UBS Group Issues Pessimistic Forecast for GitLab (NASDAQ:GTLB) Stock Price

GitLab (NASDAQ:GTLB) had its price target lowered by UBS Group from $85.00 to $73.00 in a report issued on Wednesday,Benzinga reports. UBS Group currently has a buy rating on the stock.

A number of other analysts have also recently commented on the company. Barclays dropped their price target on GitLab from $70.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 4th. Robert W. Baird reduced their price objective on GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a research note on Monday, March 3rd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $80.00 price target on shares of GitLab in a research note on Tuesday, March 4th. DA Davidson cut their price objective on GitLab from $60.00 to $45.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. Finally, 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. Four analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $63.68.

GitLab Price Performance

NASDAQ:GTLB opened at $43.37 on Wednesday. GitLab has a 1 year low of $37.90 and a 1 year high of $74.18. The business has a fifty day simple moving average of $46.42 and a two-hundred day simple moving average of $55.73. The company has a market capitalization of $7.11 billion, a P/E ratio of -135.53 and a beta of 0.75.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.02. The firm had revenue of $214.51 million during the quarter, compared to analyst estimates of $213.21 million. GitLab had a negative return on equity of 11.72% and a negative net margin of 6.83%. The company’s revenue was up 26.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.03 earnings per share. As a group, analysts anticipate that GitLab will post -0.31 earnings per share for the current year.

Insider Activity

In related news, Director Karen Blasing sold 3,250 shares of the business’s stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $51.58, for a total transaction of $167,635.00. Following the completion of the transaction, the director now owns 108,733 shares in the company, valued at $5,608,448.14. The trade was a 2.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Sytse Sijbrandij sold 108,600 shares of GitLab stock in a transaction on Tuesday, April 15th. The shares were 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. Over the last quarter, insiders sold 461,584 shares of company stock worth $23,192,574. 16.37% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Norges Bank purchased a new position in GitLab in the fourth quarter valued at about $279,089,000. 1832 Asset Management L.P. raised its holdings in GitLab by 2,456.8% in the 1st quarter. 1832 Asset Management L.P. now owns 2,295,000 shares of the company’s stock valued at $107,865,000 after acquiring an additional 2,205,238 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in GitLab by 276.9% in the 4th quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company’s stock valued at $121,435,000 after acquiring an additional 1,583,221 shares in the last quarter. Artisan Partners Limited Partnership raised its holdings in GitLab by 55.7% in the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock valued at $227,318,000 after acquiring an additional 1,443,160 shares in the last quarter. Finally, Alliancebernstein L.P. grew its stake in shares of GitLab by 4,042.0% in the 4th quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company’s stock valued at $82,011,000 after purchasing an additional 1,420,248 shares during the period. Hedge funds and other institutional investors own 95.04% 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.