GitLab (NASDAQ:GTLB – Get Free Report) had its target price decreased by research analysts at Mizuho from $72.00 to $60.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Mizuho’s price objective indicates a potential upside of 37.27% from the company’s previous close.
A number of other research firms also recently weighed in on GTLB. Truist Financial dropped their target price on GitLab from $90.00 to $80.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Needham & Company LLC decreased their price target on shares of GitLab from $85.00 to $55.00 and set a “buy” rating on the stock in a research note on Wednesday. UBS Group cut their price objective on shares of GitLab from $85.00 to $73.00 and set a “buy” rating for the company in a research note on Wednesday. Macquarie restated an “outperform” rating and set a $90.00 target price on shares of GitLab in a report on Tuesday, March 4th. Finally, Royal Bank of Canada dropped their price objective on GitLab from $68.00 to $62.00 and set an “outperform” rating for the company in a research note on Wednesday. Four equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, GitLab has a consensus rating of “Moderate Buy” and a consensus target price of $63.59.
Check Out Our Latest Report on GTLB
GitLab Price Performance
GitLab (NASDAQ:GTLB – Get Free Report) last released its quarterly earnings results 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 business had revenue of $214.51 million for the quarter, compared to the consensus estimate of $213.21 million. During the same quarter last year, the business posted $0.03 earnings per share. The company’s revenue for the quarter was up 26.8% on a year-over-year basis. As a group, equities research analysts expect that GitLab will post -0.31 EPS for the current year.
Insider Transactions at GitLab
In other news, Director Karen Blasing sold 3,250 shares of the firm’s stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $51.58, for a total transaction of $167,635.00. Following the sale, the director now owns 108,733 shares of the company’s stock, valued at $5,608,448.14. This trade represents a 2.90% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Brian G. Robins sold 45,000 shares of the business’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 transaction of $2,386,800.00. Following the transaction, the chief financial officer now directly owns 344,105 shares of the company’s stock, valued at $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 sold a total of 461,584 shares of company stock valued at $23,192,574 in the last quarter. 16.37% of the stock is owned by insiders.
Hedge Funds Weigh In On GitLab
Institutional investors and hedge funds have recently modified their holdings of the company. Norges Bank bought a new position in GitLab in the fourth quarter valued at about $279,089,000. 1832 Asset Management L.P. grew its stake in shares of GitLab by 2,456.8% during the 1st quarter. 1832 Asset Management L.P. now owns 2,295,000 shares of the company’s stock valued at $107,865,000 after purchasing an additional 2,205,238 shares during the period. Ameriprise Financial Inc. increased its position in shares of GitLab by 276.9% during the 4th quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company’s stock valued at $121,435,000 after purchasing an additional 1,583,221 shares during the last quarter. Artisan Partners Limited Partnership lifted its stake in shares of GitLab by 55.7% in the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock worth $227,318,000 after purchasing an additional 1,443,160 shares during the period. Finally, Alliancebernstein L.P. lifted its stake in shares of GitLab by 4,042.0% in the 4th quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company’s stock worth $82,011,000 after purchasing an additional 1,420,248 shares during the period. 95.04% of the stock is currently owned by hedge funds and other 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.
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