GitLab (NASDAQ:GTLB) Price Target Cut to $50.00 by Analysts at Bank of America

GitLab (NASDAQ:GTLB – Get Rating) had its target price lowered by Bank of America from $75.00 to $50.00 in a report issued on Tuesday, The Fly reports.

Several other equities analysts also recently issued reports on the stock. Needham & Company LLC downgraded shares of GitLab from a buy rating to a hold rating in a report on Friday, February 10th. UBS Group decreased their price objective on shares of GitLab to $59.00 in a report on Monday, November 28th. Royal Bank of Canada increased their price objective on shares of GitLab from $50.00 to $60.00 and gave the company an outperform rating in a report on Monday, March 6th. KeyCorp decreased their price objective on shares of GitLab from $63.00 to $60.00 and set an overweight rating on the stock in a report on Tuesday, December 6th. Finally, Piper Sandler decreased their price objective on shares of GitLab from $60.00 to $58.00 and set an overweight rating on the stock in a report on Thursday, January 5th. Two equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $61.57.

GitLab Stock Performance

Shares of NASDAQ GTLB opened at $33.96 on Tuesday. The company’s fifty day moving average price is $46.30 and its 200 day moving average price is $47.17. GitLab has a 1 year low of $30.92 and a 1 year high of $70.96. The company has a market capitalization of $5.08 billion, a PE ratio of -27.61 and a beta of -0.18.

GitLab (NASDAQ:GTLB – Get Rating) last announced its quarterly earnings results on Monday, March 13th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.11. GitLab had a negative net margin of 47.30% and a negative return on equity of 23.06%. The firm had revenue of $122.90 million for the quarter, compared to the consensus estimate of $119.59 million. During the same period in the prior year, the firm posted ($0.25) earnings per share. The firm’s quarterly revenue was up 58.0% compared to the same quarter last year. On average, equities analysts expect that GitLab will post -1.37 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Divesh Makan sold 53,676 shares of the firm’s stock in a transaction dated Tuesday, December 27th. The shares were sold at an average price of $44.65, for a total transaction of $2,396,633.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other GitLab news, CRO Michael Eugene Mcbride sold 6,832 shares of GitLab stock in a transaction dated Tuesday, January 3rd. The shares were sold at an average price of $45.70, for a total transaction of $312,222.40. Following the completion of the sale, the executive now directly owns 869,178 shares in the company, valued at $39,721,434.60. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Divesh Makan sold 53,676 shares of GitLab stock in a transaction dated Tuesday, December 27th. The shares were sold at an average price of $44.65, for a total transaction of $2,396,633.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 64,082 shares of company stock worth $2,880,100. Insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP grew its holdings in shares of GitLab by 2.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 10,871 shares of the company’s stock valued at $494,000 after purchasing an additional 257 shares in the last quarter. UMB Bank n.a. grew its holdings in shares of GitLab by 25.8% in the fourth quarter. UMB Bank n.a. now owns 1,318 shares of the company’s stock valued at $60,000 after purchasing an additional 270 shares in the last quarter. Parallel Advisors LLC grew its holdings in shares of GitLab by 26.7% in the fourth quarter. Parallel Advisors LLC now owns 1,415 shares of the company’s stock valued at $64,000 after purchasing an additional 298 shares in the last quarter. AJ Wealth Strategies LLC grew its holdings in shares of GitLab by 10.2% in the third quarter. AJ Wealth Strategies LLC now owns 5,406 shares of the company’s stock valued at $277,000 after purchasing an additional 500 shares in the last quarter. Finally, Brookstone Capital Management grew its holdings in shares of GitLab by 11.5% in the third quarter. Brookstone Capital Management now owns 5,129 shares of the company’s stock valued at $244,000 after purchasing an additional 529 shares in the last quarter. Institutional investors and hedge funds own 48.99% 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.