GitLab (NASDAQ:GTLB) Price Target Lowered to $60.00 at KeyCorp

GitLab (NASDAQ:GTLB – Get Rating) had its target price cut by KeyCorp from $63.00 to $60.00 in a research note issued to investors on Tuesday morning, Stock Target Advisor reports. They currently have an overweight rating on the stock.

A number of other analysts have also weighed in on the stock. Cowen upped their price objective on shares of GitLab to $70.00 in a research note on Tuesday, September 6th. Needham & Company LLC lowered their price objective on shares of GitLab from $70.00 to $60.00 and set a buy rating for the company in a research note on Wednesday, September 7th. UBS Group lowered their price objective on shares of GitLab to $59.00 in a research note on Monday, November 28th. JPMorgan Chase & Co. initiated coverage on shares of GitLab in a research note on Thursday, September 1st. They issued a neutral rating and a $63.00 price objective for the company. Finally, Royal Bank of Canada reduced their target price on shares of GitLab from $75.00 to $55.00 and set an outperform rating for the company in a report on Monday, November 28th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $73.17.

GitLab Trading Up 10.9 %

Shares of GTLB opened at $47.43 on Tuesday. The firm has a market capitalization of $7.06 billion, a P/E ratio of -38.56 and a beta of -0.21. GitLab has a 12-month low of $30.74 and a 12-month high of $97.82. The firm has a fifty day moving average price of $44.63 and a 200-day moving average price of $50.93.

GitLab (NASDAQ:GTLB – Get Rating) last released its quarterly earnings data on Monday, December 5th. The company reported ($0.10) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.05. GitLab had a negative net margin of 47.30% and a negative return on equity of 23.05%. The company had revenue of $113.00 million during the quarter, compared to analyst estimates of $106.08 million. During the same period in the prior year, the firm earned ($0.47) earnings per share. The firm’s revenue for the quarter was up 69.2% compared to the same quarter last year. Analysts predict that GitLab will post -1.4 earnings per share for the current year.

Insider Activity

In related news, major shareholder 2021 Gp L.L.C. Gv acquired 277,493 shares of the business’s stock in a transaction dated Friday, November 4th. The shares were purchased at an average price of $36.01 per share, for a total transaction of $9,992,522.93. Following the completion of the acquisition, the insider now directly owns 870,895 shares in the company, valued at approximately $31,360,928.95. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, major shareholder 2021 Gp L.L.C. Gv acquired 277,493 shares of the business’s stock in a transaction dated Friday, November 4th. The shares were purchased at an average price of $36.01 per share, for a total transaction of $9,992,522.93. Following the completion of the acquisition, the insider now directly owns 870,895 shares in the company, valued at approximately $31,360,928.95. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Dale R. Brown sold 3,574 shares of the company’s stock in a transaction dated Thursday, October 6th. The shares were sold at an average price of $53.46, for a total transaction of $191,066.04. Following the transaction, the insider now owns 16,649 shares in the company, valued at approximately $890,055.54. The disclosure for this sale can be found here. Insiders have purchased a total of 661,702 shares of company stock worth $23,399,217 over the last 90 days. 0.19% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On GitLab

A number of large investors have recently bought and sold shares of GTLB. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in GitLab in the second quarter valued at approximately $31,000. National Bank of Canada FI boosted its position in GitLab by 500.0% in the first quarter. National Bank of Canada FI now owns 600 shares of the company’s stock valued at $33,000 after buying an additional 500 shares during the last quarter. Asset Management One Co. Ltd. boosted its position in GitLab by 48.3% in the second quarter. Asset Management One Co. Ltd. now owns 890 shares of the company’s stock valued at $47,000 after buying an additional 290 shares during the last quarter. First Horizon Advisors Inc. purchased a new stake in GitLab in the third quarter valued at approximately $47,000. Finally, Lazard Asset Management LLC purchased a new stake in GitLab in the first quarter valued at approximately $47,000. Hedge funds and other institutional investors own 42.66% of the company’s stock.

About GitLab

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GitLab Inc, through its subsidiaries, develops software for the software development lifecycle in the United States, Europe, and the Asia Pacific. The company 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.