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 461,584 shares of company stock valued at $23,192,574. Company insiders own 16.37% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. M&T Bank Corp increased its holdings in shares of GitLab by 3.1% in the fourth quarter. M&T Bank Corp now owns 4,965 shares of the company's stock valued at $280,000 after purchasing an additional 148 shares during the period. Wilmington Savings Fund Society FSB increased its holdings in shares of 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 purchasing an additional 150 shares during the period. OneDigital Investment Advisors LLC grew its holdings in GitLab by 4.3% during the fourth quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company's stock worth $228,000 after acquiring an additional 166 shares during the period. Utah Retirement Systems grew its holdings in GitLab by 3.1% during the fourth quarter. Utah Retirement Systems now owns 6,600 shares of the company's stock worth $372,000 after acquiring an additional 200 shares during the period. Finally, Mariner LLC grew its holdings in GitLab by 1.7% during the fourth quarter. Mariner LLC now owns 12,583 shares of the company's stock worth $709,000 after acquiring an additional 214 shares during the period. 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.