GitLab (NASDAQ:GTLB) Price Target Lowered to $47.00 at Barclays

GitLab (NASDAQ:GTLB) had its price target lowered by equities research analysts at Barclays from $58.00 to $47.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Barclays‘s price objective suggests a potential upside of 4.69% from the stock’s previous close.

GTLB has been the topic of a number of other research reports. UBS Group decreased their price target on shares of GitLab from $85.00 to $73.00 and set a “buy” rating on the stock in a research note on Wednesday. Cowen restated a “buy” rating on shares of GitLab in a report on Friday. 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 report on Wednesday. Scotiabank decreased their target price on GitLab from $80.00 to $67.00 and set a “sector outperform” rating on the stock in a research report on Friday, June 6th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and set a $50.00 target price (down previously from $63.00) on shares of GitLab in a research note on Wednesday. Four analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $65.67.

GitLab Stock Down 7.5%

Shares of GTLB stock traded down $3.62 during trading on Wednesday, reaching $44.89. 12,845,175 shares of the company’s stock were exchanged, compared to its average volume of 2,653,097. GitLab has a twelve month low of $37.90 and a twelve month high of $74.18. The firm’s fifty day moving average price is $46.37 and its 200-day moving average price is $55.81. The stock has a market capitalization of $7.36 billion, a PE ratio of -140.22 and a beta of 0.75.

GitLab (NASDAQ:GTLB) last released its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 EPS for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $213.21 million. During the same period in the previous year, the business posted $0.03 earnings per share. The company’s revenue for the quarter was up 26.8% compared to the same quarter last year. As a group, analysts anticipate that GitLab will post -0.31 EPS for the current fiscal year.

Insider Activity at GitLab

In other GitLab news, CFO Brian G. Robins sold 45,000 shares of GitLab stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $53.04, for a total value of $2,386,800.00. Following the completion of the sale, the chief financial officer now directly owns 344,105 shares in the company, valued at approximately $18,251,329.20. The trade was a 11.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Susan L. Bostrom sold 40,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $51.88, for a total value of $2,075,200.00. Following the completion of the transaction, the director now directly owns 144,913 shares in the company, valued at approximately $7,518,086.44. This trade represents a 21.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 461,584 shares of company stock worth $23,192,574 over the last quarter. Company insiders own 16.37% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of GitLab by 15.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,700 shares of the company’s stock valued at $717,000 after purchasing an additional 1,700 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its position in GitLab by 70.6% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 507,713 shares of the company’s stock valued at $28,610,000 after buying an additional 210,081 shares in the last quarter. Wilmington Savings Fund Society FSB increased its position in GitLab by 7.9% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock valued at $116,000 after buying an additional 150 shares in the last quarter. Wildcat Capital Management LLC acquired a new position in GitLab during the 4th quarter worth approximately $642,000. Finally, Vontobel Holding Ltd. bought a new position in GitLab in the fourth quarter worth approximately $549,000. 95.04% of the stock is owned by institutional investors.

About GitLab

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.