GitLab (NASDAQ:GTLB) Price Target Cut to $60.00 by Analysts at Wells Fargo & Company

GitLab (NASDAQ:GTLB - Get Free Report) had its target price reduced by equities researchers at Wells Fargo & Company from $65.00 to $60.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Wells Fargo & Company's price objective suggests a potential upside of 35.35% from the stock's current price.

GTLB has been the subject of several other research reports. Barclays reduced their target price on shares of GitLab from $70.00 to $58.00 and set an "equal weight" rating for the company in a research note on Tuesday, March 4th. Royal Bank of Canada dropped their price objective on shares of GitLab from $80.00 to $68.00 and set an "outperform" rating on the stock in a research note on Monday, May 19th. Truist Financial decreased their target price on GitLab from $90.00 to $80.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Needham & Company LLC reduced their price objective on GitLab from $85.00 to $55.00 and set a "buy" rating for the company in a research report on Wednesday. Finally, Mizuho decreased their target price on GitLab from $80.00 to $72.00 and set an "outperform" rating on the stock in a report on Tuesday, March 4th. Four research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $63.59.

GitLab Stock Performance

GitLab stock traded up $0.96 during midday trading on Wednesday, hitting $44.33. 5,157,317 shares of the company's stock were exchanged, compared to its average volume of 2,718,924. GitLab has a 12 month low of $37.90 and a 12 month high of $74.18. The company has a market cap of $7.27 billion, a PE ratio of -138.53 and a beta of 0.75. The firm has a 50-day moving average of $46.42 and a two-hundred day moving average of $55.73.

GitLab (NASDAQ:GTLB - Get Free Report) last released its quarterly earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.02. GitLab had a negative net margin of 6.83% and a negative return on equity of 11.72%. The firm had revenue of $214.51 million during the quarter, compared to the consensus estimate of $213.21 million. During the same quarter in the prior year, the firm earned $0.03 EPS. The company's revenue for the quarter was up 26.8% on a year-over-year basis. As a group, equities analysts expect that GitLab 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 business's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $51.58, for a total value of $167,635.00. Following the completion of the sale, the director now owns 108,733 shares of the company's stock, valued at approximately $5,608,448.14. The trade was a 2.90% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Brian G. Robins sold 45,000 shares of the firm's stock in a transaction that occurred on 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 completion of the transaction, the chief financial officer now owns 344,105 shares in the company, valued at approximately $18,251,329.20. This trade represents a 11.57% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 461,584 shares of company stock valued at $23,192,574. Insiders own 16.37% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew 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 worth $631,936,000 after purchasing an additional 302,864 shares in the last quarter. Norges Bank acquired a new stake in shares of GitLab in the fourth quarter valued at approximately $279,089,000. Artisan Partners Limited Partnership boosted 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 worth $227,318,000 after purchasing an additional 1,443,160 shares during the period. Franklin Resources Inc. boosted its stake in shares of GitLab by 17.6% during the fourth quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company's stock worth $176,954,000 after buying an additional 470,192 shares during the period. Finally, Eminence Capital LP grew its stake in shares of GitLab by 13.6% in 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 during 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.