Barclays Has Lowered Expectations for GitLab (NASDAQ:GTLB) Stock Price

GitLab (NASDAQ:GTLB) had its price objective decreased by Barclays from $58.00 to $47.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Barclays‘s price objective points to a potential upside of 7.53% from the stock’s previous close.

A number of other research analysts also recently issued reports on GTLB. DA Davidson decreased their price objective on GitLab from $60.00 to $45.00 and set a “neutral” rating for the company in a report on Monday, April 14th. Cantor Fitzgerald lowered their price target on GitLab from $70.00 to $60.00 and set an “overweight” rating on the stock in a research report on Wednesday. UBS Group dropped their price objective on shares of GitLab from $85.00 to $73.00 and set a “buy” rating on the stock in a research report on Wednesday. Robert W. Baird lowered their target price 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, KeyCorp dropped their price objective on shares of GitLab from $80.00 to $60.00 and set an “overweight” rating for the company in a research note on Thursday, April 17th. Four research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $63.59.

GitLab Trading Up 0.8%

Shares of GTLB opened at $43.71 on Wednesday. The stock has a market cap of $7.17 billion, a P/E ratio of -136.59 and a beta of 0.75. The stock’s 50-day moving average price is $46.43 and its two-hundred day moving average price is $55.57. GitLab has a 1 year low of $37.90 and a 1 year high of $74.18.

GitLab (NASDAQ:GTLB) last posted its earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share (EPS) 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 analysts’ expectations of $213.21 million. During the same period in the previous year, the firm earned $0.03 earnings per share. The company’s revenue was up 26.8% on a year-over-year basis. As a group, equities analysts forecast that GitLab will post -0.31 EPS for the current year.

Insiders Place Their Bets

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 transaction, the director now owns 493,554 shares in the company, valued at approximately $25,832,616.36. The trade was a 23.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Karen Blasing sold 3,250 shares of the firm’s stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $51.58, for a total value of $167,635.00. Following the sale, the director now directly owns 108,733 shares of the company’s stock, valued at $5,608,448.14. This represents a 2.90% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 461,584 shares of company stock valued at $23,192,574. 16.37% of the stock is currently owned by insiders.

Institutional Investors Weigh In On GitLab

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