Gitlab (NASDAQ:GTLB) Rating Lowered to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of Gitlab (NASDAQ:GTLB) from a hold rating to a sell rating in a research note released on Tuesday morning, Zacks.com reports.

According to Zacks, “GitLab Inc. is the provider of The DevOps platform, a single application that brings together development, operations, IT, security, and business teams to deliver desired business outcomes. GitLab Inc. is based in SAN FRANCISCO. “

Other equities research analysts have also recently issued reports about the stock. Truist initiated coverage on shares of Gitlab in a research report on Monday, November 8th. They set a buy rating and a $175.00 price objective for the company. Piper Sandler upgraded shares of Gitlab from a neutral rating to an overweight rating and set a $100.00 price target for the company in a report on Thursday, January 6th. KeyCorp reduced their price target on shares of Gitlab from $144.00 to $115.00 and set an overweight rating for the company in a report on Tuesday, December 7th. They noted that the move was a valuation call. Royal Bank of Canada reduced their price target on shares of Gitlab from $140.00 to $107.00 and set a sector perform rating for the company in a report on Tuesday, December 7th. Finally, Truist Securities started coverage on shares of Gitlab in a report on Monday, November 8th. They issued a buy rating and a $175.00 price target for the company. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Buy and an average price target of $128.40.

GTLB opened at $64.06 on Tuesday. Gitlab has a twelve month low of $63.30 and a twelve month high of $137.00. The business’s fifty day moving average price is $93.55.

Gitlab (NASDAQ:GTLB) last posted its quarterly earnings data on Monday, December 6th. The company reported ($0.34) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.48) by $0.14. The firm had revenue of $66.80 million for the quarter, compared to analyst estimates of $58.87 million. Research analysts anticipate that Gitlab will post -1.71 EPS for the current year.

In other news, Director Matthew Jacobson purchased 634,550 shares of the company’s stock in a transaction that occurred on Thursday, December 9th. The shares were bought at an average cost of $78.19 per share, with a total value of $49,615,464.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Iconiq Strategic Partners Vi, purchased 282,279 shares of the company’s stock in a transaction that occurred on Thursday, December 9th. The shares were purchased at an average cost of $78.20 per share, for a total transaction of $22,074,217.80. The disclosure for this purchase can be found here. Insiders have bought 1,290,645 shares of company stock valued at $100,358,309 over the last quarter.

About Gitlab

GitLab Inc is the provider of The DevOps platform, a single application that brings together development, operations, IT, security, and business teams to deliver desired business outcomes. GitLab Inc is based in SAN FRANCISCO.

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