GitLab (NASDAQ:GTLB) Price Target Cut to $62.00 by Analysts at Royal Bank of Canada

GitLab (NASDAQ:GTLB) had its price target decreased by Royal Bank of Canada from $68.00 to $62.00 in a report published on Wednesday,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

GTLB has been the subject of a number of other reports. Macquarie restated an “outperform” rating and set a $90.00 price target on shares of GitLab in a research note on Tuesday, March 4th. Truist Financial lowered their price target on GitLab from $90.00 to $80.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Barclays decreased their price objective on GitLab from $58.00 to $47.00 and set an “equal weight” rating on the stock in a report on Wednesday. DA Davidson cut their target price on GitLab from $60.00 to $45.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Finally, JPMorgan Chase & Co. cut their price objective on GitLab from $58.00 to $52.00 and set a “neutral” rating on the stock in a research report on Wednesday. Four investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $63.68.

GitLab Trading Down 10.6%

Shares of GitLab stock opened at $43.37 on Wednesday. The firm has a market capitalization of $7.11 billion, a P/E ratio of -135.53 and a beta of 0.75. The business has a fifty day simple moving average of $46.42 and a two-hundred day simple moving average of $55.73. GitLab has a 12 month low of $37.90 and a 12 month high of $74.18.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.02. GitLab had a negative return on equity of 11.72% and a negative net margin of 6.83%. The firm had revenue of $214.51 million during the quarter, compared to the consensus estimate of $213.21 million. During the same period last year, the company earned $0.03 earnings per share. The company’s revenue was up 26.8% on a year-over-year basis. Analysts predict that GitLab will post -0.31 earnings per share for the current year.

Insider Buying and Selling at GitLab

In other news, CFO Brian G. Robins sold 45,000 shares of the firm’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $53.04, for a total value of $2,386,800.00. Following the completion of the transaction, the chief financial officer now directly owns 344,105 shares in the company, valued at $18,251,329.20. This trade represents a 11.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 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. Over the last ninety days, insiders sold 461,584 shares of company stock worth $23,192,574. 16.37% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Cullen Frost Bankers Inc. raised its stake in shares of GitLab by 174.9% in the first quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company’s stock worth $25,000 after purchasing an additional 334 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in GitLab by 5,700.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after acquiring an additional 513 shares during the period. Cloud Capital Management LLC acquired a new stake in GitLab during the first quarter worth about $29,000. Twin Tree Management LP acquired a new stake in GitLab during the first quarter worth about $29,000. Finally, CoreCap Advisors LLC grew its holdings in GitLab by 327.5% during the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock worth $33,000 after acquiring an additional 452 shares during the period. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

About GitLab

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.