GitLab Inc. (NASDAQ:GTLB – Get Free Report)’s stock price traded down 6% during trading on Monday . The company traded as low as $47.66 and last traded at $47.91. 200,338 shares traded hands during trading, a decline of 92% from the average session volume of 2,590,510 shares. The stock had previously closed at $50.95.
Wall Street Analyst Weigh In
A number of analysts recently issued reports on the company. Canaccord Genuity Group lowered their price target on GitLab from $74.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, June 5th. KeyCorp dropped their price target on GitLab from $70.00 to $62.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 4th. Royal Bank of Canada restated an “outperform” rating and issued a $65.00 price objective on shares of GitLab in a report on Friday, June 28th. Cantor Fitzgerald dropped their target price on shares of GitLab from $70.00 to $55.00 and set an “overweight” rating on the stock in a report on Tuesday, June 4th. Finally, DA Davidson reduced their price target on shares of GitLab from $65.00 to $50.00 and set a “neutral” rating for the company in a report on Tuesday, June 4th. Four equities research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. According to data from MarketBeat, GitLab has an average rating of “Moderate Buy” and an average price target of $67.30.
GitLab Stock Performance
The stock has a 50 day moving average of $50.15 and a 200-day moving average of $58.25. The company has a market cap of $7.70 billion, a PE ratio of -17.82 and a beta of 0.45.
GitLab (NASDAQ:GTLB – Get Free Report) last released its earnings results on Monday, June 3rd. The company reported ($0.24) EPS for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $165.66 million. Equities research analysts forecast that GitLab Inc. will post -0.5 EPS for the current year.
Insider Transactions at GitLab
In other GitLab news, CFO Brian G. Robins sold 23,334 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $50.24, for a total value of $1,172,300.16. Following the sale, the chief financial officer now directly owns 282,441 shares of the company’s stock, valued at $14,189,835.84. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CFO Brian G. Robins sold 11,667 shares of the stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $45.46, for a total transaction of $530,381.82. Following the sale, the chief financial officer now directly owns 293,508 shares of the company’s stock, valued at $13,342,873.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Brian G. Robins sold 23,334 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $50.24, for a total transaction of $1,172,300.16. Following the sale, the chief financial officer now owns 282,441 shares in the company, valued at approximately $14,189,835.84. The disclosure for this sale can be found here. Insiders have sold 50,611 shares of company stock worth $2,398,115 over the last 90 days. 21.36% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On GitLab
Institutional investors have recently modified their holdings of the business. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of GitLab by 5.3% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 5,499 shares of the company’s stock worth $346,000 after purchasing an additional 276 shares during the last quarter. Atria Wealth Solutions Inc. increased its stake in shares of GitLab by 2.0% in the 4th quarter. Atria Wealth Solutions Inc. now owns 14,582 shares of the company’s stock worth $918,000 after acquiring an additional 290 shares during the last quarter. Asset Management One Co. Ltd. raised its holdings in shares of GitLab by 2.6% during the 4th quarter. Asset Management One Co. Ltd. now owns 11,900 shares of the company’s stock worth $769,000 after acquiring an additional 300 shares during the period. Park Avenue Securities LLC boosted its position in shares of GitLab by 9.6% during the 1st quarter. Park Avenue Securities LLC now owns 3,544 shares of the company’s stock valued at $207,000 after acquiring an additional 311 shares during the last quarter. Finally, Treasurer of the State of North Carolina grew its holdings in shares of GitLab by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 38,900 shares of the company’s stock valued at $2,449,000 after purchasing an additional 380 shares during the period. 91.72% of the stock is currently owned by institutional investors and hedge funds.
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.