GitLab (NASDAQ:GTLB) Shares Gap Down After Analyst Downgrade

GitLab Inc. (NASDAQ:GTLB - Get Free Report)'s stock price gapped down prior to trading on Wednesday after Canaccord Genuity Group lowered their price target on the stock from $78.00 to $76.00. The stock had previously closed at $48.51, but opened at $41.98. Canaccord Genuity Group currently has a buy rating on the stock. GitLab shares last traded at $44.58, with a volume of 7,492,768 shares traded.

Other research analysts have also recently issued reports about the company. Macquarie lowered their target price on GitLab from $90.00 to $75.00 and set an "outperform" rating on the stock in a report on Wednesday. Mizuho cut their price objective on shares of GitLab from $72.00 to $60.00 and set an "outperform" rating for the company in a research report on Wednesday. Needham & Company LLC decreased their target price on shares of GitLab from $85.00 to $55.00 and set a "buy" rating on the stock in a report on Wednesday. The Goldman Sachs Group restated a "neutral" rating and set a $50.00 price target (down previously from $63.00) on shares of GitLab in a report on Wednesday. Finally, Raymond James decreased their price objective on GitLab from $80.00 to $60.00 and set an "outperform" rating on the stock in a report on Wednesday. Four investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, GitLab has a consensus rating of "Moderate Buy" and an average price target of $63.59.

Insider Buying and Selling at GitLab

In other GitLab news, insider Sytse Sijbrandij sold 108,600 shares of GitLab stock in a transaction 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 transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Susan L. Bostrom sold 40,000 shares of the stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $51.88, for a total transaction of $2,075,200.00. Following the sale, the director now owns 144,913 shares of the company's stock, valued at $7,518,086.44. This trade represents a 21.63% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 461,584 shares of company stock worth $23,192,574 over the last three months. Insiders own 16.37% of the company's stock.

Hedge Funds Weigh In On GitLab

Several institutional investors have recently added to or reduced their stakes in GTLB. Vanguard Group Inc. increased its holdings 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 valued at $631,936,000 after purchasing an additional 302,864 shares during the period. Norges Bank acquired a new position in GitLab in the 4th quarter valued at $279,089,000. Artisan Partners Limited Partnership raised its position in GitLab by 55.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company's stock worth $227,318,000 after buying an additional 1,443,160 shares during the last quarter. Franklin Resources Inc. lifted its stake in shares of GitLab by 17.6% in the 4th 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 lifted its stake in shares of GitLab by 13.6% in the 1st 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 during the period. Institutional investors and hedge funds own 95.04% of the company's stock.

GitLab Stock Up 2.0%

The company's fifty day moving average price is $46.42 and its two-hundred day moving average price is $55.73. The firm has a market cap of $7.25 billion, a PE ratio of -138.19 and a beta of 0.75.

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

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.