Gitlab (NASDAQ:GTLB) Hits New 12-Month Low at $65.05

Gitlab Inc (NASDAQ:GTLB) reached a new 52-week low on Thursday . The stock traded as low as $65.05 and last traded at $65.34, with a volume of 31732 shares traded. The stock had previously closed at $70.97.

Several research firms recently weighed in on GTLB. Royal Bank of Canada reduced their target price on Gitlab from $140.00 to $107.00 and set a “sector perform” rating on the stock in a research report on Tuesday, December 7th. The Goldman Sachs Group started coverage on Gitlab in a report on Monday, November 8th. They issued a “neutral” rating and a $100.00 price objective on the stock. Bank of America started coverage on Gitlab in a report on Monday, November 8th. They issued a “buy” rating and a $140.00 price objective on the stock. JPMorgan Chase & Co. cut their price objective on Gitlab from $114.00 to $99.00 and set a “neutral” rating on the stock in a report on Tuesday, December 14th. Finally, Cowen cut their price objective on Gitlab from $145.00 to $130.00 and set an “outperform” rating on the stock in a report on Tuesday, December 7th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Gitlab has a consensus rating of “Buy” and a consensus price target of $128.40.

The firm’s fifty day moving average price is $93.55.

Gitlab (NASDAQ:GTLB) last announced its earnings results on Monday, December 6th. The company reported ($0.34) EPS for the quarter, beating the consensus estimate of ($0.48) by $0.14. The company had revenue of $66.80 million for the quarter, compared to analysts’ expectations of $58.87 million. On average, equities research analysts expect that Gitlab Inc will post -1.71 earnings per share for the current fiscal year.

In other news, major shareholder Iconiq Strategic Partners Vi, acquired 282,279 shares of the company’s stock in a transaction dated Thursday, December 9th. The shares were bought at an average price of $78.20 per share, with a total value of $22,074,217.80. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Matthew Jacobson acquired 48,816 shares of the company’s stock in a transaction dated Monday, December 13th. The stock was purchased at an average cost of $74.64 per share, for a total transaction of $3,643,626.24. The disclosure for this purchase can be found here. Insiders have purchased a total of 1,290,645 shares of company stock valued at $100,358,309 in the last 90 days.

Gitlab Company Profile (NASDAQ:GTLB)

GitLab Inc is the provider of The DevOps platform, a single application that brings together development, operations, IT, security, and business teams to deliver desired business outcomes. GitLab Inc is based in SAN FRANCISCO.

Further Reading: Death Cross

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