Barclays Cuts GitLab (NASDAQ:GTLB) Price Target to $58.00

GitLab (NASDAQ:GTLB) had its price objective lowered by Barclays from $70.00 to $58.00 in a report published on Tuesday morning,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Other equities analysts also recently issued reports about the company. JPMorgan Chase & Co. upped their price target on GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Wells Fargo & Company increased their price target on GitLab from $80.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. Morgan Stanley boosted their price target on GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Piper Sandler upped their price objective on shares of GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Finally, Robert W. Baird lowered their target price on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a research note on Monday. Three research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, GitLab presently has an average rating of “Moderate Buy” and a consensus target price of $75.38.

GitLab Stock Down 5.7 %

Shares of GitLab stock opened at $58.25 on Tuesday. The company has a market cap of $9.45 billion, a P/E ratio of -182.03 and a beta of 0.63. The firm’s 50 day moving average price is $64.35 and its 200-day moving average price is $58.83. GitLab has a 52-week low of $40.72 and a 52-week high of $74.18.

Insider Buying and Selling at GitLab

In related news, insider Robin Schulman sold 2,996 shares of GitLab stock in a transaction dated Friday, December 20th. The stock was 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 in the company, valued at $7,233,903.54. The trade was a 2.27 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Sytse Sijbrandij sold 84,000 shares of the stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $62.99, for a total value of $5,291,160.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 740,257 shares of company stock valued at $44,710,867. Corporate insiders own 21.36% of the company’s stock.

Institutional Investors Weigh In On GitLab

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. M&T Bank Corp grew its position in shares of GitLab by 3.1% in the fourth quarter. M&T Bank Corp now owns 4,965 shares of the company’s stock valued at $280,000 after purchasing an additional 148 shares during the period. Wilmington Savings Fund Society FSB lifted its stake in GitLab by 7.9% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock valued at $116,000 after buying an additional 150 shares in the last quarter. OneDigital Investment Advisors LLC boosted its holdings in GitLab by 4.3% in the 4th quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock worth $228,000 after buying an additional 166 shares during the last quarter. Bank of Marin increased its stake in GitLab by 3.0% during the 3rd quarter. Bank of Marin now owns 5,856 shares of the company’s stock worth $302,000 after buying an additional 171 shares in the last quarter. Finally, Utah Retirement Systems raised its holdings in shares of GitLab by 3.1% during the fourth quarter. Utah Retirement Systems now owns 6,600 shares of the company’s stock valued at $372,000 after acquiring an additional 200 shares during the last quarter. Hedge funds and other institutional investors own 95.04% of the company’s stock.

About GitLab

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.