By otakuyassine3@gmail.com 
GitLab (NASDAQ:GTLB – Free Report) had its price objective trimmed by DA Davidson from $60.00 to $45.00 in a research report sent to investors on Monday,Benzinga reports. The brokerage currently has a neutral rating on the stock.
A number of other equities research analysts have also recently weighed in on the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $80.00 price target on shares of GitLab in a report on Tuesday, March 4th. Needham & Company LLC restated a “buy” rating and issued a $85.00 target price on shares of GitLab in a research note on Tuesday, March 4th. JPMorgan Chase & Co. cut their price target on GitLab from $65.00 to $62.00 and set a “neutral” rating for the company in a report on Tuesday, March 4th. Barclays decreased their price objective on shares of GitLab from $70.00 to $58.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 4th. Finally, Wells Fargo & Company boosted their target price on shares of GitLab from $80.00 to $85.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. Three investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, GitLab currently has an average rating of “Moderate Buy” and an average price target of $74.64.
Read Our Latest Report on GTLB
GitLab Trading Up 1.2 %
Shares of GitLab stock opened at $42.41 on Monday. The stock has a market capitalization of $6.88 billion, a price-to-earnings ratio of -132.53 and a beta of 0.79. The firm’s 50-day moving average price is $55.39 and its two-hundred day moving average price is $58.38. GitLab has a 1-year low of $37.90 and a 1-year high of $74.18.
Insider Activity at GitLab
In other GitLab news, Director Matthew Jacobson sold 152,884 shares of GitLab stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $52.34, for a total transaction of $8,001,948.56. Following the transaction, the director now directly owns 493,554 shares in the company, valued at approximately $25,832,616.36. The trade was a 23.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $70.83, for a total value of $708,300.00. Following the completion of the sale, the chief financial officer now owns 267,380 shares of the company’s stock, valued at $18,938,525.40. This trade represents a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 311,886 shares of company stock worth $17,736,229 in the last ninety days. Company insiders own 21.36% of the company’s stock.
Hedge Funds Weigh In On GitLab
Several institutional investors and hedge funds have recently modified their holdings of the business. EverSource Wealth Advisors LLC raised its holdings in GitLab by 5,700.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after buying an additional 513 shares during the period. CoreCap Advisors LLC increased its position in shares of GitLab by 327.5% during the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock worth $33,000 after acquiring an additional 452 shares in the last quarter. IMG Wealth Management Inc. acquired a new stake in shares of GitLab during the fourth quarter worth $46,000. Raleigh Capital Management Inc. acquired a new position in GitLab in the 4th quarter worth $66,000. Finally, Smartleaf Asset Management LLC increased its holdings in GitLab by 1,067.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock worth $71,000 after purchasing an additional 1,153 shares in the last quarter. 95.04% of the stock is currently owned by institutional investors and hedge funds.
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.
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