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

GitLab (NASDAQ:GTLB) had its target price reduced by equities researchers at Morgan Stanley from $77.00 to $53.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Morgan Stanley’s price target suggests a potential upside of 22.71% from the company’s current price.

Several other analysts have also recently issued reports on GTLB. Robert W. Baird dropped their target price on GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a report on Monday, March 3rd. Truist Financial cut 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. Barclays decreased their target price on GitLab from $70.00 to $58.00 and set an “equal weight” rating for the company in a report on Tuesday, March 4th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $80.00 price target on shares of GitLab in a report on Tuesday, March 4th. Finally, Mizuho decreased their price objective on shares of GitLab from $80.00 to $72.00 and set an “outperform” rating for the company in a research note on Tuesday, March 4th. Three research 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’s stock. Based on data from MarketBeat, GitLab has an average rating of “Moderate Buy” and an average price target of $73.55.

GitLab Trading Down 1.1 %

Shares of GitLab stock traded down $0.46 during trading hours on Wednesday, reaching $43.19. The stock had a trading volume of 410,513 shares, compared to its average volume of 2,498,672. GitLab has a twelve month low of $37.90 and a twelve month high of $74.18. The stock’s 50 day moving average is $54.83 and its 200 day moving average is $58.28. The firm has a market capitalization of $7.01 billion, a PE ratio of -134.97 and a beta of 0.79.

Insider Activity

In related news, insider Robin Schulman sold 9,251 shares of the firm’s stock in a transaction on Friday, January 17th. The stock was sold at an average price of $65.00, for a total transaction of $601,315.00. Following the completion of the transaction, the insider now directly owns 121,893 shares of the company’s stock, valued at $7,923,045. This trade represents a 7.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Brian G. Robins sold 10,000 shares of the company’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $70.83, for a total transaction of $708,300.00. Following the sale, the chief financial officer now directly owns 267,380 shares in the company, valued at $18,938,525.40. This trade represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 221,386 shares of company stock worth $12,034,334. Insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Large investors have recently added to or reduced their stakes in the stock. Barclays PLC increased its position in shares of GitLab by 189.1% during the third quarter. Barclays PLC now owns 61,419 shares of the company’s stock valued at $3,164,000 after buying an additional 40,171 shares during the period. Oddo BHF Asset Management Sas purchased a new stake in shares of GitLab during the third quarter worth about $6,865,000. Swiss National Bank increased its stake in shares of GitLab by 3.7% during the fourth quarter. Swiss National Bank now owns 215,000 shares of the company’s stock valued at $12,115,000 after buying an additional 7,700 shares during the period. Barton Investment Management raised its stake in GitLab by 99.4% in the fourth quarter. Barton Investment Management now owns 335,648 shares of the company’s stock worth $18,914,000 after buying an additional 167,290 shares in the last quarter. Finally, Jackson Square Capital LLC grew its stake in GitLab by 328.1% in the fourth quarter. Jackson Square Capital LLC now owns 36,600 shares of the company’s stock worth $2,062,000 after purchasing an additional 28,050 shares during the period. Hedge funds and other institutional investors 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.