Wells Fargo & Company Cuts GitLab (NASDAQ:GTLB) Price Target to $60.00

GitLab (NASDAQ:GTLB) had its price objective lowered by Wells Fargo & Company from $65.00 to $60.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

A number of other equities research analysts have also weighed in on the company. KeyCorp lowered their price objective on GitLab from $80.00 to $60.00 and set an “overweight” rating for the company in a research note on Thursday, April 17th. Cowen restated a “buy” rating on shares of GitLab in a research note on Friday, June 6th. UBS Group lowered their price objective on GitLab from $85.00 to $73.00 and set a “buy” rating for the company in a research note on Wednesday. Scotiabank lowered their price objective on GitLab from $80.00 to $67.00 and set a “sector outperform” rating for the company in a research note on Friday, June 6th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $80.00 price objective on shares of GitLab in a research note on Tuesday, March 4th. Four analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $63.59.

GitLab Stock Performance

GTLB stock opened at $41.23 on Wednesday. GitLab has a 1 year low of $37.90 and a 1 year high of $74.18. The firm has a market cap of $6.76 billion, a P/E ratio of -128.84 and a beta of 0.75. The stock has a 50-day simple moving average of $46.45 and a 200-day simple moving average of $55.40.

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

Insider Transactions at GitLab

In other news, Director Matthew Jacobson sold 152,884 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $52.34, for a total transaction of $8,001,948.56. Following the sale, the director now directly owns 493,554 shares in the company, valued at approximately $25,832,616.36. This represents a 23.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 45,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $53.04, for a total value of $2,386,800.00. Following the completion of the sale, the chief financial officer now owns 344,105 shares in the company, valued at approximately $18,251,329.20. This represents a 11.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 461,584 shares of company stock worth $23,192,574. 16.37% of the stock is currently owned by company insiders.

Institutional Trading of GitLab

Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in GitLab by 2.3% in the 1st quarter. Vanguard Group Inc. now owns 13,445,456 shares of the company’s stock valued at $631,936,000 after acquiring an additional 302,864 shares during the period. Norges Bank acquired a new stake in GitLab in the 4th quarter valued at approximately $279,089,000. Artisan Partners Limited Partnership increased its position in GitLab by 55.7% in the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock valued at $227,318,000 after acquiring an additional 1,443,160 shares during the period. Franklin Resources Inc. increased its position in GitLab by 17.6% in the 4th quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company’s stock valued at $176,954,000 after acquiring an additional 470,192 shares during the period. Finally, Eminence Capital LP increased its position in GitLab by 13.6% in the 1st quarter. Eminence Capital LP now owns 2,498,201 shares of the company’s stock valued at $117,415,000 after acquiring an additional 299,191 shares during the period. 95.04% of the stock is currently owned by institutional investors and hedge funds.

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.