GitLab (NASDAQ:GTLB) Price Target Cut to $50.00 by Analysts at Barclays

GitLab (NASDAQ:GTLBFree Report) had its target price trimmed by Barclays from $55.00 to $50.00 in a research report report published on Tuesday, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Other research analysts have also recently issued research reports about the stock. UBS Group lowered their target price on shares of GitLab from $81.00 to $75.00 and set a buy rating for the company in a report on Tuesday, March 5th. Cantor Fitzgerald lowered their target price on shares of GitLab from $80.00 to $70.00 and set an overweight rating for the company in a report on Tuesday, March 5th. Mizuho lowered their target price on shares of GitLab from $70.00 to $62.00 and set a buy rating for the company in a report on Tuesday. Truist Financial restated a buy rating and issued a $80.00 target price on shares of GitLab in a report on Monday, April 1st. Finally, TD Cowen decreased their price target on shares of GitLab from $80.00 to $76.00 and set an outperform rating for the company in a research note on Tuesday, March 5th. Four research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. According to data from MarketBeat.com, GitLab presently has a consensus rating of Moderate Buy and an average price target of $68.09.

View Our Latest Report on GTLB

GitLab Stock Down 4.9 %

Shares of GTLB opened at $44.75 on Tuesday. GitLab has a fifty-two week low of $33.09 and a fifty-two week high of $78.53. The firm’s 50 day moving average price is $54.78 and its 200 day moving average price is $60.09. The company has a market cap of $7.10 billion, a P/E ratio of -16.27 and a beta of 0.44.

GitLab (NASDAQ:GTLBGet Free Report) last posted its quarterly earnings results on Monday, March 4th. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.08 by $0.07. GitLab had a negative net margin of 73.14% and a negative return on equity of 18.26%. The company had revenue of $163.80 million during the quarter, compared to analysts’ expectations of $157.89 million. During the same quarter in the previous year, the business posted ($0.26) EPS. The firm’s revenue was up 33.3% on a year-over-year basis. Research analysts forecast that GitLab will post -0.96 earnings per share for the current year.

Insider Activity at GitLab

In other GitLab news, insider Robin Schulman sold 2,425 shares of the stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $58.75, for a total transaction of $142,468.75. Following the sale, the insider now owns 55,150 shares in the company, valued at approximately $3,240,062.50. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, CAO Erin Mannix sold 958 shares of GitLab stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $59.53, for a total value of $57,029.74. Following the transaction, the chief accounting officer now owns 74,908 shares in the company, valued at $4,459,273.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Robin Schulman sold 2,425 shares of GitLab stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $58.75, for a total value of $142,468.75. Following the completion of the transaction, the insider now owns 55,150 shares in the company, valued at approximately $3,240,062.50. The disclosure for this sale can be found here. Insiders sold 433,383 shares of company stock valued at $23,632,528 in the last ninety days. Corporate insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in GTLB. Byrne Asset Management LLC acquired a new position in GitLab in the first quarter worth about $33,000. Allspring Global Investments Holdings LLC grew its stake in GitLab by 2,107.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after purchasing an additional 548 shares in the last quarter. Ramirez Asset Management Inc. acquired a new position in GitLab in the third quarter worth about $36,000. SRS Capital Advisors Inc. acquired a new position in GitLab in the third quarter worth about $40,000. Finally, Banque Cantonale Vaudoise acquired a new position in GitLab in the first quarter worth about $58,000. 91.72% of the stock is owned by hedge funds and other institutional investors.

About GitLab

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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. 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.

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