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

GitLab (NASDAQ:GTLB) had its price target cut by Truist Financial from $90.00 to $80.00 in a research report report published on Monday,Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts have also issued research reports about the stock. JPMorgan Chase & Co. cut their price objective on shares of GitLab from $65.00 to $62.00 and set a “neutral” rating for the company in a research report on Tuesday, March 4th. Needham & Company LLC reiterated a “buy” rating and issued a $85.00 price target on shares of GitLab in a report on Tuesday, March 4th. Canaccord Genuity Group raised their price objective on GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Piper Sandler lifted their price objective on GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Finally, The Goldman Sachs Group raised their price target on GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Three analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, GitLab currently has a consensus rating of “Moderate Buy” and an average target price of $75.09.

GitLab Stock Down 2.9 %

GitLab stock opened at $47.00 on Monday. The firm has a market capitalization of $7.63 billion, a PE ratio of -146.88 and a beta of 0.67. GitLab has a 52 week low of $40.72 and a 52 week high of $74.18. The firm’s 50-day simple moving average is $61.38 and its 200 day simple moving average is $59.16.

Insider Buying and Selling

In related news, Director Karen Blasing sold 6,500 shares of the firm’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $63.19, for a total transaction of $410,735.00. Following the sale, the director now owns 128,233 shares of the company’s stock, valued at approximately $8,103,043.27. This trade represents a 4.82 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Matthew Jacobson sold 152,884 shares of GitLab stock in a transaction that occurred on 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 completion of the transaction, the director now directly owns 493,554 shares in the company, valued at approximately $25,832,616.36. The trade was a 23.65 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 329,216 shares of company stock valued at $18,716,292 over the last three months. Company insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Institutional investors have recently modified their holdings of the company. Y Intercept Hong Kong Ltd acquired a new stake in GitLab in the 3rd quarter valued at approximately $678,000. State Street Corp grew its stake in shares of GitLab by 5.8% during the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company’s stock worth $104,740,000 after acquiring an additional 111,997 shares in the last quarter. Barclays PLC raised its holdings in shares of GitLab by 189.1% in the third quarter. Barclays PLC now owns 61,419 shares of the company’s stock valued at $3,164,000 after purchasing an additional 40,171 shares during the last quarter. Oddo BHF Asset Management Sas bought a new stake in shares of GitLab in the third quarter worth $6,865,000. Finally, Swiss National Bank boosted its holdings in GitLab by 3.7% during the fourth quarter. Swiss National Bank now owns 215,000 shares of the company’s stock worth $12,115,000 after purchasing an additional 7,700 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.