GitLab (NASDAQ:GTLB) Price Target Lowered to $58.00 at TD Cowen

GitLab (NASDAQ:GTLB) had its target price cut by research analysts at TD Cowen from $76.00 to $58.00 in a research note issued on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the stock. TD Cowen’s price target would suggest a potential upside of 22.88% from the company’s previous close.

A number of other equities analysts have also weighed in on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $55.00 target price on shares of GitLab in a research report on Monday, August 19th. Royal Bank of Canada reiterated an “outperform” rating and set a $65.00 target price on shares of GitLab in a research report on Thursday, July 18th. BTIG Research cut their target price on shares of GitLab from $71.00 to $58.00 and set a “buy” rating for the company in a research report on Tuesday, June 4th. Barclays cut their target price on shares of GitLab from $55.00 to $50.00 and set an “equal weight” rating for the company in a research report on Tuesday, June 4th. Finally, Bank of America cut their price objective on shares of GitLab from $80.00 to $66.00 and set a “buy” rating for the company in a research report on Tuesday. Four equities research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $65.63.

GitLab Trading Down 0.2 %

NASDAQ GTLB traded down $0.10 on Tuesday, hitting $47.20. 406,222 shares of the company were exchanged, compared to its average volume of 2,497,477. The company has a market cap of $7.50 billion, a PE ratio of -17.09 and a beta of 0.46. GitLab has a 12 month low of $40.19 and a 12 month high of $78.53. The stock has a fifty day moving average of $48.34 and a 200-day moving average of $54.27.

GitLab (NASDAQ:GTLB) last announced its earnings results on Monday, June 3rd. The company reported ($0.24) EPS for the quarter, beating the consensus estimate of ($0.33) by $0.09. The company had revenue of $169.19 million during the quarter, compared to the consensus estimate of $165.66 million. GitLab had a negative net margin of 68.52% and a negative return on equity of 19.14%. On average, analysts expect that GitLab will post -0.5 earnings per share for the current year.

Insider Buying and Selling at GitLab

In other GitLab news, CEO Sytse Sijbrandij sold 56,000 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $48.99, for a total transaction of $2,743,440.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CFO Brian G. Robins sold 23,332 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $49.24, for a total value of $1,148,867.68. Following the transaction, the chief financial officer now owns 259,109 shares in the company, valued at approximately $12,758,527.16. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Sytse Sijbrandij sold 56,000 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $48.99, for a total transaction of $2,743,440.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 140,275 shares of company stock valued at $6,848,847. 21.36% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On GitLab

Several hedge funds and other institutional investors have recently made changes to their positions in GTLB. Federated Hermes Inc. increased its position in shares of GitLab by 456.6% during the 4th quarter. Federated Hermes Inc. now owns 13,831 shares of the company’s stock valued at $871,000 after purchasing an additional 11,346 shares during the last quarter. CWM LLC increased its holdings in GitLab by 23.9% in the 4th quarter. CWM LLC now owns 3,388 shares of the company’s stock worth $213,000 after acquiring an additional 654 shares in the last quarter. Handelsbanken Fonder AB increased its holdings in GitLab by 26.6% in the 4th quarter. Handelsbanken Fonder AB now owns 13,800 shares of the company’s stock worth $869,000 after acquiring an additional 2,900 shares in the last quarter. Atria Wealth Solutions Inc. increased its holdings in GitLab by 2.0% in the 4th quarter. Atria Wealth Solutions Inc. now owns 14,582 shares of the company’s stock worth $918,000 after acquiring an additional 290 shares in the last quarter. Finally, Mach 1 Financial Group LLC purchased a new stake in GitLab in the 4th quarter worth approximately $447,000. Hedge funds and other institutional investors own 91.72% 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.