DA Davidson Issues Pessimistic Forecast for GitLab (NASDAQ:GTLB) Stock Price

GitLab (NASDAQ:GTLB) had its price objective reduced by DA Davidson from $70.00 to $60.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “neutral” rating on the stock. DA Davidson’s target price would indicate a potential upside of 0.33% from the company’s previous close.

A number of other analysts have also recently issued reports on GTLB. KeyCorp upped their target price on GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Canaccord Genuity Group increased their target price on GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a report on Friday, December 6th. Royal Bank of Canada raised their price objective on GitLab from $73.00 to $80.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Morgan Stanley lifted their target price on GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Finally, Robert W. Baird raised their price objective on GitLab from $62.00 to $75.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. 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. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $76.23.

GitLab Stock Down 0.4 %

NASDAQ:GTLB traded down $0.24 on Friday, reaching $59.81. The company’s stock had a trading volume of 663,630 shares, compared to its average volume of 2,671,469. GitLab has a 12-month low of $40.72 and a 12-month high of $76.41. The firm has a market cap of $9.71 billion, a price-to-earnings ratio of -187.17 and a beta of 0.63. The stock has a 50 day moving average price of $64.37 and a 200 day moving average price of $58.28.

Insider Activity at GitLab

In related news, Director Matthew Jacobson sold 547,679 shares of the business’s stock in a transaction that occurred on Thursday, December 26th. The shares were 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 owns 58,471 shares of the company’s stock, valued at approximately $3,491,888.12. The trade was a 90.35 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction that occurred 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 owns 267,380 shares of the company’s stock, valued at approximately $18,938,525.40. The trade was a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 740,257 shares of company stock valued at $44,710,867 over the last ninety days. Corporate insiders own 21.36% of the company’s stock.

Institutional Investors Weigh In On GitLab

A number of hedge funds have recently made changes to their positions in GTLB. EverSource Wealth Advisors LLC increased its position in GitLab by 5,700.0% during 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 during the period. CoreCap Advisors LLC lifted its stake in GitLab by 327.5% during the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock valued at $33,000 after acquiring an additional 452 shares during the period. IMG Wealth Management Inc. bought a new position in GitLab during the 4th quarter valued at about $46,000. True Wealth Design LLC bought a new position in shares of GitLab in the 3rd quarter worth approximately $56,000. Finally, Raleigh Capital Management Inc. bought a new position in shares of GitLab in the 4th quarter worth approximately $66,000. 95.04% of the stock is currently owned by institutional investors.

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.