Truist Financial Cuts GitLab (NASDAQ:GTLB) Price Target to $80.00

GitLab (NASDAQ:GTLB) had its price target lowered by Truist Financial from $90.00 to $80.00 in a research note published on Monday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other brokerages have also recently weighed in on GTLB. Robert W. Baird dropped their price target on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a research report on Monday, March 3rd. Morgan Stanley lifted their target price on shares of GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Macquarie restated an “outperform” rating and set a $90.00 price target on shares of GitLab in a research note on Tuesday, March 4th. Wells Fargo & Company lifted their price objective on GitLab from $80.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. Finally, Barclays decreased their target price on GitLab from $70.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 4th. Three analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $75.09.

GitLab Stock Up 1.4 %

Shares of GitLab stock opened at $48.33 on Monday. The firm has a market cap of $7.84 billion, a PE ratio of -151.03 and a beta of 0.67. GitLab has a 52 week low of $40.72 and a 52 week high of $74.18. The business’s fifty day simple moving average is $60.72 and its 200-day simple moving average is $59.04.

Insider Transactions at GitLab

In related news, Director Karen Blasing sold 6,500 shares of the business’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $63.19, for a total value of $410,735.00. Following the completion of the sale, the director now directly owns 128,233 shares of the company’s stock, valued at $8,103,043.27. The trade was a 4.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Robin Schulman sold 9,251 shares of the firm’s stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $65.00, for a total value of $601,315.00. Following the transaction, the insider now directly owns 121,893 shares in the company, valued at approximately $7,923,045. The trade was a 7.05 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 311,886 shares of company stock worth $17,736,229. 21.36% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC increased its holdings in shares of GitLab by 5,700.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock valued at $29,000 after acquiring an additional 513 shares during the period. CoreCap Advisors LLC increased its stake in GitLab by 327.5% in the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock valued at $33,000 after purchasing an additional 452 shares during the period. IMG Wealth Management Inc. purchased a new stake in shares of GitLab in the fourth quarter valued at about $46,000. Raleigh Capital Management Inc. purchased a new stake in shares of GitLab in the fourth quarter valued at about $66,000. Finally, Smartleaf Asset Management LLC boosted its stake in shares of GitLab by 1,067.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock worth $71,000 after buying an additional 1,153 shares during the period. 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.