Truist Financial Has Lowered Expectations for GitLab (NASDAQ:GTLB) Stock Price

GitLab (NASDAQ:GTLB - Get Free Report) had its price objective reduced by equities researchers at Truist Financial from $90.00 to $80.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a "buy" rating on the stock. Truist Financial's price target would indicate a potential upside of 101.64% from the company's previous close.

A number of other equities research analysts also recently issued reports on the company. Piper Sandler upped 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. Barclays lowered their price target on GitLab from $70.00 to $58.00 and set an "equal weight" rating for the company in a research report on Tuesday, March 4th. Wells Fargo & Company lifted their price objective on shares of GitLab from $80.00 to $85.00 and gave the stock an "overweight" rating in a research note on Thursday, February 20th. Royal Bank of Canada restated an "outperform" rating and issued a $80.00 target price on shares of GitLab in a report on Tuesday, March 4th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of GitLab from $65.00 to $62.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 4th. Three research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $75.09.

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GitLab Stock Down 6.7 %

GitLab stock traded down $2.86 during mid-day trading on Monday, reaching $39.67. 1,882,882 shares of the company's stock traded hands, compared to its average volume of 2,435,510. GitLab has a 12-month low of $37.93 and a 12-month high of $74.18. The company has a market cap of $6.44 billion, a price-to-earnings ratio of -124.03 and a beta of 0.67. The stock has a 50 day moving average of $60.29 and a two-hundred day moving average of $58.92.

Insider Buying and Selling at GitLab

In related news, Director Karen Blasing sold 6,500 shares of the business'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 transaction, the director now directly owns 128,233 shares in the company, valued at $8,103,043.27. The trade was a 4.82 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Brian G. Robins sold 10,000 shares of the company's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $70.83, for a total value of $708,300.00. Following the transaction, the chief financial officer now directly owns 267,380 shares in the company, valued at $18,938,525.40. This represents a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 311,886 shares of company stock worth $17,736,229 over the last three months. Corporate insiders own 21.36% of the company's stock.

Institutional Trading of GitLab

Institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP increased its stake in GitLab by 15.3% during the 4th quarter. Wellington Management Group LLP now owns 743,492 shares of the company's stock valued at $41,896,000 after purchasing an additional 98,496 shares in the last quarter. California State Teachers Retirement System increased its position in shares of GitLab by 1.8% in the 4th quarter. California State Teachers Retirement System now owns 103,225 shares of the company's stock valued at $5,817,000 after acquiring an additional 1,842 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in GitLab by 15.5% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 105,307 shares of the company's stock worth $5,934,000 after acquiring an additional 14,143 shares during the last quarter. Infinitum Asset Management LLC acquired a new stake in GitLab during the 4th quarter worth about $6,762,000. Finally, Polar Asset Management Partners Inc. grew its stake in GitLab by 120.1% during the 4th quarter. Polar Asset Management Partners Inc. now owns 209,500 shares of the company's stock valued at $11,805,000 after purchasing an additional 114,300 shares during the last quarter. 95.04% of the stock is currently owned by institutional investors and hedge funds.

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.