GitLab (NASDAQ:GTLB) Price Target Lowered to $47.00 at Barclays

GitLab (NASDAQ:GTLB) had its target price lowered by Barclays from $58.00 to $47.00 in a research report sent to investors on Wednesday morning,Benzinga reports. Barclays currently has an equal weight rating on the stock.

Several other brokerages have also recently weighed in on GTLB. Scotiabank reduced their target price on shares of GitLab from $80.00 to $67.00 and set a “sector outperform” rating on the stock in a report on Friday, June 6th. Robert W. Baird cut their target price on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a report on Monday, March 3rd. Royal Bank of Canada cut their target price on shares of GitLab from $80.00 to $68.00 and set an “outperform” rating on the stock in a report on Monday, May 19th. Cowen reaffirmed a “buy” rating on shares of GitLab in a report on Friday, June 6th. Finally, BTIG Research cut their target price on shares of GitLab from $86.00 to $67.00 and set a “buy” rating on the stock in a report on Wednesday. Four analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $63.68.

GitLab Stock Performance

NASDAQ GTLB opened at $43.37 on Wednesday. The business has a fifty day moving average price of $46.42 and a 200 day moving average price of $55.73. GitLab has a one year low of $37.90 and a one year high of $74.18. The company has a market cap of $7.11 billion, a P/E ratio of -135.53 and a beta of 0.75.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings data 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 firm had revenue of $214.51 million during the quarter, compared to the consensus estimate of $213.21 million. GitLab had a negative return on equity of 11.72% and a negative net margin of 6.83%. The company’s quarterly revenue was up 26.8% on a year-over-year basis. During the same period last year, the company earned $0.03 EPS. As a group, sell-side analysts predict that GitLab will post -0.31 EPS for the current fiscal year.

Insider Activity at GitLab

In related news, Director Matthew Jacobson sold 152,884 shares of the business’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 sale, the director now owns 493,554 shares of the company’s stock, valued at $25,832,616.36. The trade was a 23.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Brian G. Robins sold 45,000 shares of the business’s stock in a transaction on 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 approximately $18,251,329.20. This represents a 11.57% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 461,584 shares of company stock valued at $23,192,574. Corporate insiders own 16.37% of the company’s stock.

Hedge Funds Weigh In On GitLab

Institutional investors and hedge funds have recently bought and sold shares of the business. Cullen Frost Bankers Inc. lifted its stake in shares of GitLab by 174.9% during the first quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company’s stock valued at $25,000 after acquiring an additional 334 shares during the period. EverSource Wealth Advisors LLC increased its holdings in GitLab by 5,700.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock valued at $29,000 after purchasing an additional 513 shares during the last quarter. Cloud Capital Management LLC bought a new stake in GitLab in the first quarter valued at about $29,000. Twin Tree Management LP bought a new stake in GitLab in the first quarter valued at about $29,000. Finally, CoreCap Advisors LLC increased its holdings in GitLab by 327.5% in the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock valued at $33,000 after purchasing an additional 452 shares during the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

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.