GitLab's (GTLB) Outperform Rating Reaffirmed at Macquarie

GitLab (NASDAQ:GTLB - Get Free Report)'s stock had its "outperform" rating reissued by equities research analysts at Macquarie in a report issued on Wednesday,Benzinga reports. They currently have a $75.00 target price on the stock. Macquarie's price objective would indicate a potential upside of 77.59% from the stock's previous close.

GTLB has been the subject of a number of other reports. Barclays decreased their target price on GitLab from $58.00 to $47.00 and set an "equal weight" rating for the company in a research report on Wednesday, June 11th. BTIG Research decreased their price target on GitLab from $86.00 to $67.00 and set a "buy" rating for the company in a research report on Wednesday, June 11th. Canaccord Genuity Group cut their price target on shares of GitLab from $78.00 to $76.00 and set a "buy" rating on the stock in a report on Thursday, June 12th. Needham & Company LLC dropped their price target on GitLab from $85.00 to $55.00 and set a "buy" rating on the stock in a research report on Wednesday, June 11th. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating and set a $50.00 price target (down previously from $63.00) on shares of GitLab in a research report on Wednesday, June 11th. Four analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $63.59.

GitLab Stock Performance

Shares of NASDAQ:GTLB traded down $0.60 during midday trading on Wednesday, reaching $42.23. The company's stock had a trading volume of 2,053,313 shares, compared to its average volume of 2,794,670. The firm has a market capitalization of $6.98 billion, a price-to-earnings ratio of 423.25 and a beta of 0.75. The firm has a 50 day moving average price of $46.21 and a two-hundred day moving average price of $54.22. GitLab has a fifty-two week low of $37.90 and a fifty-two week high of $74.18.

GitLab (NASDAQ:GTLB - Get Free Report) last issued its 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 business had revenue of $214.51 million during the quarter, compared to analyst estimates of $213.21 million. During the same period in the previous year, the company posted $0.03 EPS. The firm's revenue was up 26.8% compared to the same quarter last year. As a group, research analysts anticipate that GitLab will post -0.31 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Karen Blasing sold 3,250 shares of the stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $45.00, for a total transaction of $146,250.00. Following the transaction, the director now directly owns 111,983 shares in the company, valued at approximately $5,039,235. This represents a 2.82% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Sytse Sijbrandij sold 108,600 shares of the stock in a transaction dated Monday, June 16th. The shares were 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. Insiders have sold 377,300 shares of company stock worth $17,615,809 in the last ninety days. 21.36% of the stock is currently owned by insiders.

Hedge Funds Weigh In On GitLab

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in GitLab by 2.3% during the 1st quarter. Vanguard Group Inc. now owns 13,445,456 shares of the company's stock worth $631,936,000 after acquiring an additional 302,864 shares during the last quarter. Norges Bank bought a new position in GitLab during the 4th quarter worth approximately $279,089,000. Artisan Partners Limited Partnership grew 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 acquiring an additional 1,443,160 shares during the last quarter. Franklin Resources Inc. grew its position in GitLab by 17.6% during 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 last quarter. Finally, Eminence Capital LP grew its position in GitLab by 13.6% during 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 last quarter. 95.04% of the stock is currently owned by 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.

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