GitLab Inc. [GTLB] stock Downgrade by JP Morgan analyst, price target now $63

GitLab Inc. [NASDAQ: GTLB] closed the trading session at $50.53 on 09/01/22. The day’s price range saw the stock hit a low of $48.00, while the highest price level was $57.8152. The company report on August 23, 2022 that GitLab Inc.’s Sixth Annual Global DevSecOps Survey Shows Security is the Driving Force for Choosing a DevOps Platform.

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Results show efficiency, higher quality code, and developer productivity are key drivers for DevOps adoption.

All-Remote – Today, GitLab Inc., provider of The One DevOps Platform for software innovation, released the results of its annual DevSecOps survey. GitLab’s 2022 Global DevSecOps Survey highlights the continued prioritization of security and compliance, investment in toolchain consolidation, and the ongoing impacts of rapid DevOps adoption.

The stocks have a year to date performance of -41.92 percent and weekly performance of -22.85 percent. The stock has been moved at 3.14 percent over the last six months. The stock has performed -19.44 percent around the most recent 30 days and changed 12.54 percent over the most recent 3-months.

If compared to the average trading volume of 1.77M shares, GTLB reached to a volume of 4292412 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about GitLab Inc. [GTLB]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for GTLB shares is $70.60 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on GTLB stock is a recommendation set at 1.80. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

JP Morgan have made an estimate for GitLab Inc. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on September 01, 2022. While these analysts kept the previous recommendation, Needham raised their target price to Buy. The new note on the price target was released on July 07, 2022, representing the official price target for GitLab Inc. stock. Previously, the target price had yet another raise from $69 to $80, while Goldman kept a Buy rating on GTLB stock.

The Average True Range (ATR) for GitLab Inc. is set at 4.13, with the Price to Sales ratio for GTLB stock in the period of the last 12 months amounting to 26.15. The Price to Book ratio for the last quarter was 9.48, with the Price to Cash per share for the same quarter was set at 6.23.

GTLB stock trade performance evaluation

GitLab Inc. [GTLB] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -22.85. With this latest performance, GTLB shares dropped by -19.44% in over the last four-week period, additionally plugging by 3.14% over the last 6 months.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for GTLB stock in for the last two-week period is set at 31.63, with the RSI for the last a single of trading hit 22.64, and the three-weeks RSI is set at 38.30 for GitLab Inc. [GTLB]. The present Moving Average for the last 50 days of trading for this stock 59.51, while it was recorded at 59.98 for the last single week of trading, and 60.97 for the last 200 days.

GitLab Inc. [GTLB]: An insightful look at the core fundamentals

Operating Margin for any stock indicates how profitable investing would be, and GitLab Inc. [GTLB] shares currently have an operating margin of -50.84 and a Gross Margin at +88.00. GitLab Inc.’s Net Margin is presently recorded at -61.40.

Return on Equity for this stock declined to -32.04, with Return on Assets sitting at -21.19.

GitLab Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 4.50 and a Current Ratio set at 4.50.

Earnings per share (EPS) analysis for GitLab Inc. [GTLB] stock

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for GTLB. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for GitLab Inc. go to 25.80%.

GitLab Inc. [GTLB]: Insider Ownership positions

There are presently around $3,317 million, or 86.50% of GTLB stock, in the hands of institutional investors. The top three institutional holders of GTLB stocks are: AUGUST CAPITAL MANAGEMENT VII, L.L.C. with ownership of 11,899,257, which is approximately New of the company’s market cap and around 2.60% of the total institutional ownership; ICONIQ CAPITAL, LLC, holding 9,773,455 shares of the stock with an approximate value of $493.85 million in GTLB stocks shares; and BLACKROCK INC., currently with $166.66 million in GTLB stock with ownership of nearly 16.895% of the company’s market capitalization.

Positions in GitLab Inc. stocks held by institutional investors increased at the end of September and at the time of the September reporting period, where 127 institutional holders increased their position in GitLab Inc. [NASDAQ:GTLB] by around 29,859,802 shares. Additionally, 65 investors decreased positions by around 5,547,606 shares, while 17 investors held positions by with 30,231,403 shares. The mentioned changes placed institutional holdings at 65,638,811 shares, according to the latest SEC report filing. GTLB stock had 73 new institutional investments in for a total of 18,483,785 shares, while 28 institutional investors sold positions of 1,651,004 shares during the same period.


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