Truist Financial Cuts GitLab (NASDAQ:GTLB) Price Target to $80.00

GitLab (NASDAQ:GTLB) had its target price lowered by equities researchers at Truist Financial from $90.00 to $80.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s price objective indicates a potential upside of 65.36% from the stock’s current price.

GTLB has been the subject of a number of other reports. Cantor Fitzgerald reissued an “overweight” rating and issued a $80.00 price target on shares of GitLab in a report on Tuesday, March 4th. Piper Sandler boosted their target price on shares of GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Mizuho dropped their price target on GitLab from $80.00 to $72.00 and set an “outperform” rating for the company in a report on Tuesday, March 4th. DA Davidson lowered their price target on shares of GitLab from $70.00 to $60.00 and set a “neutral” rating for the company in a report on Friday, February 28th. Finally, Morgan Stanley boosted their price objective on GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Three analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $75.09.

GitLab Stock Down 3.6 %

GTLB opened at $48.38 on Monday. The stock has a fifty day moving average of $61.70 and a 200-day moving average of $59.21. The firm has a market capitalization of $7.85 billion, a P/E ratio of -151.19 and a beta of 0.67. GitLab has a 12-month low of $40.72 and a 12-month high of $74.18.

Insiders Place Their Bets

In other news, Director Susan L. Bostrom sold 40,000 shares of the business’s stock in a transaction on 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 $7,518,086.44. The trade was a 21.63 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Matthew Jacobson sold 152,884 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $52.34, for a total transaction of $8,001,948.56. Following the completion of the transaction, the director now owns 493,554 shares of the company’s stock, valued at approximately $25,832,616.36. The trade was a 23.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 349,216 shares of company stock valued at $19,841,492. 21.36% of the stock is currently owned by corporate insiders.

Institutional Trading of GitLab

Institutional investors and hedge funds have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC boosted its stake 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 during the period. CoreCap Advisors LLC increased its position in 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 purchasing an additional 452 shares during the period. IMG Wealth Management Inc. bought a new position in GitLab in the fourth quarter worth approximately $46,000. Raleigh Capital Management Inc. purchased a new stake in shares of GitLab during the 4th quarter worth $66,000. Finally, Smartleaf Asset Management LLC lifted its position in shares of GitLab by 1,067.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock valued at $71,000 after buying an additional 1,153 shares during the last quarter. 95.04% of the stock is currently owned by institutional investors.

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.