Wells Fargo & Company Has Lowered Expectations for GitLab (NASDAQ:GTLB) Stock Price

GitLab (NASDAQ:GTLB) had its price objective decreased by equities researchers at Wells Fargo & Company from $65.00 to $60.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 37.27% from the stock’s previous close.

Other analysts also recently issued research reports about the company. KeyCorp reduced their price objective on GitLab from $80.00 to $60.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. UBS Group reduced their price target on shares of GitLab from $85.00 to $73.00 and set a “buy” rating on the stock in a research report on Wednesday. JPMorgan Chase & Co. decreased their target price on GitLab from $65.00 to $62.00 and set a “neutral” rating on the stock in a report on Tuesday, March 4th. Morgan Stanley lowered their price target on shares of GitLab from $77.00 to $53.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Finally, Royal Bank of Canada lowered their price objective on GitLab from $80.00 to $68.00 and set an “outperform” rating for the company in a research report on Monday, May 19th. Four investment 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. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $63.59.

GitLab Stock Performance

GTLB opened at $43.71 on Wednesday. The business has a 50 day moving average price of $46.43 and a 200 day moving average price of $55.57. GitLab has a twelve month low of $37.90 and a twelve month high of $74.18. The firm has a market cap of $7.17 billion, a P/E ratio of -136.59 and a beta of 0.75.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $213.21 million. During the same quarter in the previous year, the firm earned $0.03 EPS. The firm’s revenue was up 26.8% compared to the same quarter last year. As a group, analysts anticipate that GitLab will post -0.31 earnings per share for the current fiscal year.

Insider Transactions at GitLab

In other GitLab news, Director Karen Blasing sold 3,250 shares of the stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $51.58, for a total value of $167,635.00. Following the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Sytse Sijbrandij sold 108,600 shares of the stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $42.87, for a total value of $4,655,682.00. 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 90 days. 16.37% of the stock is owned by company insiders.

Institutional Investors Weigh In On GitLab

A number of institutional investors have recently modified their holdings of GTLB. Vanguard Group Inc. increased its stake in GitLab by 2.3% during the 1st 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 during the period. Norges Bank acquired a new position in shares of GitLab during the fourth quarter worth $279,089,000. Artisan Partners Limited Partnership raised its position in GitLab by 55.7% in the fourth quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock valued at $227,318,000 after purchasing an additional 1,443,160 shares during the last quarter. Franklin Resources Inc. raised its holdings 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 buying an additional 470,192 shares during the last quarter. Finally, Eminence Capital LP raised its stake in shares of GitLab by 13.6% during the first 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 last quarter. Institutional investors own 95.04% of the company’s stock.

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.