Truist Financial Trims GitLab (NASDAQ:GTLB) Target Price to $95.00

GitLab (NASDAQ:GTLBGet Rating) had its price objective cut by Truist Financial from $105.00 to $95.00 in a report published on Tuesday morning, The Fly reports.

Several other brokerages also recently weighed in on GTLB. JPMorgan Chase & Co. raised shares of GitLab from a neutral rating to an overweight rating and set a $99.00 target price on the stock in a research note on Thursday, January 27th. Royal Bank of Canada upped their target price on shares of GitLab from $60.00 to $64.00 and gave the stock an outperform rating in a research note on Monday, April 18th. KeyCorp upped their target price on shares of GitLab from $50.00 to $63.00 and gave the stock an overweight rating in a research note on Monday, April 25th. Zacks Investment Research upgraded shares of GitLab from a sell rating to a hold rating in a report on Tuesday, February 8th. Finally, The Goldman Sachs Group lowered their price target on shares of GitLab from $86.00 to $69.00 and set a neutral rating for the company in a report on Thursday, April 14th. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, GitLab currently has a consensus rating of Buy and an average target price of $96.44.

GitLab stock opened at $44.54 on Tuesday. The company’s 50 day simple moving average is $48.87 and its 200-day simple moving average is $70.96. GitLab has a 1 year low of $30.74 and a 1 year high of $137.00.

GitLab (NASDAQ:GTLBGet Rating) last announced its earnings results on Monday, March 14th. The company reported ($0.25) earnings per share for the quarter, topping the consensus estimate of ($0.32) by $0.07. The business had revenue of $77.80 million for the quarter, compared to analysts’ expectations of $70.18 million. On average, research analysts forecast that GitLab will post -1.34 EPS for the current year.

In related news, major shareholder 2021 Gp L.L.C. Gv bought 255,647 shares of the stock in a transaction dated Tuesday, May 10th. The stock was acquired at an average price of $34.65 per share, for a total transaction of $8,858,168.55. Following the acquisition, the insider now owns 479,695 shares in the company, valued at approximately $16,621,431.75. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Several institutional investors have recently modified their holdings of GTLB. BlackRock Inc. acquired a new position in shares of GitLab in the 4th quarter valued at $217,007,000. Coatue Management LLC purchased a new stake in GitLab in the 4th quarter valued at $169,817,000. T Ventures Management Co Ltd. purchased a new stake in GitLab in the 4th quarter valued at $132,913,000. D1 Capital Partners L.P. purchased a new stake in GitLab in the 4th quarter valued at $99,875,000. Finally, Norges Bank purchased a new stake in GitLab in the 4th quarter valued at $89,241,000. Institutional investors and hedge funds own 21.30% of the company’s stock.

GitLab Company Profile (Get Rating)

GitLab Inc, through its subsidiaries, develops software for the software development lifecycle in the United States, Europe, and the Asia Pacific. The company 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.

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