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

GitLab (NASDAQ:GTLB) had its price target cut by TD Cowen from $76.00 to $58.00 in a research note published on Tuesday, Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts also recently weighed in on the stock. Canaccord Genuity Group decreased their target price on shares of GitLab from $74.00 to $65.00 and set a buy rating for the company in a research note on Wednesday, June 5th. KeyCorp lowered their target price on GitLab from $70.00 to $62.00 and set an overweight rating for the company in a research note on Tuesday, June 4th. BTIG Research cut their price target on GitLab from $71.00 to $58.00 and set a buy rating on the stock in a research note on Tuesday, June 4th. Bank of America lowered their price objective on GitLab from $80.00 to $66.00 and set a buy rating for the company in a research note on Tuesday. Finally, JPMorgan Chase & Co. cut their target price on GitLab from $55.00 to $50.00 and set a neutral rating on the stock in a research report on Tuesday, June 4th. Four research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $65.63.

GitLab Trading Down 1.0 %

Shares of GTLB stock opened at $47.40 on Tuesday. The company has a market cap of $7.53 billion, a PE ratio of -17.24 and a beta of 0.46. The company’s fifty day simple moving average is $48.66 and its 200-day simple moving average is $53.78. GitLab has a 52 week low of $40.19 and a 52 week high of $78.53.

GitLab (NASDAQ:GTLB) last released its quarterly earnings data on Monday, June 3rd. The company reported ($0.24) EPS for the quarter, beating the consensus estimate of ($0.33) by $0.09. GitLab had a negative return on equity of 19.14% and a negative net margin of 68.52%. The company had revenue of $169.19 million for the quarter, compared to analyst estimates of $165.66 million. Equities research analysts expect that GitLab will post -0.5 EPS for the current fiscal year.

Insider Transactions at GitLab

In other news, CFO Brian G. Robins sold 23,332 shares of GitLab stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $49.24, for a total transaction of $1,148,867.68. Following the sale, the chief financial officer now owns 259,109 shares of the company’s stock, valued at $12,758,527.16. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other GitLab news, CFO Brian G. Robins sold 11,667 shares of the business’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $43.56, for a total transaction of $508,214.52. Following the completion of the transaction, the chief financial officer now owns 305,175 shares in the company, valued at approximately $13,293,423. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Brian G. Robins sold 23,332 shares of the firm’s stock in a transaction on 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 directly owns 259,109 shares in the company, valued at $12,758,527.16. The disclosure for this sale can be found here. Over the last quarter, insiders sold 140,275 shares of company stock worth $6,848,847. Insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Federated Hermes Inc. increased its stake in 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 buying an additional 11,346 shares during the period. CWM LLC increased its stake in shares of GitLab by 23.9% during the fourth quarter. CWM LLC now owns 3,388 shares of the company’s stock valued at $213,000 after acquiring an additional 654 shares during the period. Handelsbanken Fonder AB increased its stake in shares of GitLab by 26.6% during the fourth quarter. Handelsbanken Fonder AB now owns 13,800 shares of the company’s stock valued at $869,000 after acquiring an additional 2,900 shares during the period. Atria Wealth Solutions Inc. raised its holdings in GitLab by 2.0% during the fourth quarter. Atria Wealth Solutions Inc. now owns 14,582 shares of the company’s stock worth $918,000 after purchasing an additional 290 shares in the last quarter. Finally, Mach 1 Financial Group LLC acquired a new stake in GitLab in the fourth quarter worth approximately $447,000. 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.