GitLab (NASDAQ:GTLB) Price Target Cut to $45.00 by Analysts at DA Davidson

GitLab (NASDAQ:GTLB) had its target price lowered by DA Davidson from $60.00 to $45.00 in a research report released on Monday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other research analysts have also issued research reports about the stock. Macquarie reiterated an “outperform” rating and issued a $90.00 price objective on shares of GitLab in a research note on Tuesday, March 4th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $80.00 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 report on Thursday, February 20th. Mizuho lowered their target price on GitLab from $80.00 to $72.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 4th. Finally, JPMorgan Chase & Co. cut their price target on GitLab from $65.00 to $62.00 and set a “neutral” rating for the company in a research note on Tuesday, March 4th. Three research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, GitLab currently has a consensus rating of “Moderate Buy” and a consensus target price of $74.64.

GitLab Price Performance

NASDAQ:GTLB opened at $42.41 on Monday. The stock’s 50-day moving average is $55.39 and its two-hundred day moving average is $58.38. The stock has a market cap of $6.88 billion, a PE ratio of -132.53 and a beta of 0.79. GitLab has a fifty-two week low of $37.90 and a fifty-two week high of $74.18.

Insider Buying and Selling at GitLab

In other news, Director Matthew Jacobson sold 152,884 shares of the business’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $52.34, for a total transaction of $8,001,948.56. Following the transaction, the director now owns 493,554 shares in the company, valued at approximately $25,832,616.36. The trade was a 23.65 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Susan L. Bostrom sold 40,000 shares of the stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $51.88, for a total transaction of $2,075,200.00. Following the completion of the sale, the director now owns 144,913 shares of the company’s stock, valued at approximately $7,518,086.44. The trade was a 21.63 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 311,886 shares of company stock valued at $17,736,229 in the last 90 days. 21.36% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of GTLB. EverSource Wealth Advisors LLC increased its holdings in 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 buying an additional 513 shares during the period. 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 acquiring an additional 452 shares in the last quarter. IMG Wealth Management Inc. bought a new stake in GitLab in the fourth quarter valued at about $46,000. Raleigh Capital Management Inc. bought a new stake in GitLab in the fourth quarter valued at about $66,000. Finally, Smartleaf Asset Management LLC raised its position in GitLab by 1,067.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock worth $71,000 after purchasing an additional 1,153 shares in the last quarter. 95.04% of the stock is currently owned by institutional investors and hedge funds.

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.