GitLab (NASDAQ:GTLB – Get Rating) had its price objective lowered by equities research analysts at Piper Sandler from $58.00 to $50.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s price target points to a potential upside of 49.48% from the stock’s current price.
A number of other equities analysts have also issued reports on GTLB. Barclays decreased their price target on GitLab from $65.00 to $45.00 and set an “overweight” rating for the company in a research note on Wednesday. Royal Bank of Canada dropped their price target on GitLab from $60.00 to $45.00 and set an “outperform” rating on the stock in a research report on Tuesday. Truist Financial dropped their target price on GitLab from $65.00 to $50.00 and set a “buy” rating on the stock in a report on Tuesday. UBS Group dropped their target price on GitLab from $54.00 to $35.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, Needham & Company LLC downgraded GitLab from a “buy” rating to a “hold” rating in a report on Friday, February 10th. Two research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $58.50.
GitLab Stock Performance
Shares of GTLB opened at $33.45 on Tuesday. The company has a market capitalization of $5.01 billion, a P/E ratio of -28.59 and a beta of -0.18. GitLab has a one year low of $30.92 and a one year high of $70.96. The stock has a 50-day moving average price of $46.11 and a 200 day moving average price of $47.07.
Insider Buying and Selling
In other news, major shareholder 2021 Gp L.L.C. Gv purchased 415,000 shares of the company’s stock in a transaction dated Monday, March 13th. The stock was bought at an average cost of $29.29 per share, for a total transaction of $12,155,350.00. Following the purchase, the insider now owns 1,709,527 shares of the company’s stock, valued at $50,072,045.83. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other GitLab news, insider Dale R. Brown sold 2,680 shares of the stock in a transaction dated Thursday, January 26th. The stock was sold at an average price of $50.00, for a total transaction of $134,000.00. Following the completion of the sale, the insider now directly owns 16,265 shares in the company, valued at approximately $813,250. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder 2021 Gp L.L.C. Gv purchased 415,000 shares of the firm’s stock in a transaction on Monday, March 13th. The shares were acquired at an average price of $29.29 per share, with a total value of $12,155,350.00. Following the completion of the acquisition, the insider now owns 1,709,527 shares in the company, valued at approximately $50,072,045.83. The disclosure for this purchase can be found here. Insiders have sold 64,082 shares of company stock valued at $2,880,100 over the last 90 days. 0.19% of the stock is owned by corporate insiders.
Institutional Trading of GitLab
A number of large investors have recently bought and sold shares of the business. Sands Capital Ventures LLC bought a new position in shares of GitLab during the 4th quarter worth $30,000. Exchange Traded Concepts LLC purchased a new stake in GitLab during the 4th quarter worth about $30,000. OLD Mission Capital LLC purchased a new stake in GitLab during the 4th quarter worth about $37,000. Lazard Asset Management LLC purchased a new stake in GitLab during the 1st quarter worth about $47,000. Finally, First Horizon Advisors Inc. purchased a new stake in GitLab during the 3rd quarter worth about $47,000. 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.
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