GitLab (NASDAQ:GTLB) Hits New 1-Year Low Following Analyst Downgrade

GitLab Inc. (NASDAQ:GTLB) shares hit 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.

A number of other equities research analysts have also weighed in on GTLB. Weiss Ratings reiterated a “sell (e+)” rating on shares of GitLab in a report on Wednesday, October 8th. Guggenheim started coverage on GitLab in a report on Thursday, September 11th. They set a “buy” rating and a $70.00 price objective on the stock. Rosenblatt Securities reaffirmed a “buy” rating and set a $58.00 target price on shares of GitLab in a research report on Monday. Wells Fargo & Company lowered their target price on GitLab from $50.00 to $45.00 and set an “equal weight” rating for the company in a report on Wednesday. Finally, Needham & Company LLC dropped their price objective on shares of GitLab from $55.00 to $50.00 and set a “buy” rating on the stock in a research note on Wednesday. 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 given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $55.87.

Insider Activity

In other news, Director Sytse Sijbrandij sold 108,600 shares of the business’s stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $43.17, for a total transaction of $4,688,262.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Matthew Jacobson sold 63,587 shares of the company’s stock in a transaction dated Tuesday, September 23rd. The shares were sold at an average price of $50.16, for a total transaction of $3,189,523.92. Following the transaction, the director owned 820 shares in the company, valued at approximately $41,131.20. This trade represents a 98.73% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 1,329,712 shares of company stock valued at $64,154,795 in the last ninety days. 21.36% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of GTLB. Allworth Financial LP raised 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 worth $25,000 after buying an additional 309 shares during the last quarter. IFP Advisors Inc increased its position in shares of GitLab by 10.0% in the 3rd quarter. IFP Advisors Inc now owns 6,303 shares of the company’s stock valued at $284,000 after acquiring an additional 571 shares during the period. Swiss Life Asset Management Ltd purchased a new position in GitLab in the 3rd quarter worth $272,000. Cantor Fitzgerald L. P. lifted its position in GitLab by 280.0% during the 3rd quarter. Cantor Fitzgerald L. P. now owns 69,000 shares of the company’s stock worth $3,111,000 after acquiring an additional 50,840 shares during the period. Finally, CIBC Bancorp USA Inc. purchased a new stake in GitLab during the 3rd quarter valued at about $227,000. 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 business has a fifty day moving average price of $45.54 and a two-hundred day moving average price of $45.59.

GitLab (NASDAQ:GTLB) last released its quarterly earnings data on Wednesday, September 3rd. The company reported ($0.03) EPS for the quarter, missing the consensus estimate 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 business had revenue of $236.00 million during the quarter, compared to analysts’ expectations of $227.20 million. During the same period last year, the company earned $0.15 earnings per share. The firm’s revenue was up 29.2% on a year-over-year basis. On average, 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.