GitLab (NASDAQ:GTLB) Cut to “Neutral” at Macquarie

GitLab (NASDAQ:GTLB) was downgraded by analysts at Macquarie from an “outperform” rating to a “neutral” rating in a note issued to investors on Wednesday, Marketbeat reports. They presently have a $40.00 target price on the stock, down from their previous target price of $70.00. Macquarie’s target price indicates a potential upside of 5.82% from the company’s previous close.

A number of other equities analysts have also commented on GTLB. Zacks Research upgraded shares of GitLab from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 8th. Morgan Stanley reduced their target price on shares of GitLab from $60.00 to $55.00 and set an “overweight” rating on the stock in a research report on Wednesday. Canaccord Genuity Group reissued a “buy” rating and set a $70.00 price target on shares of GitLab in a research note on Wednesday. Cantor Fitzgerald restated an “overweight” rating and set a $60.00 target price on shares of GitLab in a research report on Monday. Finally, Truist Financial set a $42.00 price objective on shares of GitLab in a research note on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $53.29.

GitLab Stock Performance

Shares of GTLB stock traded down $5.57 during trading on Wednesday, hitting $37.80. 21,931,204 shares of the company were exchanged, compared to its average volume of 3,971,135. The business’s 50-day simple moving average is $45.54 and its 200 day simple moving average is $45.59. GitLab has a twelve month low of $35.81 and a twelve month high of $74.18. The firm has a market capitalization of $6.30 billion, a price-to-earnings ratio of -945.00 and a beta of 0.75.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings data on Wednesday, September 3rd. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.19). GitLab had a negative net margin of 0.55% and a negative return on equity of 2.71%. The company had revenue of $236.00 million for the quarter, compared to analyst estimates of $227.20 million. During the same period in the prior year, the company posted $0.15 EPS. The business’s revenue was up 29.2% on a year-over-year basis. On average, equities analysts forecast that GitLab will post -0.31 earnings per share for the current fiscal year.

Insider Transactions at GitLab

In other news, CAO Simon Mundy sold 5,191 shares of the company’s stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $43.99, for a total value of $228,352.09. Following the sale, the chief accounting officer directly owned 53,507 shares of the company’s stock, valued at approximately $2,353,772.93. This represents a 8.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Matthew Jacobson sold 63,587 shares of GitLab stock in a transaction on Tuesday, September 23rd. The stock was sold at an average price of $50.16, for a total transaction of $3,189,523.92. Following the transaction, the director directly owned 820 shares of the company’s stock, valued at $41,131.20. This represents a 98.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 1,329,712 shares of company stock valued at $64,154,795. Company insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Allworth Financial LP boosted its stake in GitLab by 124.1% during the third quarter. Allworth Financial LP now owns 558 shares of the company’s stock worth $25,000 after acquiring an additional 309 shares in the last quarter. Twin Tree Management LP acquired a new position in shares of GitLab during the first quarter valued at about $29,000. Quarry LP bought a new position in shares of GitLab during the 3rd quarter worth about $31,000. Farther Finance Advisors LLC grew its stake in shares of GitLab by 284.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 907 shares of the company’s stock valued at $41,000 after buying an additional 671 shares during the period. Finally, Harbour Investments Inc. grew its stake in GitLab by 447.6% in the first quarter. Harbour Investments Inc. now owns 898 shares of the company’s stock valued at $42,000 after acquiring an additional 734 shares during the period. 95.04% of the stock is owned by institutional investors.

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.