GitLab (NASDAQ:GTLB) Price Target Lowered to $53.00 at Morgan Stanley

GitLab (NASDAQ:GTLB - Get Free Report) had its price objective decreased by research analysts at Morgan Stanley from $77.00 to $53.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Morgan Stanley's target price points to a potential upside of 29.36% from the stock's previous close.

A number of other brokerages also recently weighed in on GTLB. Robert W. Baird decreased their target price on shares of GitLab from $80.00 to $76.00 and set an "outperform" rating for the company in a research note on Monday, March 3rd. Truist Financial reduced their price objective on GitLab from $90.00 to $80.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Needham & Company LLC reissued a "buy" rating and issued a $85.00 target price on shares of GitLab in a report on Tuesday, March 4th. DA Davidson cut their target price on GitLab from $60.00 to $45.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Finally, JPMorgan Chase & Co. lowered their price target on GitLab from $65.00 to $62.00 and set a "neutral" rating for the company in a research report on Tuesday, March 4th. Three research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $72.64.

GitLab Stock Performance

Shares of GitLab stock traded down $1.93 during trading on Wednesday, hitting $40.97. The company's stock had a trading volume of 3,375,836 shares, compared to its average volume of 2,534,130. GitLab has a 52 week low of $37.90 and a 52 week high of $74.18. The company has a market capitalization of $6.65 billion, a PE ratio of -128.03 and a beta of 0.79. The company has a fifty day simple moving average of $53.18 and a two-hundred day simple moving average of $58.18.

Insider Buying and Selling

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $70.83, for a total transaction of $708,300.00. Following the completion of the sale, the chief financial officer now directly owns 267,380 shares of the company's stock, valued at $18,938,525.40. The trade was a 3.61 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Sytse Sijbrandij sold 108,600 shares of the stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $42.87, for a total transaction of $4,655,682.00. The disclosure for this sale can be found here. In the last three months, insiders sold 320,735 shares of company stock valued at $16,088,701. Insiders own 21.36% of the company's stock.

Hedge Funds Weigh In On GitLab

Several institutional investors and hedge funds have recently added to or reduced their stakes in GTLB. EverSource Wealth Advisors LLC grew its position in shares of GitLab by 5,700.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock worth $29,000 after buying an additional 513 shares during the last quarter. CoreCap Advisors LLC boosted its stake in GitLab by 327.5% in 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 in the last quarter. GAMMA Investing LLC grew 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 during the last quarter. IMG Wealth Management Inc. acquired a new position in shares of GitLab during the fourth quarter worth $46,000. Finally, Raleigh Capital Management Inc. purchased a new stake in shares of GitLab during the 4th quarter valued at $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.