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

GitLab (NASDAQ:GTLBGet 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:GTLBGet 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

(Get Rating)

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.

Further Reading

Analyst Recommendations for GitLab (NASDAQ:GTLB)

Receive News & Ratings for GitLab Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for GitLab and related companies with MarketBeat.com's FREE daily email newsletter.