Robert W. Baird Issues Pessimistic Forecast for GitLab (NASDAQ:GTLB) Stock Price

GitLab (NASDAQ:GTLB) had its target price lowered by analysts at Robert W. Baird from $80.00 to $76.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Robert W. Baird’s price objective would indicate a potential upside of 26.22% from the stock’s previous close.

GTLB has been the topic of several other reports. Barclays increased their price target on shares of GitLab from $55.00 to $70.00 and gave the company an “equal weight” rating in a research note on Monday, December 9th. Canaccord Genuity Group upped their price objective on GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Truist Financial restated a “buy” rating and set a $90.00 target price (up previously from $80.00) on shares of GitLab in a research report on Friday, December 6th. Morgan Stanley lifted their price objective on GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Finally, Scotiabank upped their target price on shares of GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a research report on Wednesday, December 4th. Three equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $76.27.

GitLab Stock Up 0.3 %

Shares of NASDAQ GTLB opened at $60.21 on Monday. GitLab has a 12-month low of $40.72 and a 12-month high of $76.41. The firm’s 50-day simple moving average is $64.38 and its 200 day simple moving average is $58.61. The company has a market cap of $9.77 billion, a price-to-earnings ratio of -188.16 and a beta of 0.63.

Insider Transactions at GitLab

In related news, insider Robin Schulman sold 2,996 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $55.98, for a total value of $167,716.08. Following the completion of the transaction, the insider now directly owns 129,223 shares of the company’s stock, valued at approximately $7,233,903.54. This represents a 2.27 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $67.59, for a total value of $675,900.00. Following the transaction, the chief financial officer now owns 242,803 shares of the company’s stock, valued at approximately $16,411,054.77. This trade represents a 3.96 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 740,257 shares of company stock valued at $44,710,867 over the last quarter. Corporate insiders own 21.36% of the company’s stock.

Institutional Investors Weigh In On GitLab

Institutional investors have recently bought and sold shares of the company. Infinitum Asset Management LLC bought a new position in shares of GitLab during the 4th quarter worth approximately $6,762,000. Polar Asset Management Partners Inc. lifted its position in GitLab by 120.1% during the 4th quarter. Polar Asset Management Partners Inc. now owns 209,500 shares of the company’s stock worth $11,805,000 after buying an additional 114,300 shares in the last quarter. Public Employees Retirement System of Ohio boosted its stake in shares of GitLab by 63.8% during the 4th quarter. Public Employees Retirement System of Ohio now owns 70,485 shares of the company’s stock worth $3,972,000 after buying an additional 27,455 shares during the last quarter. JT Stratford LLC acquired a new position in shares of GitLab during the 4th quarter worth about $284,000. Finally, Sone Capital Management LLC bought a new position in shares of GitLab in the 4th quarter valued at about $7,917,000. 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.