DA Davidson Issues Pessimistic Forecast for GitLab (NASDAQ:GTLB) Stock Price

GitLab (NASDAQ:GTLB) had its target price reduced by analysts at DA Davidson from $70.00 to $60.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “neutral” rating on the stock. DA Davidson’s price objective would indicate a potential downside of 0.35% from the stock’s previous close.

Other equities analysts also recently issued research reports about the company. Truist Financial reaffirmed a “buy” rating and set a $90.00 price target (up previously from $80.00) on shares of GitLab in a research report on Friday, December 6th. Wells Fargo & Company upped their price objective on GitLab from $80.00 to $85.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. Piper Sandler upped their price objective on GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Morgan Stanley upped their price objective on GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Finally, Mizuho upped their price objective on GitLab from $67.00 to $80.00 and gave the stock an “outperform” rating in a research note on Monday, December 9th. Three investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $76.23.

GitLab Stock Up 0.3 %

NASDAQ:GTLB opened at $60.21 on Friday. GitLab has a twelve month low of $40.72 and a twelve month high of $76.41. The business has a 50 day moving average price of $64.38 and a two-hundred day moving average price of $58.50. The company has a market cap of $9.77 billion, a P/E ratio of -188.16 and a beta of 0.63.

Insiders Place Their Bets

In other GitLab news, insider Robin Schulman sold 2,996 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $55.98, for a total transaction of $167,716.08. Following the transaction, the insider now owns 129,223 shares in the company, valued at $7,233,903.54. This trade represents a 2.27 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $67.59, for a total value of $675,900.00. Following the sale, the chief financial officer now directly owns 242,803 shares in the company, valued at approximately $16,411,054.77. This trade represents a 3.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 740,257 shares of company stock worth $44,710,867 in the last 90 days. Company insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Large investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC grew its holdings in shares of GitLab by 5,700.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after purchasing an additional 513 shares in the last quarter. CoreCap Advisors LLC grew its holdings in shares of GitLab by 327.5% during the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock worth $33,000 after purchasing an additional 452 shares in the last quarter. IMG Wealth Management Inc. acquired a new stake in shares of GitLab during the 4th quarter worth $46,000. True Wealth Design LLC acquired a new stake in shares of GitLab during the 3rd quarter worth $56,000. Finally, Raleigh Capital Management Inc. acquired a new stake in GitLab in the fourth quarter valued at about $66,000. 95.04% of the stock is 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.