GitLab (NASDAQ:GTLB) Price Target Lowered to $66.00 at Bank of America

GitLab (NASDAQ:GTLB) had its target price decreased by Bank of America from $80.00 to $66.00 in a research report sent to investors on Tuesday, Marketbeat reports. Bank of America currently has a buy rating on the stock.

Several other equities analysts also recently commented on GTLB. Royal Bank of Canada restated an outperform rating and set a $65.00 target price on shares of GitLab in a research report on Thursday, July 18th. BTIG Research reduced their target price on shares of GitLab from $71.00 to $58.00 and set a buy rating on the stock in a research note on Tuesday, June 4th. Mizuho dropped their target price on shares of GitLab from $70.00 to $62.00 and set a buy rating for the company in a research report on Tuesday, June 4th. DA Davidson cut their price target on shares of GitLab from $65.00 to $50.00 and set a neutral rating for the company in a report on Tuesday, June 4th. Finally, Citic Securities began coverage on shares of GitLab in a research note on Monday, June 3rd. They set a buy rating and a $80.00 price objective on the stock. Four analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, GitLab has an average rating of Moderate Buy and an average price target of $65.63.

GitLab Price Performance

Shares of GitLab stock opened at $47.40 on Tuesday. GitLab has a 52-week low of $40.19 and a 52-week high of $78.53. The firm has a market capitalization of $7.53 billion, a PE ratio of -17.24 and a beta of 0.46. The company’s fifty day moving average price is $48.66 and its two-hundred day moving average price is $53.78.

GitLab (NASDAQ:GTLB) last posted its earnings results on Monday, June 3rd. The company reported ($0.24) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.09. The business had revenue of $169.19 million for the quarter, compared to analysts’ expectations of $165.66 million. GitLab had a negative net margin of 68.52% and a negative return on equity of 19.14%. Analysts predict that GitLab will post -0.5 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Brian G. Robins sold 11,667 shares of the business’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $43.56, for a total transaction of $508,214.52. Following the completion of the sale, the chief financial officer now directly owns 305,175 shares of the company’s stock, valued at $13,293,423. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, CFO Brian G. Robins sold 11,667 shares of the firm’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $43.56, for a total value of $508,214.52. Following the transaction, the chief financial officer now directly owns 305,175 shares in the company, valued at approximately $13,293,423. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 23,334 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $50.24, for a total value of $1,172,300.16. Following the transaction, the chief financial officer now owns 282,441 shares in the company, valued at approximately $14,189,835.84. The disclosure for this sale can be found here. In the last quarter, insiders have sold 140,275 shares of company stock valued at $6,848,847. 21.36% of the stock is currently owned by insiders.

Hedge Funds Weigh In On GitLab

Hedge funds and other institutional investors have recently made changes to their positions in the company. Sycomore Asset Management increased its position in shares of GitLab by 135.6% in the 2nd quarter. Sycomore Asset Management now owns 166,574 shares of the company’s stock valued at $8,089,000 after buying an additional 95,874 shares in the last quarter. Clearbridge Investments LLC grew its stake in GitLab by 4.8% in the second quarter. Clearbridge Investments LLC now owns 523,820 shares of the company’s stock valued at $26,044,000 after acquiring an additional 23,899 shares during the period. Quarry LP grew its stake in GitLab by 527.0% in the second quarter. Quarry LP now owns 1,787 shares of the company’s stock valued at $89,000 after acquiring an additional 1,502 shares during the period. Northwestern Mutual Wealth Management Co. increased its holdings in shares of GitLab by 1,890.6% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 143,008 shares of the company’s stock worth $7,110,000 after acquiring an additional 135,824 shares in the last quarter. Finally, Algert Global LLC raised its position in shares of GitLab by 270.4% during the second quarter. Algert Global LLC now owns 143,145 shares of the company’s stock worth $7,117,000 after purchasing an additional 104,495 shares during the period. 91.72% of the stock is owned by 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.