GitLab Inc. (NASDAQ:GTLB – Get Free Report) gapped down before the market opened on Tuesday after TD Cowen lowered their price target on the stock from $80.00 to $76.00. The stock had previously closed at $74.47, but opened at $60.00. TD Cowen currently has an outperform rating on the stock. GitLab shares last traded at $62.82, with a volume of 7,045,781 shares trading hands.
Several other analysts have also recently weighed in on the stock. Canaccord Genuity Group reissued a “buy” rating and issued a $74.00 price target on shares of GitLab in a research note on Tuesday. Mizuho dropped their price target on shares of GitLab from $87.00 to $75.00 and set a “buy” rating for the company in a research note on Tuesday. Cantor Fitzgerald dropped their price target on shares of GitLab from $80.00 to $70.00 and set an “overweight” rating for the company in a research note on Tuesday. Scotiabank upped their price objective on shares of GitLab from $60.00 to $70.00 and gave the stock a “sector outperform” rating in a report on Tuesday, December 5th. Finally, Sanford C. Bernstein upped their price objective on shares of GitLab from $71.00 to $76.00 and gave the stock an “outperform” rating in a report on Tuesday. Six equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $68.05.
Insider Activity at GitLab
In related news, insider Robin Schulman sold 30,543 shares of the stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $75.11, for a total value of $2,294,084.73. Following the transaction, the insider now directly owns 60,132 shares of the company’s stock, valued at approximately $4,516,514.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Robin Schulman sold 30,543 shares of the stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $75.11, for a total value of $2,294,084.73. Following the transaction, the insider now directly owns 60,132 shares of the company’s stock, valued at approximately $4,516,514.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Brian G. Robins sold 13,000 shares of the firm’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $72.56, for a total transaction of $943,280.00. Following the transaction, the chief financial officer now directly owns 319,300 shares in the company, valued at $23,168,408. The disclosure for this sale can be found here. Insiders have sold 2,036,699 shares of company stock valued at $128,327,796 in the last ninety days. Insiders own 28.04% of the company’s stock.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently bought and sold shares of GTLB. Raymond James & Associates grew its position in GitLab by 62.6% during the 1st quarter. Raymond James & Associates now owns 4,289 shares of the company’s stock worth $234,000 after purchasing an additional 1,652 shares during the last quarter. Bank of New York Mellon Corp grew its position in GitLab by 3,816.3% during the 1st quarter. Bank of New York Mellon Corp now owns 182,343 shares of the company’s stock worth $9,930,000 after purchasing an additional 177,687 shares during the last quarter. BlackRock Inc. grew its position in GitLab by 13.1% during the 1st quarter. BlackRock Inc. now owns 2,821,575 shares of the company’s stock worth $153,635,000 after purchasing an additional 327,244 shares during the last quarter. Blair William & Co. IL grew its position in GitLab by 229.4% during the 1st quarter. Blair William & Co. IL now owns 34,096 shares of the company’s stock worth $1,857,000 after purchasing an additional 23,746 shares during the last quarter. Finally, Sei Investments Co. purchased a new position in GitLab during the 1st quarter worth $1,634,000. 54.15% of the stock is owned by hedge funds and other institutional investors.
GitLab Stock Down 17.4 %
The company’s fifty day moving average price is $68.30 and its two-hundred day moving average price is $55.74. The firm has a market cap of $9.57 billion, a PE ratio of -22.33 and a beta of 0.52.
GitLab (NASDAQ:GTLB – Get Free Report) last issued its quarterly earnings results on Monday, March 4th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.07. GitLab had a negative net margin of 79.11% and a negative return on equity of 19.66%. The business had revenue of $163.80 million for the quarter, compared to analyst estimates of $157.89 million. During the same period in the previous year, the business posted ($0.26) earnings per share. The business’s revenue was up 33.3% compared to the same quarter last year. As a group, analysts predict that GitLab Inc. will post -0.89 earnings per share for the current year.
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.