GitLab (NASDAQ:GTLB) Stock Rating Lowered by Capital One Financial

GitLab (NASDAQ:GTLB) was downgraded by investment analysts at Capital One Financial from an “overweight” rating to an “equal weight” rating in a research report issued to clients and investors on Wednesday, MarketBeat.com reports. They presently have a $46.00 price target on the stock. Capital One Financial‘s price target suggests a potential upside of 4.74% from the stock’s current price.

A number of other analysts have also weighed in on the stock. Piper Sandler reissued an “overweight” rating and issued a $85.00 price target on shares of GitLab in a report on Wednesday, June 11th. Raymond James Financial lowered their price target on shares of GitLab from $80.00 to $60.00 and set an “outperform” rating for the company in a report on Wednesday, June 11th. The Goldman Sachs Group reissued a “neutral” rating and issued a $50.00 price target on shares of GitLab in a report on Tuesday, June 24th. KeyCorp lowered their price target on shares of GitLab from $80.00 to $60.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Finally, Cantor Fitzgerald lowered their price target on shares of GitLab from $70.00 to $60.00 and set an “overweight” rating for the company in a report on Wednesday, June 11th. Five equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $62.63.

GitLab Trading Up 3.2%

NASDAQ GTLB opened at $43.92 on Wednesday. GitLab has a 1-year low of $37.90 and a 1-year high of $74.18. The company has a market capitalization of $7.26 billion, a PE ratio of 439.20 and a beta of 0.74. The firm’s fifty day simple moving average is $46.02 and its 200-day simple moving average is $52.50.

GitLab (NASDAQ:GTLB) last posted its earnings results on Tuesday, June 10th. The company reported $0.17 EPS for the quarter, topping the consensus estimate of $0.15 by $0.02. The firm had revenue of $214.51 million for the quarter, compared to the consensus estimate of $213.21 million. GitLab had a net margin of 2.17% and a negative return on equity of 4.07%. The business’s quarterly revenue was up 26.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.03 earnings per share. As a group, analysts predict that GitLab will post -0.31 EPS for the current year.

Insider Activity at GitLab

In other GitLab news, CFO Brian G. Robins sold 45,000 shares of the stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $53.04, for a total transaction of $2,386,800.00. Following the sale, the chief financial officer directly owned 344,105 shares of the company’s stock, valued at approximately $18,251,329.20. This trade represents a 11.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Matthew Jacobson sold 129,400 shares of the firm’s stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $42.32, for a total transaction of $5,476,208.00. Following the sale, the director directly owned 551,997 shares in the company, valued at $23,360,513.04. The trade was a 18.99% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 509,950 shares of company stock worth $23,288,223 over the last ninety days. 16.37% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On GitLab

A number of institutional investors have recently added to or reduced their stakes in GTLB. Proficio Capital Partners LLC acquired a new stake in GitLab during the 4th quarter worth $2,324,000. Raymond James Financial Inc. acquired a new stake in GitLab during the 4th quarter worth $3,392,000. PNC Financial Services Group Inc. boosted its stake in GitLab by 17.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,263 shares of the company’s stock worth $128,000 after purchasing an additional 328 shares during the last quarter. HighTower Advisors LLC acquired a new stake in GitLab during the 4th quarter worth $289,000. Finally, EverSource Wealth Advisors LLC boosted its stake in GitLab by 5,700.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after purchasing an additional 513 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.