GitLab (NASDAQ:GTLB) Given New $58.00 Price Target at TD Cowen

GitLab (NASDAQ:GTLB) had its price objective trimmed by TD Cowen from $76.00 to $58.00 in a research report released on Tuesday, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other analysts have also weighed in on GTLB. DA Davidson decreased their target price on shares of GitLab from $65.00 to $50.00 and set a neutral rating on the stock in a research report on Tuesday, June 4th. Robert W. Baird began coverage on GitLab in a research note on Tuesday. They issued an outperform rating and a $59.00 price objective on the stock. Cantor Fitzgerald reissued an overweight rating and issued a $55.00 target price on shares of GitLab in a report on Monday, August 19th. Canaccord Genuity Group decreased their price target on GitLab from $74.00 to $65.00 and set a buy rating on the stock in a research note on Wednesday, June 5th. Finally, Needham & Company LLC reiterated a hold rating on shares of GitLab in a research note on Wednesday, July 17th. Four 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’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $65.63.

GitLab Stock Down 1.0 %

GTLB stock opened at $47.40 on Tuesday. The business’s 50-day simple moving average is $48.66 and its 200 day simple moving average is $53.78. The company has a market cap of $7.53 billion, a PE ratio of -17.24 and a beta of 0.46. GitLab has a twelve month low of $40.19 and a twelve month high of $78.53.

GitLab (NASDAQ:GTLB) last released its quarterly earnings data on Monday, June 3rd. The company reported ($0.24) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.09. The business had revenue of $169.19 million for the quarter, compared to analysts’ expectations of $165.66 million. GitLab had a negative return on equity of 19.14% and a negative net margin of 68.52%. On average, equities research analysts anticipate that GitLab will post -0.5 EPS for the current year.

Insider Activity at GitLab

In other GitLab news, CFO Brian G. Robins sold 23,332 shares of the business’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $49.24, for a total transaction of $1,148,867.68. Following the completion of the sale, the chief financial officer now directly owns 259,109 shares of the company’s stock, valued at approximately $12,758,527.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Brian G. Robins sold 11,667 shares of the stock in a transaction 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 of the company’s stock, valued at approximately $13,293,423. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Brian G. Robins sold 23,332 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $49.24, for a total value of $1,148,867.68. Following the completion of the transaction, the chief financial officer now owns 259,109 shares in the company, valued at $12,758,527.16. The disclosure for this sale can be found here. Insiders have sold a total of 140,275 shares of company stock worth $6,848,847 over the last 90 days. Insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

Several hedge funds have recently added to or reduced their stakes in GTLB. Federated Hermes Inc. grew its position in shares of GitLab by 456.6% during the 4th quarter. Federated Hermes Inc. now owns 13,831 shares of the company’s stock worth $871,000 after buying an additional 11,346 shares during the period. CWM LLC boosted its stake in GitLab by 23.9% during the 4th quarter. CWM LLC now owns 3,388 shares of the company’s stock worth $213,000 after acquiring an additional 654 shares during the last quarter. Handelsbanken Fonder AB grew its holdings in GitLab by 26.6% during the fourth quarter. Handelsbanken Fonder AB now owns 13,800 shares of the company’s stock valued at $869,000 after purchasing an additional 2,900 shares during the period. Atria Wealth Solutions Inc. grew its holdings in GitLab by 2.0% during the fourth quarter. Atria Wealth Solutions Inc. now owns 14,582 shares of the company’s stock valued at $918,000 after purchasing an additional 290 shares during the period. Finally, Mach 1 Financial Group LLC bought a new stake in GitLab in the fourth quarter valued at approximately $447,000. Institutional investors and hedge funds 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.