GitLab (NASDAQ:GTLB – Get Rating) had its target price lowered by equities research analysts at Truist Financial from $65.00 to $50.00 in a research report issued on Tuesday, The Fly reports. Truist Financial’s target price indicates a potential upside of 47.23% from the company’s previous close.
Several other research analysts have also recently weighed in on the company. Piper Sandler lowered their target price on GitLab from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, January 5th. Bank of America lowered their target price on GitLab from $75.00 to $50.00 in a report on Tuesday. FBN Securities initiated coverage on GitLab in a report on Monday, January 23rd. They issued an “outperform” rating and a $60.00 price objective on the stock. Royal Bank of Canada upped their price objective on GitLab from $50.00 to $60.00 and gave the company an “outperform” rating in a report on Monday, March 6th. Finally, KeyCorp decreased their price objective on GitLab from $63.00 to $60.00 and set an “overweight” rating on the stock in a report on Tuesday, December 6th. Two equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $61.57.
GitLab Trading Down 23.9 %
NASDAQ:GTLB opened at $33.96 on Tuesday. GitLab has a 12 month low of $30.92 and a 12 month high of $70.96. The stock has a 50 day moving average of $46.30 and a two-hundred day moving average of $47.17. The firm has a market cap of $5.08 billion, a P/E ratio of -27.61 and a beta of -0.18.
Insider Transactions at GitLab
In other news, major shareholder Divesh Makan sold 53,676 shares of the company’s stock in a transaction on Tuesday, December 27th. The stock was sold at an average price of $44.65, for a total transaction of $2,396,633.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CRO Michael Eugene Mcbride sold 6,832 shares of the company’s stock in a transaction on Tuesday, January 3rd. The stock was sold at an average price of $45.70, for a total transaction of $312,222.40. Following the sale, the executive now owns 869,178 shares of the company’s stock, valued at $39,721,434.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Divesh Makan sold 53,676 shares of the company’s stock in a transaction on Tuesday, December 27th. The stock was sold at an average price of $44.65, for a total value of $2,396,633.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 64,082 shares of company stock valued at $2,880,100. 0.19% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On GitLab
Large investors have recently bought and sold shares of the business. Sands Capital Ventures LLC purchased a new position in GitLab in the fourth quarter valued at $30,000. Exchange Traded Concepts LLC purchased a new position in GitLab in the fourth quarter valued at $30,000. OLD Mission Capital LLC purchased a new position in GitLab in the fourth quarter valued at $37,000. Lazard Asset Management LLC purchased a new position in GitLab in the first quarter valued at $47,000. Finally, First Horizon Advisors Inc. purchased a new position in GitLab in the third quarter valued at $47,000. Hedge funds and other institutional investors own 48.99% 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. The company 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.
- Get a free copy of the StockNews.com research report on GitLab (GTLB)
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