Barclays Cuts GitLab (NASDAQ:GTLB) Price Target to $47.00

GitLab (NASDAQ:GTLB) had its target price decreased by Barclays from $58.00 to $47.00 in a report released on Wednesday morning,Benzinga reports. Barclays currently has an equal weight rating on the stock.

Several other brokerages have also recently weighed in on GTLB. DA Davidson dropped their price target on shares of GitLab from $60.00 to $45.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. BTIG Research dropped their target price on GitLab from $86.00 to $67.00 and set a “buy” rating on the stock in a report on Wednesday. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $50.00 target price (down previously from $63.00) on shares of GitLab in a research report on Wednesday. Royal Bank of Canada lowered their price target on GitLab from $80.00 to $68.00 and set an “outperform” rating for the company in a research report on Monday, May 19th. Finally, Cowen restated a “buy” rating on shares of GitLab in a research note on Friday, June 6th. Four equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $63.59.

GitLab Stock Down 5.7%

Shares of NASDAQ:GTLB opened at $41.23 on Wednesday. GitLab has a twelve month low of $37.90 and a twelve month high of $74.18. The stock’s 50 day moving average is $46.45 and its 200-day moving average is $55.40. The firm has a market capitalization of $6.76 billion, a price-to-earnings ratio of -128.84 and a beta of 0.75.

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

Insider Buying and Selling at GitLab

In other news, Director Matthew Jacobson sold 152,884 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $52.34, for a total value of $8,001,948.56. Following the sale, the director now owns 493,554 shares of the company’s stock, valued at $25,832,616.36. The trade was a 23.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Sytse Sijbrandij sold 108,600 shares of GitLab 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 disclosure for this sale can be found here. Insiders have sold a total of 461,584 shares of company stock valued at $23,192,574 over the last three months. 16.37% of the stock is currently owned by insiders.

Hedge Funds Weigh In On GitLab

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in GitLab by 2.3% during the 1st quarter. Vanguard Group Inc. now owns 13,445,456 shares of the company’s stock worth $631,936,000 after purchasing an additional 302,864 shares in the last quarter. Norges Bank bought a new stake in shares of GitLab during the fourth quarter valued at about $279,089,000. Artisan Partners Limited Partnership increased its position in shares of GitLab by 55.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock valued at $227,318,000 after buying an additional 1,443,160 shares during the period. Franklin Resources Inc. lifted its holdings in shares of GitLab by 17.6% in the fourth quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company’s stock worth $176,954,000 after buying an additional 470,192 shares in the last quarter. Finally, Eminence Capital LP lifted its holdings in shares of GitLab by 13.6% in the first quarter. Eminence Capital LP now owns 2,498,201 shares of the company’s stock worth $117,415,000 after buying an additional 299,191 shares in the last quarter. 95.04% of the stock is owned by 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.