GitLab (NASDAQ:GTLB) Reaches New 1-Year Low on Analyst Downgrade

Shares of GitLab Inc. (NASDAQ:GTLB) reached a new 52-week low during mid-day trading on Wednesday after Morgan Stanley lowered their price target on the stock from $60.00 to $55.00. Morgan Stanley currently has an overweight rating on the stock. GitLab traded as low as $35.99 and last traded at $37.2040, with a volume of 6888378 shares traded. The stock had previously closed at $43.37.

GTLB has been the topic of several other research reports. Canaccord Genuity Group decreased their target price on GitLab from $76.00 to $70.00 and set a “buy” rating on the stock in a research report on Thursday, September 4th. FBN Securities raised shares of GitLab to a “strong-buy” rating in a research note on Thursday, September 4th. Raymond James Financial dropped their price target on shares of GitLab from $60.00 to $55.00 and set an “outperform” rating for the company in a research note on Thursday, September 4th. Sanford C. Bernstein reiterated an “outperform” rating on shares of GitLab in a report on Wednesday. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of GitLab in a research note on Wednesday, October 8th. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, GitLab currently has a consensus rating of “Moderate Buy” and an average target price of $55.87.

Insider Transactions at GitLab

In other news, 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 value of $3,189,523.92. Following the completion of the sale, the director directly owned 820 shares of the company’s stock, valued at approximately $41,131.20. The trade was a 98.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Karen Blasing sold 3,250 shares of the business’s stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $45.26, for a total value of $147,095.00. Following the completion of the sale, the director owned 97,389 shares in the company, valued at $4,407,826.14. This represents a 3.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,329,712 shares of company stock worth $64,154,795 in the last ninety days. 21.36% of the stock is owned by company insiders.

Institutional Trading of GitLab

Hedge funds have recently made changes to their positions in the business. Allworth Financial LP grew its holdings in shares of GitLab by 124.1% in the third quarter. Allworth Financial LP now owns 558 shares of the company’s stock valued at $25,000 after purchasing an additional 309 shares in the last quarter. Twin Tree Management LP purchased a new position in GitLab in the 1st quarter valued at approximately $29,000. Quarry LP purchased a new position in GitLab in the 3rd quarter valued at approximately $31,000. Farther Finance Advisors LLC grew its stake in shares of GitLab by 284.3% in the third quarter. Farther Finance Advisors LLC now owns 907 shares of the company’s stock worth $41,000 after acquiring an additional 671 shares in the last quarter. Finally, Harbour Investments Inc. increased its position in shares of GitLab by 447.6% during the first quarter. Harbour Investments Inc. now owns 898 shares of the company’s stock worth $42,000 after acquiring an additional 734 shares during the period. Institutional investors and hedge funds own 95.04% of the company’s stock.

GitLab Price Performance

The firm has a market capitalization of $6.14 billion, a price-to-earnings ratio of -920.28 and a beta of 0.75. The firm has a 50 day moving average price of $45.54 and a 200-day moving average price of $45.59.

GitLab (NASDAQ:GTLB) last issued its quarterly earnings results on Wednesday, September 3rd. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.19). The company had revenue of $236.00 million for the quarter, compared to analysts’ expectations of $227.20 million. GitLab had a negative return on equity of 2.71% and a negative net margin of 0.55%.GitLab’s revenue for the quarter was up 29.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.15 EPS. Equities research analysts predict that GitLab Inc. will post -0.31 earnings per share for the current year.

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.