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

GitLab (NASDAQ:GTLB) had its price objective lowered by DA Davidson from $70.00 to $60.00 in a report issued on Friday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

Several other research analysts have also issued reports on GTLB. Cantor Fitzgerald increased their price target on GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Needham & Company LLC restated a “buy” rating and issued a $85.00 target price on shares of GitLab in a report on Tuesday, January 7th. Royal Bank of Canada raised their target price on GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Mizuho raised their target price on GitLab from $67.00 to $80.00 and gave the company an “outperform” rating in a report on Monday, December 9th. Finally, Canaccord Genuity Group raised their target price on GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $76.23.

GitLab Stock Performance

Shares of NASDAQ:GTLB opened at $60.21 on Friday. The business’s 50 day simple moving average is $64.38 and its two-hundred day simple moving average is $58.40. The firm has a market cap of $9.77 billion, a P/E ratio of -188.16 and a beta of 0.63. GitLab has a 52-week low of $40.72 and a 52-week high of $76.41.

Insider Activity

In other news, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction on Monday, December 9th. The stock was sold at an average price of $67.59, for a total value of $675,900.00. Following the completion of the transaction, the chief financial officer now directly owns 242,803 shares in the company, valued at approximately $16,411,054.77. The trade was a 3.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robin Schulman sold 2,996 shares of GitLab stock in a transaction on 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 transaction, the insider now owns 129,223 shares of the company’s stock, valued at approximately $7,233,903.54. This trade represents a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 740,257 shares of company stock worth $44,710,867. 21.36% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On GitLab

Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in GitLab by 7.2% during the fourth quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company’s stock valued at $740,585,000 after buying an additional 885,955 shares during the period. Norges Bank bought a new stake in GitLab during the fourth quarter worth about $279,089,000. Artisan Partners Limited Partnership lifted its stake 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 purchasing an additional 1,443,160 shares during the last quarter. Franklin Resources Inc. lifted its stake in 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 during the last quarter. Finally, Ameriprise Financial Inc. lifted its stake in GitLab by 276.9% during the fourth quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company’s stock worth $121,435,000 after purchasing an additional 1,583,221 shares during the last quarter. Institutional investors 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.