The Goldman Sachs Group Reiterates Neutral Rating for GitLab (NASDAQ:GTLB)

GitLab (NASDAQ:GTLB)‘s stock had its “neutral” rating reissued by investment analysts at The Goldman Sachs Group in a research report issued on Wednesday, Marketbeat Ratings reports. They presently have a $50.00 price objective on the stock, down from their previous price objective of $63.00. The Goldman Sachs Group’s target price indicates a potential upside of 14.39% from the company’s current price.

Several other analysts have also recently commented on the stock. KeyCorp decreased their price target on shares of GitLab from $80.00 to $60.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. UBS Group decreased their target price on GitLab from $85.00 to $73.00 and set a “buy” rating on the stock in a research report on Wednesday. Cantor Fitzgerald reissued an “overweight” rating and set a $80.00 price target on shares of GitLab in a research note on Tuesday, March 4th. Robert W. Baird cut their price target on GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a report on Monday, March 3rd. Finally, JPMorgan Chase & Co. decreased their price objective on GitLab from $65.00 to $62.00 and set a “neutral” rating on the stock in a report on Tuesday, March 4th. Four research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $63.59.

GitLab Stock Performance

NASDAQ:GTLB opened at $43.71 on Wednesday. The stock has a 50-day simple moving average of $46.43 and a two-hundred day simple moving average of $55.57. The firm has a market capitalization of $7.17 billion, a PE ratio of -136.59 and a beta of 0.75. GitLab has a 52-week low of $37.90 and a 52-week high of $74.18.

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

Insider Buying and Selling

In other news, Director Susan L. Bostrom sold 40,000 shares of the business’s stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $51.88, for a total value of $2,075,200.00. Following the completion of the sale, the director now owns 144,913 shares in the company, valued at approximately $7,518,086.44. The trade was a 21.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Brian G. Robins sold 45,000 shares of the company’s stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $53.04, for a total value of $2,386,800.00. Following the sale, the chief financial officer now owns 344,105 shares of the company’s stock, valued at approximately $18,251,329.20. This represents a 11.57% decrease in their position. 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 quarter. 16.37% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in GTLB. M&T Bank Corp raised its stake in shares of GitLab by 3.1% during the 4th quarter. M&T Bank Corp now owns 4,965 shares of the company’s stock worth $280,000 after acquiring an additional 148 shares in the last quarter. Wilmington Savings Fund Society FSB raised its position in shares of GitLab by 7.9% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock valued at $116,000 after purchasing an additional 150 shares during the last quarter. OneDigital Investment Advisors LLC boosted its stake in GitLab by 4.3% in the 4th quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock worth $228,000 after purchasing an additional 166 shares in the last quarter. Utah Retirement Systems increased its stake in GitLab by 3.1% during the 4th quarter. Utah Retirement Systems now owns 6,600 shares of the company’s stock valued at $372,000 after purchasing an additional 200 shares in the last quarter. Finally, Mariner LLC lifted its stake in shares of GitLab by 1.7% during the fourth quarter. Mariner LLC now owns 12,583 shares of the company’s stock worth $709,000 after buying an additional 214 shares during the period. 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.