GitLab (NASDAQ:GTLB) Stock Rating Lowered by Barclays

Barclays lowered shares of GitLab (NASDAQ:GTLB) from an overweight rating to an equal weight rating in a report published on Friday, Marketbeat Ratings reports. Barclays currently has $50.00 price objective on the stock, down from their prior price objective of $65.00.

GTLB has been the topic of a number of other reports. Mizuho lifted their price objective on shares of GitLab from $45.00 to $51.00 in a report on Wednesday, September 6th. DA Davidson lifted their price objective on shares of GitLab from $45.00 to $50.00 and gave the company a neutral rating in a report on Wednesday, September 6th. KeyCorp decreased their target price on shares of GitLab from $65.00 to $57.00 and set an overweight rating for the company in a research note on Monday, October 23rd. Canaccord Genuity Group assumed coverage on shares of GitLab in a research note on Tuesday, September 12th. They issued a buy rating and a $62.00 target price for the company. Finally, Truist Financial raised their target price on shares of GitLab from $60.00 to $65.00 and gave the company a buy rating in a research note on Wednesday, September 6th. Six research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $58.39.

GitLab Stock Performance

Shares of GTLB stock opened at $47.05 on Friday. The company has a market capitalization of $7.28 billion, a P/E ratio of -37.05 and a beta of 0.19. The company’s 50 day moving average price is $45.57 and its two-hundred day moving average price is $45.04. GitLab has a 52 week low of $26.24 and a 52 week high of $58.70.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings data on Tuesday, September 5th. The company reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.04. GitLab had a negative net margin of 37.77% and a negative return on equity of 21.02%. The company had revenue of $139.58 million for the quarter, compared to the consensus estimate of $129.81 million. During the same period last year, the company earned ($0.40) earnings per share. The firm’s revenue was up 38.1% compared to the same quarter last year. Analysts forecast that GitLab will post -1.13 earnings per share for the current year.

Insider Transactions at GitLab

In other news, CEO Sytse Sijbrandij sold 159,433 shares of GitLab stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $49.12, for a total transaction of $7,831,348.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Matthew Jacobson sold 89,177 shares of the business’s stock in a transaction dated Wednesday, September 20th. The stock was sold at an average price of $48.37, for a total value of $4,313,491.49. Following the completion of the transaction, the director now owns 657,578 shares of the company’s stock, valued at $31,807,047.86. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Sytse Sijbrandij sold 159,433 shares of the business’s stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $49.12, for a total value of $7,831,348.96. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 701,756 shares of company stock valued at $34,216,334. 28.04% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC raised its stake in GitLab by 80.0% during the third quarter. FMR LLC now owns 603 shares of the company’s stock worth $27,000 after acquiring an additional 268 shares in the last quarter. Ossiam acquired a new position in GitLab during the first quarter worth about $27,000. Quarry LP acquired a new position in GitLab during the second quarter worth about $30,000. Manchester Capital Management LLC acquired a new position in GitLab during the first quarter worth about $31,000. Finally, Ramirez Asset Management Inc. acquired a new position in GitLab during the third quarter worth about $36,000. Institutional investors and hedge funds own 54.15% of the company’s stock.

GitLab Company Profile

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.