GitLab (NASDAQ:GTLB) Price Target Cut to $65.00 by Analysts at Wells Fargo & Company

GitLab (NASDAQ:GTLB) had its price target lowered by Wells Fargo & Company from $85.00 to $65.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other research analysts have also recently weighed in on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $80.00 price target on shares of GitLab in a research note on Tuesday, March 4th. KeyCorp lowered their target price on GitLab from $80.00 to $60.00 and set an “overweight” rating on the stock in a research report on Thursday, April 17th. Mizuho reduced their price target on GitLab from $80.00 to $72.00 and set an “outperform” rating for the company in a research report on Tuesday, March 4th. Needham & Company LLC reaffirmed a “buy” rating and set a $85.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. Finally, Barclays reduced their target price on shares of GitLab from $70.00 to $58.00 and set an “equal weight” rating for the company in a report on Tuesday, March 4th. Three analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $71.73.

GitLab Stock Up 1.4 %

NASDAQ GTLB opened at $41.55 on Tuesday. The company has a 50-day moving average price of $52.03 and a 200-day moving average price of $58.00. GitLab has a 52 week low of $37.90 and a 52 week high of $74.18. The firm has a market capitalization of $6.74 billion, a P/E ratio of -129.84 and a beta of 0.79.

Insider Activity at GitLab

In other news, Director Matthew Jacobson sold 152,884 shares of the company’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $52.34, for a total transaction of $8,001,948.56. Following the sale, the director now directly owns 493,554 shares in the company, valued at approximately $25,832,616.36. This represents a 23.65 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $70.83, for a total value of $708,300.00. Following the completion of the transaction, the chief financial officer now owns 267,380 shares of the company’s stock, valued at approximately $18,938,525.40. This represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 320,735 shares of company stock valued at $16,088,701. 21.36% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On GitLab

Several institutional investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC increased its position 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 valued at $29,000 after purchasing an additional 513 shares during the last quarter. CoreCap Advisors LLC increased its position in GitLab by 327.5% during the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock valued at $33,000 after acquiring an additional 452 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of GitLab by 114.2% in the first quarter. GAMMA Investing LLC now owns 919 shares of the company’s stock valued at $43,000 after acquiring an additional 490 shares during the period. IMG Wealth Management Inc. bought a new stake in shares of GitLab in the 4th quarter worth about $46,000. Finally, Raleigh Capital Management Inc. purchased a new position in shares of GitLab during the 4th quarter worth about $66,000. 95.04% of the stock is 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.