GitLab (NASDAQ:GTLB) Price Target Lowered to $50.00 at Truist Financial

GitLab (NASDAQ:GTLB – Get Rating) had its price objective cut by Truist Financial from $65.00 to $50.00 in a research note issued to investors on Tuesday, The Fly reports.

A number of other research firms have also recently commented on GTLB. UBS Group reduced their price objective on shares of GitLab to $59.00 in a research report on Monday, November 28th. Needham & Company LLC cut shares of GitLab from a buy rating to a hold rating in a research report on Friday, February 10th. Bank of America reduced their target price on shares of GitLab from $75.00 to $50.00 in a research report on Tuesday. KeyCorp reduced their target price on shares of GitLab from $63.00 to $60.00 and set an overweight rating for the company in a research report on Tuesday, December 6th. Finally, Royal Bank of Canada boosted their target price on shares of GitLab from $50.00 to $60.00 and gave the company an outperform rating in a research report on Monday, March 6th. Two analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $61.57.

GitLab Trading Down 23.9 %

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

GitLab (NASDAQ:GTLB – Get Rating) last released its quarterly earnings data on Monday, March 13th. The company reported ($0.03) 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 during the quarter, compared to analysts’ expectations of $119.59 million. During the same period in the previous year, the business posted ($0.25) earnings per share. The company’s revenue for the quarter was up 58.0% compared to the same quarter last year. As a group, research analysts forecast that GitLab will post -1.37 earnings per share for the current year.

Insiders Place Their Bets

In other GitLab news, insider Dale R. Brown sold 894 shares of the business’s stock in a transaction dated Thursday, January 5th. The stock was sold at an average price of $41.66, for a total transaction of $37,244.04. Following the completion of the transaction, the insider now owns 16,265 shares of the company’s stock, valued at $677,599.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other GitLab news, major shareholder Divesh Makan sold 53,676 shares of the business’s stock in a transaction dated Tuesday, December 27th. The stock was sold at an average price of $44.65, for a total transaction of $2,396,633.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Dale R. Brown sold 894 shares of the business’s stock in a transaction dated Thursday, January 5th. The stock was sold at an average price of $41.66, for a total value of $37,244.04. Following the transaction, the insider now directly owns 16,265 shares of the company’s stock, valued at approximately $677,599.90. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 64,082 shares of company stock valued at $2,880,100. 0.19% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Sands Capital Ventures LLC acquired a new position in shares of GitLab in the fourth quarter valued at approximately $30,000. Exchange Traded Concepts LLC acquired a new position in shares of GitLab in the fourth quarter valued at approximately $30,000. OLD Mission Capital LLC acquired a new position in shares of GitLab in the fourth quarter valued at approximately $37,000. Lazard Asset Management LLC acquired a new position in shares of GitLab in the first quarter valued at approximately $47,000. Finally, First Horizon Advisors Inc. acquired a new position in shares of GitLab in the third quarter valued at approximately $47,000. Institutional investors and hedge funds own 48.99% of the company’s stock.

GitLab Company Profile

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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.