GitLab (NASDAQ:GTLB) Price Target Cut to $60.00 by Analysts at DA Davidson

GitLab (NASDAQ:GTLB) had its price objective cut by DA Davidson from $70.00 to $60.00 in a research report report published on Friday,Benzinga reports. They currently have a neutral rating on the stock.

Several other analysts also recently issued reports on GTLB. Royal Bank of Canada boosted their price target on GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Truist Financial restated a “buy” rating and issued a $90.00 price target (up from $80.00) on shares of GitLab in a research note on Friday, December 6th. Robert W. Baird upped their target price on GitLab from $62.00 to $75.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. KeyCorp upped their target price on GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Finally, Morgan Stanley upped their target price on GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Three analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, GitLab has a consensus rating of “Moderate Buy” and an average price target of $76.23.

GitLab Price Performance

GTLB opened at $60.21 on Friday. The business has a fifty day simple moving average of $64.38 and a 200 day simple moving average of $58.40. The company has a market capitalization of $9.77 billion, a PE ratio of -188.16 and a beta of 0.63. GitLab has a 1 year low of $40.72 and a 1 year high of $76.41.

Insiders Place Their Bets

In other news, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $70.83, for a total value of $708,300.00. Following the completion of the sale, the chief financial officer now owns 267,380 shares of the company’s stock, valued at approximately $18,938,525.40. This represents a 3.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Robin Schulman sold 2,996 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $55.98, for a total value of $167,716.08. Following the completion of the sale, the insider now directly owns 129,223 shares of the company’s stock, valued at approximately $7,233,903.54. The trade was a 2.27 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 740,257 shares of company stock valued at $44,710,867 in the last 90 days. Corporate insiders own 21.36% of the company’s stock.

Institutional Investors Weigh In On GitLab

Several institutional investors and hedge funds have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC boosted its position in shares of GitLab by 5,700.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock valued at $29,000 after purchasing an additional 513 shares in the last quarter. CoreCap Advisors LLC boosted its position in shares of GitLab by 327.5% during the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock valued at $33,000 after purchasing an additional 452 shares in the last quarter. IMG Wealth Management Inc. bought a new stake in shares of GitLab during the 4th quarter valued at about $46,000. True Wealth Design LLC bought a new stake in shares of GitLab during the 3rd quarter valued at about $56,000. Finally, Raleigh Capital Management Inc. bought a new stake in shares of GitLab during the 4th quarter valued at about $66,000. Institutional investors and hedge funds own 95.04% of the company’s stock.

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.