GitLab (NASDAQ:GTLB) Given New $62.00 Price Target at Royal Bank of Canada

GitLab (NASDAQ:GTLB) had its target price cut by research analysts at Royal Bank of Canada from $68.00 to $62.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective would indicate a potential upside of 38.64% from the company’s previous close.

A number of other equities analysts also recently weighed in on the company. Macquarie reaffirmed an “outperform” rating and set a $90.00 price target on shares of GitLab in a research report on Tuesday, March 4th. JPMorgan Chase & Co. dropped their target price on GitLab from $58.00 to $52.00 and set a “neutral” rating on the stock in a report on Wednesday. Mizuho decreased their price target on GitLab from $80.00 to $72.00 and set an “outperform” rating for the company in a research note on Tuesday, March 4th. Robert W. Baird dropped their price objective on GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a research note on Monday, March 3rd. Finally, Truist Financial decreased their target price on shares of GitLab from $90.00 to $80.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Four 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 company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $65.38.

GitLab Price Performance

Shares of GitLab stock traded down $3.79 during trading hours on Wednesday, hitting $44.72. The company’s stock had a trading volume of 14,415,176 shares, compared to its average volume of 2,659,971. The company has a market capitalization of $7.33 billion, a PE ratio of -139.07 and a beta of 0.75. The stock has a 50 day moving average of $46.37 and a 200 day moving average of $55.81. GitLab has a 12 month low of $37.90 and a 12 month high of $74.18.

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

Insiders Place Their Bets

In other GitLab news, insider Sytse Sijbrandij sold 108,600 shares of the stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $42.87, for a total transaction of $4,655,682.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Brian G. Robins sold 45,000 shares of GitLab stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $53.04, for a total transaction of $2,386,800.00. Following the completion of the sale, the chief financial officer now owns 344,105 shares of the company’s stock, valued at approximately $18,251,329.20. The trade was a 11.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 461,584 shares of company stock worth $23,192,574 in the last 90 days. Company insiders own 16.37% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. EverSource Wealth Advisors LLC grew its stake in GitLab by 5,700.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after buying an additional 513 shares in the last quarter. Cullen Frost Bankers Inc. lifted its holdings in shares of GitLab by 174.9% during the 1st quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company’s stock worth $25,000 after acquiring an additional 334 shares during the period. CoreCap Advisors LLC lifted its holdings in shares of GitLab by 327.5% during the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock worth $33,000 after acquiring an additional 452 shares during the period. Twin Tree Management LP acquired a new stake in shares of GitLab during the 1st quarter worth approximately $29,000. Finally, Cloud Capital Management LLC bought a new position in GitLab in the first quarter valued at approximately $29,000. 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.