GitLab (NASDAQ:GTLB) Downgraded by Capital One Financial to "Equal Weight"

GitLab (NASDAQ:GTLB - Get Free Report) was downgraded by stock analysts at Capital One Financial from an "overweight" rating to an "equal weight" rating in a research note issued to investors on Wednesday, MarketBeat reports. They presently have a $46.00 price objective on the stock. Capital One Financial's target price indicates a potential upside of 4.82% from the stock's current price.

A number of other research firms have also recently weighed in on GTLB. Canaccord Genuity Group lowered their price objective on GitLab from $78.00 to $76.00 and set a "buy" rating for the company in a research report on Thursday, June 12th. UBS Group lowered their price target on GitLab from $85.00 to $73.00 and set a "buy" rating for the company in a report on Wednesday, June 11th. The Goldman Sachs Group restated a "neutral" rating and set a $50.00 price target on shares of GitLab in a research note on Tuesday, June 24th. Cantor Fitzgerald decreased their price objective on shares of GitLab from $70.00 to $60.00 and set an "overweight" rating for the company in a research report on Wednesday, June 11th. Finally, DA Davidson lowered their target price on shares of GitLab from $60.00 to $45.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Five analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, GitLab currently has a consensus rating of "Moderate Buy" and a consensus price target of $62.63.

GitLab Stock Performance

GTLB traded up $1.32 on Wednesday, hitting $43.89. The company had a trading volume of 2,206,776 shares, compared to its average volume of 2,881,756. The stock has a market capitalization of $7.25 billion, a price-to-earnings ratio of 438.45 and a beta of 0.74. The stock has a fifty day moving average price of $46.13 and a 200-day moving average price of $52.58. GitLab has a 12-month low of $37.90 and a 12-month high of $74.18.

GitLab (NASDAQ:GTLB - Get Free Report) last issued its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.15 by $0.02. GitLab had a net margin of 2.17% and a negative return on equity of 4.07%. The firm had revenue of $214.51 million for the quarter, compared to the consensus estimate of $213.21 million. During the same quarter in the previous year, the firm earned $0.03 EPS. The company's quarterly revenue was up 26.8% compared to the same quarter last year. Analysts forecast that GitLab will post -0.31 EPS for the current fiscal year.

Insider Activity

In related news, CFO Brian G. Robins sold 45,000 shares of GitLab stock in a transaction dated 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 completion of the transaction, the chief financial officer owned 344,105 shares in the company, valued at $18,251,329.20. The trade was a 11.57% 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, Director Sytse Sijbrandij sold 108,600 shares of the stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $41.44, for a total value of $4,500,384.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 401,350 shares of company stock valued at $18,582,585. 16.37% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On GitLab

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Taylor Frigon Capital Management LLC purchased a new stake in shares of GitLab in the 2nd quarter valued at approximately $2,140,000. Washington Capital Management Inc. increased its holdings in GitLab by 47.5% in the second quarter. Washington Capital Management Inc. now owns 13,500 shares of the company's stock valued at $609,000 after buying an additional 4,350 shares during the last quarter. Public Employees Retirement System of Ohio lifted its position in shares of GitLab by 27.4% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 124,803 shares of the company's stock worth $5,630,000 after buying an additional 26,868 shares during the last quarter. Tran Capital Management L.P. grew its stake in GitLab by 28.3% during the 2nd quarter. Tran Capital Management L.P. now owns 406,252 shares of the company's stock worth $18,326,000 after buying an additional 89,717 shares during the last quarter. Finally, Park Avenue Securities LLC raised its position in GitLab by 23.9% in the 2nd quarter. Park Avenue Securities LLC now owns 9,417 shares of the company's stock valued at $425,000 after purchasing an additional 1,816 shares during the last quarter. 95.04% of the stock is owned by hedge funds and other institutional investors.

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.