Bank of America Cuts GitLab (NASDAQ:GTLB) Price Target to $66.00

GitLab (NASDAQ:GTLB) had its target price decreased by Bank of America from $80.00 to $66.00 in a research note issued to investors on Tuesday morning, Marketbeat.com reports. Bank of America currently has a buy rating on the stock.

Several other research analysts also recently commented on GTLB. BTIG Research lowered their target price on GitLab from $71.00 to $58.00 and set a buy rating for the company in a research note on Tuesday, June 4th. Citic Securities started coverage on shares of GitLab in a research report on Monday, June 3rd. They set a buy rating and a $80.00 price objective for the company. KeyCorp cut their target price on shares of GitLab from $70.00 to $62.00 and set an overweight rating on the stock in a research report on Tuesday, June 4th. Barclays lowered their price target on shares of GitLab from $55.00 to $50.00 and set an equal weight rating for the company in a report on Tuesday, June 4th. Finally, Cantor Fitzgerald reissued an overweight rating and set a $55.00 price objective on shares of GitLab in a report on Monday, August 19th. Four investment analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, GitLab has an average rating of Moderate Buy and a consensus target price of $65.63.

GitLab Trading Up 3.9 %

Shares of GitLab stock opened at $47.89 on Tuesday. The company has a 50 day moving average of $48.59 and a 200-day moving average of $53.95. The company has a market cap of $7.61 billion, a PE ratio of -17.41 and a beta of 0.46. GitLab has a 1-year low of $40.19 and a 1-year high of $78.53.

GitLab (NASDAQ:GTLB) last released its earnings results on Monday, June 3rd. The company reported ($0.24) earnings per share for the quarter, topping the consensus estimate of ($0.33) by $0.09. GitLab had a negative return on equity of 19.14% and a negative net margin of 68.52%. The firm had revenue of $169.19 million during the quarter, compared to analysts’ expectations of $165.66 million. Research analysts forecast that GitLab will post -0.5 earnings per share for the current year.

Insider Buying and Selling

In other GitLab news, CFO Brian G. Robins sold 11,667 shares of the company’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $43.56, for a total transaction of $508,214.52. Following the sale, the chief financial officer now owns 305,175 shares of the company’s stock, valued at $13,293,423. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other GitLab news, insider Robin Schulman sold 2,402 shares of GitLab stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $56.25, for a total value of $135,112.50. Following the completion of the sale, the insider now directly owns 142,933 shares in the company, valued at $8,039,981.25. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Brian G. Robins sold 11,667 shares of the stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $43.56, for a total value of $508,214.52. Following the transaction, the chief financial officer now owns 305,175 shares in the company, valued at $13,293,423. The disclosure for this sale can be found here. Insiders sold 140,275 shares of company stock valued at $6,848,847 over the last quarter. Insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Hedge funds have recently modified their holdings of the stock. Fiera Capital Corp grew its holdings in GitLab by 0.5% in the fourth quarter. Fiera Capital Corp now owns 1,199,817 shares of the company’s stock worth $75,540,000 after purchasing an additional 5,446 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of GitLab by 10.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 531,731 shares of the company’s stock valued at $33,478,000 after buying an additional 51,612 shares during the period. Blair William & Co. IL increased its position in GitLab by 55.3% in the 1st quarter. Blair William & Co. IL now owns 41,382 shares of the company’s stock valued at $2,413,000 after buying an additional 14,738 shares in the last quarter. Banque Cantonale Vaudoise acquired a new position in GitLab during the 1st quarter worth approximately $58,000. Finally, Balyasny Asset Management L.P. boosted its holdings in GitLab by 520.6% in the fourth quarter. Balyasny Asset Management L.P. now owns 748,636 shares of the company’s stock worth $47,134,000 after acquiring an additional 627,999 shares in the last quarter. Institutional investors own 91.72% 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.