GitLab (NASDAQ:GTLB) Given New $75.00 Price Target at Macquarie

GitLab (NASDAQ:GTLB) had its price objective lowered by Macquarie from $90.00 to $75.00 in a report released on Wednesday morning,Benzinga reports. Macquarie currently has an outperform rating on the stock.

Several other research firms have also issued reports on GTLB. Cantor Fitzgerald decreased their price target on shares of GitLab from $70.00 to $60.00 and set an “overweight” rating on the stock in a research report on Wednesday. The Goldman Sachs Group restated a “neutral” rating and issued a $50.00 price target (down from $63.00) on shares of GitLab in a research report on Wednesday. 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 report on Wednesday. Barclays decreased their price target on shares of GitLab from $58.00 to $47.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Finally, DA Davidson decreased their target price on shares of GitLab from $60.00 to $45.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. 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. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $63.68.

GitLab Stock Performance

GitLab stock opened at $43.37 on Wednesday. The company has a 50 day moving average price of $46.42 and a 200 day moving average price of $55.73. GitLab has a 52 week low of $37.90 and a 52 week high of $74.18. The firm has a market capitalization of $7.11 billion, a price-to-earnings ratio of -135.53 and a beta of 0.75.

GitLab (NASDAQ:GTLB) last released its earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.02. The company had revenue of $214.51 million during the quarter, compared to the consensus estimate of $213.21 million. GitLab had a negative net margin of 6.83% and a negative return on equity of 11.72%. The company’s revenue was up 26.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.03 EPS. Equities analysts forecast that GitLab will post -0.31 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Matthew Jacobson sold 152,884 shares of the firm’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $52.34, for a total value of $8,001,948.56. Following the completion of the sale, the director now owns 493,554 shares of the company’s stock, valued at $25,832,616.36. This trade represents a 23.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Sytse Sijbrandij sold 108,600 shares of the firm’s stock in a transaction on 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. Over the last 90 days, insiders sold 461,584 shares of company stock valued at $23,192,574. 16.37% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On GitLab

Several institutional investors and hedge funds have recently modified their holdings of GTLB. M&T Bank Corp increased its holdings in GitLab by 3.1% in the 4th quarter. M&T Bank Corp now owns 4,965 shares of the company’s stock worth $280,000 after buying an additional 148 shares in the last quarter. Wilmington Savings Fund Society FSB increased its holdings in GitLab by 7.9% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock worth $116,000 after buying an additional 150 shares in the last quarter. OneDigital Investment Advisors LLC increased its holdings in GitLab by 4.3% in the 4th quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock worth $228,000 after buying an additional 166 shares in the last quarter. Utah Retirement Systems increased its holdings in GitLab by 3.1% in the 4th quarter. Utah Retirement Systems now owns 6,600 shares of the company’s stock worth $372,000 after buying an additional 200 shares in the last quarter. Finally, Mariner LLC increased its holdings in GitLab by 1.7% in the 4th quarter. Mariner LLC now owns 12,583 shares of the company’s stock worth $709,000 after buying an additional 214 shares in the last quarter. 95.04% of the stock is currently owned by 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.