Wells Fargo & Company Cuts GitLab (NASDAQ:GTLB) Price Target to $60.00

GitLab (NASDAQ:GTLB) had its price target trimmed by Wells Fargo & Company from $65.00 to $60.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other analysts have also issued research reports about the company. Robert W. Baird decreased their price objective on GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a research note on Monday, March 3rd. Scotiabank decreased their price objective on GitLab from $80.00 to $67.00 and set a “sector outperform” rating on the stock in a research note on Friday, June 6th. Barclays decreased their price objective on GitLab from $70.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 4th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $80.00 price objective on shares of GitLab in a research note on Tuesday, March 4th. Finally, BTIG Research decreased their price objective on GitLab from $86.00 to $67.00 and set a “buy” rating on the stock in a research note on Wednesday. Four research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $63.59.

GitLab Stock Performance

GitLab stock opened at $41.23 on Wednesday. The firm has a market capitalization of $6.76 billion, a price-to-earnings ratio of -128.84 and a beta of 0.75. GitLab has a fifty-two week low of $37.90 and a fifty-two week high of $74.18. The stock’s fifty day moving average is $46.45 and its two-hundred day moving average is $55.40.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.02. The business had revenue of $214.51 million for the quarter, compared to analyst estimates of $213.21 million. GitLab had a negative return on equity of 11.72% and a negative net margin of 6.83%. The business’s revenue for the quarter was up 26.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.03 earnings per share. As a group, sell-side analysts forecast that GitLab will post -0.31 EPS for the current fiscal year.

Insider Transactions at GitLab

In other news, Director Karen Blasing sold 3,250 shares of the firm’s stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $51.58, for a total value of $167,635.00. Following the transaction, the director now directly owns 108,733 shares in the company, valued at $5,608,448.14. This trade represents a 2.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Sytse Sijbrandij sold 108,600 shares of the firm’s stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $42.87, for a total value of $4,655,682.00. 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 in the last three months. 16.37% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On GitLab

A number of large investors have recently modified their holdings of the company. Swiss National Bank grew its stake in shares of GitLab by 3.7% in the fourth quarter. Swiss National Bank now owns 215,000 shares of the company’s stock valued at $12,115,000 after buying an additional 7,700 shares in the last quarter. Smartleaf Asset Management LLC grew its stake in shares of GitLab by 1,067.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock valued at $71,000 after buying an additional 1,153 shares in the last quarter. Rhumbline Advisers grew its stake in shares of GitLab by 5.5% in the fourth quarter. Rhumbline Advisers now owns 150,312 shares of the company’s stock valued at $8,470,000 after buying an additional 7,837 shares in the last quarter. Principal Securities Inc. grew its stake in shares of GitLab by 79.6% in the fourth quarter. Principal Securities Inc. now owns 5,373 shares of the company’s stock valued at $303,000 after buying an additional 2,381 shares in the last quarter. Finally, Truist Financial Corp grew its stake in shares of GitLab by 32.4% in the fourth quarter. Truist Financial Corp now owns 22,078 shares of the company’s stock valued at $1,244,000 after buying an additional 5,406 shares in the last quarter. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

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.