GitLab (NASDAQ:GTLB) Stock Rating Lowered by Barclays

Barclays lowered shares of GitLab (NASDAQ:GTLB) from an overweight rating to an equal weight rating in a research note published on Friday, Marketbeat reports. The firm currently has $50.00 price target on the stock, down from their previous price target of $65.00.

Several other analysts have also issued reports on GTLB. Scotiabank boosted their price target on GitLab from $58.00 to $60.00 and gave the company an outperform rating in a report on Wednesday, September 6th. Mizuho upped their price objective on GitLab from $45.00 to $51.00 in a research note on Wednesday, September 6th. Royal Bank of Canada upped their price objective on GitLab from $60.00 to $62.00 and gave the stock an outperform rating in a research note on Wednesday, September 6th. Truist Financial upped their price objective on GitLab from $60.00 to $65.00 and gave the stock a buy rating in a research note on Wednesday, September 6th. Finally, Canaccord Genuity Group started coverage on GitLab in a research note on Tuesday, September 12th. They issued a buy rating and a $62.00 price objective for the company. Six investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, GitLab currently has an average rating of Moderate Buy and a consensus price target of $58.39.

GitLab Stock Performance

GitLab stock opened at $47.05 on Friday. The stock has a fifty day moving average of $45.57 and a 200 day moving average of $45.04. GitLab has a one year low of $26.24 and a one year high of $58.70. The stock has a market cap of $7.28 billion, a PE ratio of -37.05 and a beta of 0.19.

GitLab (NASDAQ:GTLB) last released its quarterly earnings results on Tuesday, September 5th. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.04. GitLab had a negative return on equity of 21.02% and a negative net margin of 37.77%. The business had revenue of $139.58 million during the quarter, compared to analyst estimates of $129.81 million. During the same quarter in the previous year, the company posted ($0.40) earnings per share. GitLab’s revenue for the quarter was up 38.1% on a year-over-year basis. As a group, sell-side analysts predict that GitLab will post -1.13 EPS for the current fiscal year.

Insider Buying and Selling at GitLab

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $52.82, for a total transaction of $528,200.00. Following the sale, the chief financial officer now directly owns 486,849 shares in the company, valued at $25,715,364.18. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other GitLab news, CEO Sytse Sijbrandij sold 159,433 shares of the company’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $49.12, for a total transaction of $7,831,348.96. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $52.82, for a total value of $528,200.00. Following the sale, the chief financial officer now owns 486,849 shares in the company, valued at $25,715,364.18. The disclosure for this sale can be found here. Insiders have sold a total of 701,756 shares of company stock worth $34,216,334 over the last ninety days. Company insiders own 28.04% of the company’s stock.

Institutional Investors Weigh In On GitLab

Several hedge funds and other institutional investors have recently modified their holdings of the business. Dimensional Fund Advisors LP raised its holdings in shares of GitLab by 2.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 10,871 shares of the company’s stock worth $494,000 after buying an additional 257 shares during the period. FMR LLC raised its holdings in shares of GitLab by 80.0% in the third quarter. FMR LLC now owns 603 shares of the company’s stock worth $27,000 after buying an additional 268 shares during the period. Pursue Wealth Partners LLC raised its holdings in shares of GitLab by 1.2% in the third quarter. Pursue Wealth Partners LLC now owns 23,911 shares of the company’s stock worth $1,081,000 after buying an additional 273 shares during the period. Osaic Holdings Inc. raised its holdings in shares of GitLab by 5.7% in the second quarter. Osaic Holdings Inc. now owns 5,271 shares of the company’s stock worth $269,000 after buying an additional 285 shares during the period. Finally, Vanguard Personalized Indexing Management LLC raised its holdings in shares of GitLab by 9.2% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 5,223 shares of the company’s stock worth $236,000 after buying an additional 438 shares during the period. 54.15% of the stock is currently owned by hedge funds and other institutional investors.

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.