GitLab Inc. (NASDAQ:GTLB - Get Free Report)'s share price was down 1.1% during trading on Monday . The company traded as low as $45.10 and last traded at $45.87. Approximately 1,009,106 shares were traded during trading, a decline of 64% from the average daily volume of 2,817,990 shares. The stock had previously closed at $46.37.
Analysts Set New Price Targets
A number of equities analysts have recently commented on GTLB shares. Truist Financial reissued a "buy" rating and set a $75.00 price target (down previously from $80.00) on shares of GitLab in a report on Wednesday, June 11th. Needham & Company LLC lowered their price target on GitLab from $85.00 to $55.00 and set a "buy" rating for the company in a report on Wednesday, June 11th. Mizuho lowered their price target on GitLab from $72.00 to $60.00 and set an "outperform" rating for the company in a report on Wednesday, June 11th. Canaccord Genuity Group lowered their target price on GitLab from $78.00 to $76.00 and set a "buy" rating for the company in a report on Thursday, June 12th. Finally, Barclays lowered their target price on GitLab from $58.00 to $47.00 and set an "equal weight" rating for the company in a report on Wednesday, June 11th. Four investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $63.59.
View Our Latest Stock Report on GTLB
GitLab Trading Up 0.4%
The business has a 50-day simple moving average of $46.49 and a 200 day simple moving average of $53.34. The stock has a market cap of $7.69 billion, a P/E ratio of 465.50 and a beta of 0.74.
GitLab (NASDAQ:GTLB - Get Free Report) last released its quarterly earnings results on Tuesday, June 10th. The company reported $0.17 EPS for the quarter, beating analysts' consensus estimates of $0.15 by $0.02. GitLab had a negative return on equity of 4.07% and a net margin of 2.17%. The firm had revenue of $214.51 million for the quarter, compared to analyst estimates of $213.21 million. During the same quarter in the previous year, the company posted $0.03 EPS. The business's revenue was up 26.8% on a year-over-year basis. As a group, equities analysts expect that GitLab Inc. will post -0.31 earnings per share for the current year.
Insiders Place Their Bets
In related news, Director Karen Blasing sold 3,250 shares of the company's stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $45.00, for a total transaction of $146,250.00. Following the sale, the director owned 110,389 shares in the company, valued at $4,967,505. This represents a 2.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brian G. Robins sold 45,000 shares of the company's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $53.04, for a total value of $2,386,800.00. Following the sale, the chief financial officer owned 344,105 shares in the company, valued at approximately $18,251,329.20. The trade was a 11.57% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 509,950 shares of company stock worth $23,238,267 in the last quarter. 21.36% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On GitLab
Institutional investors and hedge funds have recently made changes to their positions in the business. EverSource Wealth Advisors LLC boosted its holdings in GitLab by 5,700.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock worth $29,000 after acquiring an additional 513 shares in the last quarter. Cullen Frost Bankers Inc. boosted its holdings in GitLab by 174.9% in the first quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company's stock worth $25,000 after acquiring an additional 334 shares in the last quarter. CoreCap Advisors LLC boosted its holdings in GitLab by 327.5% in the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company's stock worth $33,000 after acquiring an additional 452 shares in the last quarter. Twin Tree Management LP bought a new position in GitLab in the first quarter worth approximately $29,000. Finally, Cloud Capital Management LLC bought a new position in GitLab in the first quarter worth approximately $29,000. Institutional investors own 95.04% of the company's stock.
About GitLab
(
Get Free Report)
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.
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