GitLab (NASDAQ:GTLB) Price Target Cut to $58.00 by Analysts at Barclays

GitLab (NASDAQ:GTLB) had its target price decreased by Barclays from $70.00 to $58.00 in a research note released on Tuesday morning,Benzinga reports. Barclays currently has an equal weight rating on the stock.

A number of other equities analysts also recently commented on GTLB. KeyCorp lifted their price objective on GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Wells Fargo & Company boosted their price target on shares of GitLab from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. Scotiabank raised their price objective on shares of GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, December 4th. Canaccord Genuity Group boosted their target price on shares of GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a report on Friday, December 6th. Finally, Robert W. Baird cut their price target on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a report on Monday. Three research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $75.38.

GitLab Trading Down 5.7 %

GTLB stock opened at $58.25 on Tuesday. The firm has a 50-day moving average of $64.35 and a two-hundred day moving average of $58.83. GitLab has a 12 month low of $40.72 and a 12 month high of $74.18. The company has a market cap of $9.45 billion, a price-to-earnings ratio of -182.03 and a beta of 0.63.

Insider Transactions at GitLab

In related news, Director Matthew Jacobson sold 547,679 shares of the business’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $59.72, for a total transaction of $32,707,389.88. Following the completion of the transaction, the director now directly owns 58,471 shares of the company’s stock, valued at $3,491,888.12. The trade was a 90.35 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Sytse Sijbrandij sold 84,000 shares of the stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $62.99, for a total value of $5,291,160.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 740,257 shares of company stock valued at $44,710,867. 21.36% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC raised its holdings in shares of GitLab by 5,700.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock valued at $29,000 after purchasing an additional 513 shares in the last quarter. CoreCap Advisors LLC increased its holdings in GitLab by 327.5% in the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock valued at $33,000 after buying an additional 452 shares during the last quarter. IMG Wealth Management Inc. purchased a new stake in GitLab during the 4th quarter worth about $46,000. True Wealth Design LLC acquired a new position in shares of GitLab during the 3rd quarter worth about $56,000. Finally, Raleigh Capital Management Inc. purchased a new position in shares of GitLab in the 4th quarter valued at about $66,000. Institutional investors and hedge funds 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.