GitLab (NASDAQ:GTLB) Price Target Cut to $50.00

GitLab (NASDAQ:GTLB) had its price objective trimmed by JPMorgan Chase & Co. from $55.00 to $50.00 in a report released on Tuesday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other equities research analysts also recently weighed in on the stock. Mizuho reduced their price objective on shares of GitLab from $70.00 to $62.00 and set a buy rating for the company in a report on Tuesday. Sanford C. Bernstein boosted their price target on shares of GitLab from $71.00 to $76.00 and gave the stock an outperform rating in a research report on Tuesday, March 5th. DA Davidson dropped their price target on shares of GitLab from $65.00 to $50.00 and set a neutral rating on the stock in a research report on Tuesday. UBS Group dropped their price target on shares of GitLab from $81.00 to $75.00 and set a buy rating on the stock in a research report on Tuesday, March 5th. Finally, KeyCorp dropped their price target on shares of GitLab from $70.00 to $62.00 and set an overweight rating on the stock in a research report on Tuesday. Four analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat, GitLab has a consensus rating of Moderate Buy and an average price target of $67.70.

GitLab Stock Down 1.2 %

GTLB stock opened at $43.59 on Tuesday. The company has a market capitalization of $6.91 billion, a P/E ratio of -15.85 and a beta of 0.44. The company has a 50-day simple moving average of $53.93 and a 200 day simple moving average of $59.85. GitLab has a fifty-two week low of $40.19 and a fifty-two week high of $78.53.

Insider Activity

In other news, CEO Sytse Sijbrandij sold 230,000 shares of the company’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $53.59, for a total value of $12,325,700.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, CEO Sytse Sijbrandij sold 230,000 shares of the company’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $53.59, for a total value of $12,325,700.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Brian G. Robins sold 60,000 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $56.08, for a total value of $3,364,800.00. Following the completion of the sale, the chief financial officer now directly owns 346,146 shares of the company’s stock, valued at approximately $19,411,867.68. The disclosure for this sale can be found here. Insiders have sold 433,383 shares of company stock worth $23,632,528 in the last 90 days. Company insiders own 21.36% of the company’s stock.

Institutional Investors Weigh In On GitLab

Several large investors have recently made changes to their positions in GTLB. Byrne Asset Management LLC bought a new stake in shares of GitLab in the 1st quarter valued at approximately $33,000. Allspring Global Investments Holdings LLC grew its stake in shares of GitLab by 2,107.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock valued at $33,000 after buying an additional 548 shares in the last quarter. Ramirez Asset Management Inc. bought a new stake in shares of GitLab in the 3rd quarter valued at approximately $36,000. SRS Capital Advisors Inc. bought a new stake in shares of GitLab in the 3rd quarter valued at approximately $40,000. Finally, Banque Cantonale Vaudoise bought a new stake in shares of GitLab in the 1st quarter valued at approximately $58,000. Institutional investors own 91.72% of the company’s stock.

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.