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

GitLab (NASDAQ:GTLB) had its target price trimmed by Bank of America from $80.00 to $66.00 in a report issued on Tuesday morning, MarketBeat reports. The brokerage currently has a buy rating on the stock.

A number of other brokerages also recently issued reports on GTLB. Royal Bank of Canada reaffirmed an outperform rating and issued a $65.00 price objective on shares of GitLab in a research report on Thursday, July 18th. Citic Securities initiated coverage on shares of GitLab in a report on Monday, June 3rd. They issued a buy rating and a $80.00 price target on the stock. KeyCorp decreased their price objective on GitLab from $70.00 to $62.00 and set an overweight rating for the company in a report on Tuesday, June 4th. BTIG Research dropped their target price on GitLab from $71.00 to $58.00 and set a buy rating on the stock in a research note on Tuesday, June 4th. Finally, Canaccord Genuity Group decreased their price target on GitLab from $74.00 to $65.00 and set a buy rating for the company in a research note on Wednesday, June 5th. Four investment analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company. According to data from MarketBeat, GitLab has a consensus rating of Moderate Buy and an average target price of $65.63.

GitLab Stock Down 0.6 %

Shares of NASDAQ:GTLB opened at $47.01 on Tuesday. The firm has a 50 day moving average of $48.42 and a 200 day moving average of $54.05. The company has a market capitalization of $7.47 billion, a price-to-earnings ratio of -17.09 and a beta of 0.46. 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 results on Monday, June 3rd. The company reported ($0.24) EPS for the quarter, topping 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 firm had revenue of $169.19 million during the quarter, compared to analyst estimates of $165.66 million. On average, sell-side analysts expect that GitLab will post -0.5 EPS for the current year.

Insider Buying and Selling at GitLab

In other news, Director Merline Saintil sold 1,182 shares of the stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $51.51, for a total transaction of $60,884.82. Following the transaction, the director now owns 9,902 shares in the company, valued at approximately $510,052.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CFO Brian G. Robins sold 11,667 shares of GitLab stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $43.56, for a total value of $508,214.52. Following the sale, 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 legal filing with the SEC, which is available at this link. Also, Director Merline Saintil sold 1,182 shares of the stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $51.51, for a total value of $60,884.82. Following the transaction, the director now directly owns 9,902 shares of the company’s stock, valued at approximately $510,052.02. The disclosure for this sale can be found here. Over the last three months, insiders have sold 140,275 shares of company stock valued at $6,848,847. Company insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Several large investors have recently made changes to their positions in GTLB. Norges Bank acquired a new stake in GitLab during the 4th quarter worth $222,591,000. Capital Research Global Investors lifted its stake in shares of GitLab by 78.5% in the first quarter. Capital Research Global Investors now owns 7,040,410 shares of the company’s stock worth $410,597,000 after buying an additional 3,096,437 shares in the last quarter. 1832 Asset Management L.P. acquired a new position in GitLab during the fourth quarter worth about $76,918,000. Vanguard Group Inc. grew its stake in GitLab by 12.9% during the 4th quarter. Vanguard Group Inc. now owns 9,388,440 shares of the company’s stock valued at $591,096,000 after acquiring an additional 1,070,994 shares in the last quarter. Finally, Westfield Capital Management Co. LP acquired a new stake in GitLab in the 1st quarter valued at about $49,196,000. 91.72% of the stock is currently owned by hedge funds and other 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.