GitLab (NASDAQ:GTLB) Price Target Cut to $45.00 by Analysts at DA Davidson

GitLab (NASDAQ:GTLB - Get Free Report) had its price objective lowered by research analysts at DA Davidson from $60.00 to $45.00 in a research report issued to clients and investors on Monday, Marketbeat.com reports. The firm presently has a "neutral" rating on the stock. DA Davidson's price objective suggests a potential upside of 4.90% from the company's current price.

A number of other equities analysts have also commented on GTLB. Robert W. Baird cut their price objective on GitLab from $80.00 to $76.00 and set an "outperform" rating on the stock in a research note on Monday, March 3rd. Royal Bank of Canada restated an "outperform" rating and issued a $80.00 price target on shares of GitLab in a research report on Tuesday, March 4th. Mizuho reduced their price objective on shares of GitLab from $80.00 to $72.00 and set an "outperform" rating on the stock in a research note on Tuesday, March 4th. Cantor Fitzgerald reissued an "overweight" rating and set a $80.00 target price on shares of GitLab in a research note on Tuesday, March 4th. Finally, Barclays cut their price target on shares of GitLab from $70.00 to $58.00 and set an "equal weight" rating on the stock in a research report on Tuesday, March 4th. Three investment 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. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $72.64.

GitLab Price Performance

Shares of GitLab stock traded up $0.73 during trading on Monday, hitting $42.90. The company's stock had a trading volume of 3,099,786 shares, compared to its average volume of 2,527,516. The stock has a 50-day moving average price of $53.18 and a two-hundred day moving average price of $58.06. GitLab has a 52 week low of $37.90 and a 52 week high of $74.18. The stock has a market cap of $6.96 billion, a price-to-earnings ratio of -134.06 and a beta of 0.79.

Insider Activity at GitLab

In related news, Director Matthew Jacobson sold 152,884 shares of the business'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 value of $8,001,948.56. Following the completion of the sale, 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 position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Robin Schulman sold 9,251 shares of the business's stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $70.00, for a total value of $647,570.00. Following the completion of the sale, the insider now directly owns 121,893 shares of the company's stock, valued at approximately $8,532,510. This trade represents a 7.05 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 320,735 shares of company stock valued at $16,088,701. Company insiders own 21.36% of the company's stock.

Institutional Trading of GitLab

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in shares of GitLab by 7.2% in the fourth quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company's stock worth $740,585,000 after buying an additional 885,955 shares in the last quarter. Norges Bank bought a new position in shares of GitLab in the 4th quarter worth approximately $279,089,000. Artisan Partners Limited Partnership raised its position in GitLab by 55.7% in the fourth quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company's stock worth $227,318,000 after acquiring an additional 1,443,160 shares during the period. Franklin Resources Inc. raised its holdings in GitLab by 17.6% in the 4th quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company's stock worth $176,954,000 after purchasing an additional 470,192 shares during the period. Finally, Ameriprise Financial Inc. increased its position in GitLab by 276.9% in the fourth quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company's stock worth $121,435,000 after buying an additional 1,583,221 shares in the last quarter. 95.04% of the stock is owned by hedge funds and other 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.