Needham & Company LLC Issues Pessimistic Forecast for GitLab (NASDAQ:GTLB) Stock Price

GitLab (NASDAQ:GTLB) had its price objective trimmed by Needham & Company LLC from $85.00 to $55.00 in a report released on Wednesday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities research analysts also recently issued reports on GTLB. Cantor Fitzgerald reiterated an “overweight” rating and issued a $80.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. Wells Fargo & Company cut their target price on GitLab from $85.00 to $65.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. JPMorgan Chase & Co. lowered their price objective on shares of GitLab from $65.00 to $62.00 and set a “neutral” rating for the company in a report on Tuesday, March 4th. Barclays lowered their price objective on shares of GitLab from $70.00 to $58.00 and set an “equal weight” rating for the company in a report on Tuesday, March 4th. Finally, Mizuho lowered their target price on shares of GitLab from $80.00 to $72.00 and set an “outperform” rating for the company in a report on Tuesday, March 4th. Four analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $63.59.

GitLab Trading Down 5.7%

GitLab stock opened at $41.23 on Wednesday. The company has a market cap of $6.76 billion, a price-to-earnings ratio of -128.84 and a beta of 0.75. The business’s 50 day simple moving average is $46.45 and its 200 day simple moving average is $55.40. GitLab has a 12 month low of $37.90 and a 12 month high of $74.18.

GitLab (NASDAQ:GTLB) last posted its 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 for the quarter, compared to the consensus estimate of $213.21 million. GitLab had a negative return on equity of 11.72% and a negative net margin of 6.83%. The business’s quarterly revenue was up 26.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.03 earnings per share. As a group, equities research analysts forecast that GitLab will post -0.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Sytse Sijbrandij sold 108,600 shares of GitLab stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $42.87, for a total value of $4,655,682.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Brian G. Robins sold 45,000 shares of GitLab stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $53.04, for a total value of $2,386,800.00. Following the completion of the sale, the chief financial officer now directly owns 344,105 shares in the company, valued at $18,251,329.20. This trade represents a 11.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 461,584 shares of company stock valued at $23,192,574. Company insiders own 16.37% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in GTLB. Vanguard Group Inc. boosted its position in shares of GitLab by 2.3% during the first quarter. Vanguard Group Inc. now owns 13,445,456 shares of the company’s stock valued at $631,936,000 after buying an additional 302,864 shares during the period. Norges Bank purchased a new stake in GitLab during the fourth quarter worth $279,089,000. Artisan Partners Limited Partnership lifted its holdings in GitLab by 55.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock worth $227,318,000 after buying an additional 1,443,160 shares during the period. Franklin Resources Inc. increased its position in shares of GitLab by 17.6% during the fourth quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company’s stock worth $176,954,000 after purchasing an additional 470,192 shares in the last quarter. Finally, Eminence Capital LP increased its position in shares of GitLab by 13.6% during the first quarter. Eminence Capital LP now owns 2,498,201 shares of the company’s stock worth $117,415,000 after purchasing an additional 299,191 shares in the last quarter. Hedge funds and other institutional investors own 95.04% 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.