GitLab (NASDAQ:GTLB) Given New $60.00 Price Target at Cantor Fitzgerald

GitLab (NASDAQ:GTLB) had its target price reduced by stock analysts at Cantor Fitzgerald from $70.00 to $60.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Cantor Fitzgerald’s price target would suggest a potential upside of 33.18% from the stock’s previous close.

Other analysts have also issued research reports about the stock. Wells Fargo & Company lowered their price objective on shares of GitLab from $65.00 to $60.00 and set an “overweight” rating on the stock in a research report on Wednesday. DA Davidson decreased their target price on GitLab from $60.00 to $45.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. Morgan Stanley dropped their price target on GitLab from $77.00 to $53.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. The Goldman Sachs Group reissued a “neutral” rating and issued a $50.00 price objective (down previously from $63.00) on shares of GitLab in a report on Wednesday. Finally, JPMorgan Chase & Co. dropped their price objective on shares of GitLab from $58.00 to $52.00 and set a “neutral” rating on the stock in a report on Wednesday. Four equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, GitLab currently has an average rating of “Moderate Buy” and a consensus target price of $66.05.

GitLab Price Performance

Shares of NASDAQ:GTLB traded down $3.46 during midday trading on Wednesday, hitting $45.05. 10,964,876 shares of the company’s stock were exchanged, compared to its average volume of 2,648,622. GitLab has a 12 month low of $37.90 and a 12 month high of $74.18. The company has a market cap of $7.39 billion, a PE ratio of -140.13 and a beta of 0.75. The stock has a 50 day moving average price of $46.37 and a 200-day moving average price of $55.81.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 EPS for the quarter, topping analysts’ consensus estimates of $0.15 by $0.02. The firm had revenue of $214.51 million during the quarter, compared to analyst estimates of $213.21 million. GitLab had a negative return on equity of 11.72% and a negative net margin of 6.83%. The company’s revenue for the quarter was up 26.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.03 EPS. On average, analysts anticipate that GitLab will post -0.31 EPS for the current fiscal year.

Insider Transactions at GitLab

In related news, Director Susan L. Bostrom sold 40,000 shares of GitLab stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $51.88, for a total value of $2,075,200.00. Following the transaction, the director now owns 144,913 shares in the company, valued at $7,518,086.44. This trade represents a 21.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Sytse Sijbrandij sold 108,600 shares of the company’s stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $42.87, for a total transaction of $4,655,682.00. The disclosure for this sale can be found here. In the last three months, insiders sold 461,584 shares of company stock worth $23,192,574. 16.37% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On GitLab

A number of hedge funds and other institutional investors have recently modified their holdings of GTLB. Mirae Asset Global Investments Co. Ltd. lifted its position in GitLab by 15.5% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,700 shares of the company’s stock valued at $717,000 after purchasing an additional 1,700 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its position in GitLab by 70.6% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 507,713 shares of the company’s stock valued at $28,610,000 after buying an additional 210,081 shares during the period. Wilmington Savings Fund Society FSB grew its holdings in GitLab by 7.9% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock worth $116,000 after acquiring an additional 150 shares during the last quarter. Wildcat Capital Management LLC purchased a new position in GitLab during the 4th quarter valued at about $642,000. Finally, Vontobel Holding Ltd. bought a new position in GitLab during the 4th quarter valued at approximately $549,000. Institutional investors own 95.04% 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.