DA Davidson Cuts GitLab (NASDAQ:GTLB) Price Target to $45.00

GitLab (NASDAQ:GTLB) had its target price decreased by DA Davidson from $60.00 to $45.00 in a research note issued to investors on Monday, MarketBeat Ratings reports. DA Davidson currently has a neutral rating on the stock.

A number of other equities analysts have also issued reports on GTLB. Wells Fargo & Company increased their price target on GitLab from $80.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $80.00 target price on shares of GitLab in a research note on Tuesday, March 4th. Truist Financial dropped their price target on shares of GitLab from $90.00 to $80.00 and set a “buy” rating on the stock in a research report on Monday, March 31st. Robert W. Baird reduced their price objective on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a research report on Monday, March 3rd. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $80.00 target price on shares of GitLab in a report on Tuesday, March 4th. Three research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $73.55.

GitLab Trading Down 3.4 %

Shares of NASDAQ:GTLB opened at $42.17 on Monday. The company has a 50 day moving average of $54.26 and a 200-day moving average of $58.17. The firm has a market cap of $6.84 billion, a P/E ratio of -131.78 and a beta of 0.79. GitLab has a twelve month low of $37.90 and a twelve month high of $74.18.

Insiders Place Their Bets

In other GitLab news, Director Matthew Jacobson sold 152,884 shares of the business’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $52.34, for a total value of $8,001,948.56. Following the transaction, the director now owns 493,554 shares in the company, valued at $25,832,616.36. The trade was a 23.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Sytse Sijbrandij sold 108,600 shares of the firm’s stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $42.87, for a total value of $4,655,682.00. The disclosure for this sale can be found here. Insiders sold a total of 329,986 shares of company stock worth $16,690,016 in the last quarter. 21.36% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On GitLab

Large investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC lifted its stake in GitLab by 5,700.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock valued at $29,000 after acquiring an additional 513 shares during the last quarter. CoreCap Advisors LLC raised 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 valued at $33,000 after purchasing an additional 452 shares in the last quarter. GAMMA Investing LLC boosted its holdings in GitLab by 114.2% in the first quarter. GAMMA Investing LLC now owns 919 shares of the company’s stock worth $43,000 after purchasing an additional 490 shares in the last quarter. IMG Wealth Management Inc. acquired a new position in GitLab during the fourth quarter worth $46,000. Finally, Raleigh Capital Management Inc. bought a new position in GitLab during the fourth quarter valued at about $66,000. Institutional investors own 95.04% of the company’s stock.

GitLab Company Profile

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.