GitLab (NASDAQ:GTLB) Given New $62.00 Price Target at JPMorgan Chase & Co.

GitLab (NASDAQ:GTLB) had its target price cut by equities research analysts at JPMorgan Chase & Co. from $65.00 to $62.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 4.87% from the stock’s current price.

Several other equities research analysts also recently issued reports on the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $80.00 price objective on shares of GitLab in a research report on Tuesday. Wells Fargo & Company boosted their price target on GitLab from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. KeyCorp increased their price objective on GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Morgan Stanley lifted their price objective on shares of GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Finally, Scotiabank lifted their target price on GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a research report on Wednesday, December 4th. Three 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 stock. Based on data from MarketBeat, GitLab currently has a consensus rating of “Moderate Buy” and an average target price of $75.38.

GitLab Stock Performance

GTLB traded up $2.87 during midday trading on Tuesday, reaching $59.12. 5,600,012 shares of the company were exchanged, compared to its average volume of 2,909,928. The stock has a market capitalization of $9.59 billion, a P/E ratio of -184.98 and a beta of 0.63. The stock’s 50-day simple moving average is $64.30 and its 200 day simple moving average is $58.69. GitLab has a one year low of $40.72 and a one year high of $74.18.

Insider Buying and Selling

In related news, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $67.59, for a total value of $675,900.00. Following the transaction, the chief financial officer now directly owns 242,803 shares of the company’s stock, valued at $16,411,054.77. This trade represents a 3.96 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Robin Schulman sold 9,251 shares of the company’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $70.00, for a total value of $647,570.00. Following the sale, the insider now owns 121,893 shares of the company’s stock, valued at $8,532,510. The trade was a 7.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 740,257 shares of company stock worth $44,710,867. Company insiders own 21.36% of the company’s stock.

Institutional Investors Weigh In On GitLab

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of GitLab by 7.2% in the fourth 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 acquired a new stake in GitLab during the 4th quarter worth about $279,089,000. Artisan Partners Limited Partnership grew its holdings in GitLab by 55.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock worth $227,318,000 after acquiring an additional 1,443,160 shares during the period. Franklin Resources Inc. raised its position 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 worth $176,954,000 after acquiring an additional 470,192 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its stake 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 purchasing an additional 1,583,221 shares during the period. 95.04% of the stock is owned by institutional investors.

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.