KeyCorp Cuts GitLab (NASDAQ:GTLB) Price Target to $60.00

GitLab (NASDAQ:GTLB - Get Free Report) had its target price dropped by analysts at KeyCorp from $80.00 to $60.00 in a report released on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the stock. KeyCorp's price target would suggest a potential upside of 45.28% from the company's current price.

A number of other research firms have also weighed in on GTLB. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $80.00 price objective on shares of GitLab in a research note on Tuesday, March 4th. Needham & Company LLC reissued a "buy" rating and issued a $85.00 price objective on shares of GitLab in a research note on Tuesday, March 4th. Barclays dropped their target price on GitLab from $70.00 to $58.00 and set an "equal weight" rating on the stock in a research report on Tuesday, March 4th. JPMorgan Chase & Co. decreased their price objective on GitLab from $65.00 to $62.00 and set a "neutral" rating for the company in a research note on Tuesday, March 4th. Finally, DA Davidson reduced their target price on shares of GitLab from $60.00 to $45.00 and set a "neutral" rating for the company in a report on Monday, April 14th. Three equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $71.73.

GitLab Stock Performance

GTLB traded up $0.33 during trading on Thursday, hitting $41.30. 824,229 shares of the stock were exchanged, compared to its average volume of 2,527,588. GitLab has a 1 year low of $37.90 and a 1 year high of $74.18. The firm has a market cap of $6.70 billion, a price-to-earnings ratio of -128.92 and a beta of 0.79. The firm has a 50 day simple moving average of $52.61 and a 200 day simple moving average of $58.12.

Insider Buying and Selling at GitLab

In other news, insider Sytse Sijbrandij sold 108,600 shares of the company'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 sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Susan L. Bostrom sold 40,000 shares of GitLab stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $51.88, for a total value of $2,075,200.00. Following the transaction, the director now owns 144,913 shares of the company's stock, valued at approximately $7,518,086.44. This represents a 21.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 320,735 shares of company stock valued at $16,088,701. 21.36% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of GTLB. M&T Bank Corp boosted its position in GitLab by 3.1% during the fourth quarter. M&T Bank Corp now owns 4,965 shares of the company's stock worth $280,000 after purchasing an additional 148 shares in the last quarter. Wilmington Savings Fund Society FSB raised its stake in shares of GitLab by 7.9% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company's stock worth $116,000 after buying an additional 150 shares during the period. OneDigital Investment Advisors LLC lifted its position in shares of GitLab by 4.3% during the 4th quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company's stock valued at $228,000 after buying an additional 166 shares in the last quarter. Utah Retirement Systems grew its stake in GitLab by 3.1% in the 4th quarter. Utah Retirement Systems now owns 6,600 shares of the company's stock valued at $372,000 after acquiring an additional 200 shares during the period. Finally, Mariner LLC increased its holdings in GitLab by 1.7% in the 4th quarter. Mariner LLC now owns 12,583 shares of the company's stock worth $709,000 after acquiring an additional 214 shares in the last quarter. Institutional investors and hedge funds own 95.04% of the company's stock.

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.