GitLab (NASDAQ:GTLB) Given New $58.00 Price Target at Barclays

GitLab (NASDAQ:GTLB) had its price target reduced by equities researchers at Barclays from $70.00 to $58.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s price objective would suggest a potential upside of 3.11% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the stock. Mizuho lowered their target price on shares of GitLab from $80.00 to $72.00 and set an “outperform” rating on the stock in a report on Tuesday. Canaccord Genuity Group increased their price objective on GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Robert W. Baird decreased their price target on GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a research report on Monday. Needham & Company LLC reiterated a “buy” rating and set a $85.00 price target on shares of GitLab in a research report on Tuesday. Finally, JPMorgan Chase & Co. upped their price objective on shares of GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $75.50.

GitLab Stock Down 6.6 %

NASDAQ GTLB opened at $56.25 on Tuesday. The company has a market cap of $9.13 billion, a PE ratio of -175.78 and a beta of 0.63. GitLab has a 52 week low of $40.72 and a 52 week high of $76.41. The firm’s 50-day simple moving average is $64.30 and its two-hundred day simple moving average is $58.69.

Insider Transactions at GitLab

In other news, Director Karen Blasing sold 3,250 shares of the stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $58.99, for a total value of $191,717.50. Following the completion of the transaction, the director now owns 134,733 shares of the company’s stock, valued at approximately $7,947,899.67. This represents a 2.36 % decrease in their position. 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 value of $708,300.00. Following the sale, the chief financial officer now owns 267,380 shares in the company, valued at $18,938,525.40. This represents a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 740,257 shares of company stock valued at $44,710,867. Company insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

Several institutional investors and hedge funds have recently added to or reduced their stakes in GTLB. Vanguard Group Inc. grew its position in shares of GitLab by 7.2% in the 4th quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company’s stock worth $740,585,000 after buying an additional 885,955 shares during the period. Norges Bank purchased a new stake in GitLab in the fourth quarter worth about $279,089,000. Artisan Partners Limited Partnership increased its stake in shares of GitLab by 55.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock valued at $227,318,000 after purchasing an additional 1,443,160 shares in the last quarter. Franklin Resources Inc. lifted its holdings in shares of GitLab by 17.6% during the fourth quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company’s stock valued at $176,954,000 after purchasing an additional 470,192 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its position 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 worth $121,435,000 after purchasing an additional 1,583,221 shares in the last quarter. Hedge funds and other institutional investors 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.