Robert W. Baird Lowers GitLab (NASDAQ:GTLB) Price Target to $76.00

GitLab (NASDAQ:GTLB) had its price objective lowered by Robert W. Baird from $80.00 to $76.00 in a report released on Monday morning,Benzinga reports. Robert W. Baird currently has an outperform rating on the stock.

A number of other analysts have also commented on GTLB. Morgan Stanley increased their price objective on GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Barclays increased their target price on GitLab from $55.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Monday, December 9th. Truist Financial reiterated a “buy” rating and set a $90.00 target price (up from $80.00) on shares of GitLab in a research report on Friday, December 6th. DA Davidson reduced their target price on GitLab from $70.00 to $60.00 and set a “neutral” rating on the stock in a research report on Friday, February 28th. Finally, Scotiabank increased their target price on GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, December 4th. Three research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, GitLab has a consensus rating of “Moderate Buy” and a consensus target price of $75.36.

GitLab Stock Down 1.6 %

GTLB opened at $61.79 on Monday. The firm has a market cap of $10.03 billion, a P/E ratio of -193.09 and a beta of 0.63. GitLab has a 52 week low of $40.72 and a 52 week high of $74.18. The business’s fifty day simple moving average is $64.38 and its 200 day simple moving average is $58.84.

Insider Activity at GitLab

In other GitLab news, Director Karen Blasing sold 3,250 shares of GitLab stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $58.99, for a total transaction of $191,717.50. Following the sale, the director now directly owns 134,733 shares in the company, valued at $7,947,899.67. The trade was a 2.36 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $67.59, for a total value of $675,900.00. Following the sale, the chief financial officer now owns 242,803 shares in the company, valued at $16,411,054.77. This represents a 3.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 740,257 shares of company stock worth $44,710,867. 21.36% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On GitLab

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in GitLab by 7.2% during the 4th quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company’s stock worth $740,585,000 after purchasing an additional 885,955 shares during the last quarter. Norges Bank bought a new stake in shares of GitLab in the 4th quarter valued at approximately $279,089,000. Artisan Partners Limited Partnership increased its holdings 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 acquiring an additional 1,443,160 shares during the last quarter. Franklin Resources Inc. increased its holdings in shares of GitLab by 17.6% in the 4th quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company’s stock valued at $176,954,000 after acquiring an additional 470,192 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its holdings in shares of 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 acquiring an additional 1,583,221 shares during the last quarter. 95.04% of the stock is currently owned by hedge funds and other 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.