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

GitLab (NASDAQ:GTLB - Get Free Report) had its price objective lowered by analysts at Wells Fargo & Company from $85.00 to $65.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Wells Fargo & Company's target price suggests a potential upside of 58.65% from the stock's current price.

Several other research analysts have also recently weighed in on GTLB. 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 note on Monday, March 31st. DA Davidson lowered their price target on shares of GitLab from $60.00 to $45.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. KeyCorp lowered their target price on shares of GitLab from $80.00 to $60.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Royal Bank of Canada reissued an "outperform" rating and set a $80.00 price target on shares of GitLab in a report on Tuesday, March 4th. Finally, Macquarie restated an "outperform" rating and issued a $90.00 price target on shares of GitLab in a research note on Tuesday, March 4th. Three investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, GitLab presently has a consensus rating of "Moderate Buy" and a consensus target price of $71.73.

GitLab Stock Down 4.5 %

NASDAQ:GTLB opened at $40.97 on Tuesday. The company's 50 day moving average price is $52.61 and its 200-day moving average price is $58.12. GitLab has a 52 week low of $37.90 and a 52 week high of $74.18. The stock has a market cap of $6.65 billion, a price-to-earnings ratio of -128.03 and a beta of 0.79.

Insider Buying and Selling

In other GitLab news, Director Matthew Jacobson sold 152,884 shares of GitLab 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 completion of the sale, the director now directly owns 493,554 shares in the company, valued at $25,832,616.36. This trade represents a 23.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Robin Schulman sold 9,251 shares of GitLab stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $70.00, for a total transaction of $647,570.00. Following the completion of the sale, the insider now owns 121,893 shares of the company's stock, valued at $8,532,510. This trade represents a 7.05 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 320,735 shares of company stock worth $16,088,701. 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 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 buying an additional 513 shares during the last quarter. CoreCap Advisors LLC boosted its stake in shares of GitLab by 327.5% during the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company's stock worth $33,000 after buying an additional 452 shares during the period. GAMMA Investing LLC grew its holdings in shares of GitLab by 114.2% during the first quarter. GAMMA Investing LLC now owns 919 shares of the company's stock worth $43,000 after buying an additional 490 shares during the last quarter. IMG Wealth Management Inc. purchased a new position in shares of GitLab in the 4th quarter valued at approximately $46,000. Finally, Raleigh Capital Management Inc. acquired a new stake in shares of GitLab during the fourth quarter worth $66,000. Hedge funds and other 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.

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