GitLab's (GTLB) Neutral Rating Reiterated at The Goldman Sachs Group

The Goldman Sachs Group reaffirmed their neutral rating on shares of GitLab (NASDAQ:GTLB - Free Report) in a report released on Wednesday, MarketBeat.com reports. The Goldman Sachs Group currently has a $50.00 price target on the stock, down from their prior price target of $63.00.

Other research analysts also recently issued reports about the company. BTIG Research lowered their price objective on GitLab from $86.00 to $67.00 and set a "buy" rating for the company in a research note on Wednesday. Truist Financial dropped their target price on shares of GitLab from $90.00 to $80.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. Wells Fargo & Company dropped their price objective on shares of GitLab from $65.00 to $60.00 and set an "overweight" rating for the company in a report on Wednesday. UBS Group cut their price target on GitLab from $85.00 to $73.00 and set a "buy" rating on the stock in a research note on Wednesday. Finally, Barclays cut their price objective on shares of GitLab from $70.00 to $58.00 and set an "equal weight" rating on the stock in a research report on Tuesday, March 4th. 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 company's stock. According to data from MarketBeat.com, GitLab has an average rating of "Moderate Buy" and an average price target of $63.59.

GitLab Stock Up 2.2%

Shares of GTLB traded up $0.96 on Wednesday, reaching $44.33. The stock had a trading volume of 5,157,317 shares, compared to its average volume of 2,718,924. The firm has a 50-day moving average of $46.42 and a 200 day moving average of $55.73. The firm has a market capitalization of $7.27 billion, a PE ratio of -138.53 and a beta of 0.75. GitLab has a twelve month low of $37.90 and a twelve month high of $74.18.

GitLab (NASDAQ:GTLB - Get Free Report) last issued its earnings results 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. The business had revenue of $214.51 million during the quarter, compared to analysts' expectations of $213.21 million. GitLab had a negative return on equity of 11.72% and a negative net margin of 6.83%. The company's revenue for the quarter was up 26.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.03 EPS. On average, sell-side analysts anticipate that GitLab will post -0.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Susan L. Bostrom sold 40,000 shares of GitLab stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $51.88, for a total transaction of $2,075,200.00. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Karen Blasing sold 3,250 shares of GitLab stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $45.00, for a total value of $146,250.00. Following the completion of the transaction, the director now directly owns 111,983 shares of the company's stock, valued at approximately $5,039,235. This trade represents a 2.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 461,584 shares of company stock worth $23,192,574 in the last ninety days. 16.37% of the stock is owned by insiders.

Institutional Trading of GitLab

Several hedge funds have recently modified their holdings of GTLB. Vanguard Group Inc. grew its position in GitLab by 2.3% in 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 during the period. Norges Bank purchased a new position in shares of GitLab in the 4th quarter worth about $279,089,000. Artisan Partners Limited Partnership raised its stake in shares of GitLab by 55.7% in the fourth quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company's stock valued at $227,318,000 after buying an additional 1,443,160 shares during the period. Franklin Resources Inc. lifted its stake in shares of 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 buying an additional 470,192 shares in the last quarter. Finally, Eminence Capital LP boosted its holdings in shares of GitLab by 13.6% in the first 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 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.