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

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

A number of other equities analysts have also issued reports on GTLB. Cantor Fitzgerald restated an overweight rating and issued a $55.00 target price on shares of GitLab in a research note on Monday, August 19th. Canaccord Genuity Group cut their price target on GitLab from $74.00 to $65.00 and set a buy rating on the stock in a research report on Wednesday, June 5th. Citic Securities started coverage on GitLab in a research report on Monday, June 3rd. They set a buy rating and a $80.00 price target on the stock. KeyCorp cut their price target on GitLab from $70.00 to $62.00 and set an overweight rating on the stock in a research report on Tuesday, June 4th. Finally, JPMorgan Chase & Co. cut their price target 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 equities research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company’s stock. According to data from MarketBeat.com, GitLab currently has an average rating of Moderate Buy and a consensus target price of $65.63.

GitLab Trading Down 0.6 %

Shares of GTLB opened at $47.01 on Tuesday. The firm has a market cap of $7.47 billion, a PE ratio of -17.09 and a beta of 0.46. The stock has a fifty day moving average price of $48.42 and a 200-day moving average price of $54.05. GitLab has a 12 month low of $40.19 and a 12 month high of $78.53.

GitLab (NASDAQ:GTLB) last issued its earnings results on Monday, June 3rd. The company reported ($0.24) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.09. The company had revenue of $169.19 million during the quarter, compared to analyst estimates of $165.66 million. GitLab had a negative return on equity of 19.14% and a negative net margin of 68.52%. As a group, research analysts forecast that GitLab will post -0.5 EPS for the current year.

Insider Buying and Selling

In other GitLab news, CEO Sytse Sijbrandij sold 56,000 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $48.99, for a total value of $2,743,440.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other GitLab news, CEO Sytse Sijbrandij sold 56,000 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $48.99, for a total value of $2,743,440.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 11,667 shares of the firm’s stock in a transaction that occurred 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 directly owns 305,175 shares in the company, valued at $13,293,423. The disclosure for this sale can be found here. In the last three months, insiders have sold 140,275 shares of company stock worth $6,848,847. Insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC raised its position in shares of GitLab by 2,107.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock valued at $33,000 after buying an additional 548 shares during the period. Banque Cantonale Vaudoise purchased a new stake in shares of GitLab during the 1st quarter valued at approximately $58,000. Future Financial Wealth Managment LLC purchased a new stake in shares of GitLab during the 1st quarter valued at approximately $58,000. Quarry LP raised its position in shares of GitLab by 75.1% during the 4th quarter. Quarry LP now owns 1,166 shares of the company’s stock valued at $73,000 after buying an additional 500 shares during the period. Finally, Tucker Asset Management LLC purchased a new stake in shares of GitLab during the 4th quarter valued at approximately $83,000. 91.72% of the stock is 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.