GitLab (NASDAQ:GTLB) Price Target Lowered to $75.00 at Macquarie

GitLab (NASDAQ:GTLB - Free Report) had its target price decreased by Macquarie from $90.00 to $75.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Macquarie currently has an outperform rating on the stock.

A number of other equities research analysts have also weighed in on the stock. Morgan Stanley lifted their price objective on shares of GitLab from $53.00 to $56.00 and gave the company an "overweight" rating in a report on Wednesday. Scotiabank decreased their price objective on shares of GitLab from $80.00 to $67.00 and set a "sector outperform" rating for the company in a report on Friday, June 6th. Needham & Company LLC decreased their price objective on shares of GitLab from $85.00 to $55.00 and set a "buy" rating for the company in a report on Wednesday. Barclays decreased their price objective on shares of GitLab from $58.00 to $47.00 and set an "equal weight" rating for the company in a report on Wednesday. Finally, UBS Group decreased their price objective on shares of GitLab from $85.00 to $73.00 and set a "buy" rating for the company in a report on Wednesday. Four equities research 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 stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $63.59.

GitLab Price Performance

Shares of GitLab stock traded down $2.48 during trading on Wednesday, hitting $41.23. The stock had a trading volume of 7,015,686 shares, compared to its average volume of 2,747,987. The firm's fifty day simple moving average is $46.45 and its 200-day simple moving average is $55.40. The stock has a market cap of $6.76 billion, a PE ratio of -128.84 and a beta of 0.75. GitLab has a 12 month low of $37.90 and a 12 month high of $74.18.

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

Insider Activity at GitLab

In related news, CFO Brian G. Robins sold 45,000 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $53.04, for a total transaction of $2,386,800.00. Following the completion of the sale, the chief financial officer now owns 344,105 shares of the company's stock, valued at $18,251,329.20. This represents a 11.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Karen Blasing sold 3,250 shares of the stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $51.58, for a total transaction of $167,635.00. Following the sale, the director now directly owns 108,733 shares of the company's stock, valued at $5,608,448.14. The trade was a 2.90% decrease in their position. The disclosure for this sale can be found here. Insiders sold 461,584 shares of company stock valued at $23,192,574 over the last 90 days. Insiders own 16.37% of the company's stock.

Institutional Investors Weigh In On GitLab

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in GitLab by 2.3% during the 1st 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 in the last quarter. Norges Bank acquired a new position in GitLab during the 4th quarter valued at approximately $279,089,000. Artisan Partners Limited Partnership increased its stake in GitLab by 55.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company's stock valued at $227,318,000 after purchasing an additional 1,443,160 shares in the last quarter. Franklin Resources Inc. increased its stake in GitLab by 17.6% during the 4th quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company's stock valued at $176,954,000 after purchasing an additional 470,192 shares in the last quarter. Finally, Eminence Capital LP increased its stake in GitLab by 13.6% during the 1st quarter. Eminence Capital LP now owns 2,498,201 shares of the company's stock valued at $117,415,000 after purchasing an additional 299,191 shares in the last quarter. Hedge funds and other institutional investors 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.