GitLab (NASDAQ:GTLB) Given New $45.00 Price Target at DA Davidson

GitLab (NASDAQ:GTLB) had its price target reduced by DA Davidson from $60.00 to $45.00 in a report issued on Monday morning, MarketBeat.com reports. DA Davidson currently has a neutral rating on the stock.

Other analysts also recently issued research reports about the company. Robert W. Baird decreased their target price on GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a research note on Monday, March 3rd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $80.00 target price on shares of GitLab in a research report on Tuesday, March 4th. Cantor Fitzgerald reissued an “overweight” rating and issued a $80.00 price target on shares of GitLab in a report on Tuesday, March 4th. Truist Financial dropped their price objective on shares of GitLab from $90.00 to $80.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Finally, Mizuho reduced their target price 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 investment 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 company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $73.55.

GitLab Trading Down 3.4 %

NASDAQ GTLB opened at $42.17 on Monday. The company has a market cap of $6.84 billion, a P/E ratio of -131.78 and a beta of 0.79. GitLab has a 1 year low of $37.90 and a 1 year high of $74.18. The company has a fifty day simple moving average of $54.26 and a 200 day simple moving average of $58.17.

Insider Transactions at GitLab

In other GitLab news, insider Sytse Sijbrandij sold 108,600 shares of the business’s stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $42.87, for a total value of $4,655,682.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Robin Schulman sold 9,251 shares of the stock in a transaction on Friday, January 17th. The stock was sold at an average price of $65.00, for a total value of $601,315.00. Following the sale, the insider now owns 121,893 shares in the company, valued at $7,923,045. The trade was a 7.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 329,986 shares of company stock valued at $16,690,016 in the last three months. 21.36% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On GitLab

A number of institutional investors have recently modified their holdings of GTLB. Norges Bank acquired a new stake in shares of GitLab in the fourth quarter valued at approximately $279,089,000. Ameriprise Financial Inc. boosted its position in GitLab by 276.9% in the 4th quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company’s stock valued at $121,435,000 after buying an additional 1,583,221 shares during the last quarter. Artisan Partners Limited Partnership increased its stake in shares of GitLab by 55.7% in the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock valued at $227,318,000 after buying an additional 1,443,160 shares during the period. Alliancebernstein L.P. raised its position in shares of GitLab by 4,042.0% during the fourth quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company’s stock worth $82,011,000 after acquiring an additional 1,420,248 shares during the last quarter. Finally, Marshall Wace LLP lifted its stake in shares of GitLab by 572.3% during the fourth quarter. Marshall Wace LLP now owns 1,094,128 shares of the company’s stock valued at $61,654,000 after acquiring an additional 931,396 shares during the period. 95.04% of the stock is owned by institutional investors.

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.