GitLab (NASDAQ:GTLB – Get Rating) had its price target cut by equities research analysts at Royal Bank of Canada from $60.00 to $45.00 in a note issued to investors on Tuesday, The Fly reports. Royal Bank of Canada’s target price indicates a potential upside of 32.51% from the company’s previous close.
A number of other brokerages have also recently commented on GTLB. Needham & Company LLC cut GitLab from a “buy” rating to a “hold” rating in a research report on Friday, February 10th. Piper Sandler reduced their price objective on GitLab from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, January 5th. Bank of America reduced their price objective on GitLab from $75.00 to $50.00 in a research note on Tuesday. UBS Group reduced their price objective on GitLab to $59.00 in a research note on Monday, November 28th. Finally, FBN Securities began coverage on GitLab in a research note on Monday, January 23rd. They set an “outperform” rating and a $60.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, GitLab has an average rating of “Moderate Buy” and a consensus target price of $61.57.
GitLab Stock Performance
Shares of GTLB opened at $33.96 on Tuesday. The stock has a 50-day moving average of $46.30 and a two-hundred day moving average of $47.17. GitLab has a one year low of $30.92 and a one year high of $70.96. The stock has a market cap of $5.08 billion, a P/E ratio of -27.61 and a beta of -0.18.
Insiders Place Their Bets
In other GitLab news, major shareholder Divesh Makan sold 53,676 shares of the business’s stock in a transaction that occurred 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 Securities & Exchange Commission, which is available through the SEC website. In other news, major shareholder Divesh Makan sold 53,676 shares of the business’s stock in a transaction that occurred 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Dale R. Brown sold 894 shares of the business’s stock in a transaction that occurred on Thursday, January 5th. The stock was sold at an average price of $41.66, for a total value of $37,244.04. Following the transaction, the insider now owns 16,265 shares in the company, valued at $677,599.90. The disclosure for this sale can be found here. In the last three months, insiders sold 64,082 shares of company stock worth $2,880,100. Corporate insiders own 0.19% of the company’s stock.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in the stock. August Capital Management VII L.L.C. acquired a new position in shares of GitLab during the 2nd quarter worth approximately $632,327,000. Morgan Stanley boosted its holdings in shares of GitLab by 3.0% during the 4th quarter. Morgan Stanley now owns 7,845,971 shares of the company’s stock worth $356,521,000 after purchasing an additional 228,085 shares during the last quarter. Vanguard Group Inc. lifted its holdings in GitLab by 73.8% in the third quarter. Vanguard Group Inc. now owns 4,649,197 shares of the company’s stock valued at $238,132,000 after acquiring an additional 1,973,796 shares during the last quarter. 1832 Asset Management L.P. lifted its holdings in GitLab by 152.1% in the fourth quarter. 1832 Asset Management L.P. now owns 3,952,200 shares of the company’s stock valued at $179,588,000 after acquiring an additional 2,384,500 shares during the last quarter. Finally, BlackRock Inc. lifted its holdings in GitLab by 0.5% in the third quarter. BlackRock Inc. now owns 3,314,294 shares of the company’s stock valued at $169,757,000 after acquiring an additional 16,023 shares during the last quarter. 48.99% of the stock is currently owned by institutional investors and hedge funds.
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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