DA Davidson Issues Pessimistic Forecast for GitLab (NASDAQ:GTLB) Stock Price

GitLab (NASDAQ:GTLB) had its price objective cut by stock analysts at DA Davidson from $70.00 to $60.00 in a report issued on Friday,Benzinga reports. The firm currently has a “neutral” rating on the stock. DA Davidson’s price objective indicates a potential upside of 0.33% from the stock’s previous close.

Other analysts have also recently issued research reports about the company. Wells Fargo & Company lifted their target price on GitLab from $80.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. TD Cowen lifted their price objective on GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Mizuho lifted their price objective on GitLab from $67.00 to $80.00 and gave the stock an “outperform” rating in a research report on Monday, December 9th. Macquarie restated an “outperform” rating and set a $90.00 price objective on shares of GitLab in a research report on Wednesday, January 15th. Finally, Morgan Stanley boosted their price objective on shares of GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $76.23.

GitLab Trading Down 0.4 %

GitLab stock traded down $0.24 during mid-day trading on Friday, hitting $59.81. The company’s stock had a trading volume of 663,630 shares, compared to its average volume of 2,671,469. The firm has a market capitalization of $9.71 billion, a PE ratio of -187.17 and a beta of 0.63. GitLab has a 1 year low of $40.72 and a 1 year high of $76.41. The stock’s fifty day moving average is $64.37 and its two-hundred day moving average is $58.28.

Insider Buying and Selling at GitLab

In related news, insider Robin Schulman sold 2,996 shares of the firm’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $55.98, for a total value of $167,716.08. Following the completion of the sale, the insider now owns 129,223 shares of the company’s stock, valued at $7,233,903.54. This trade represents a 2.27 % 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, Director Matthew Jacobson sold 547,679 shares of the firm’s stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $59.72, for a total value of $32,707,389.88. Following the transaction, the director now directly owns 58,471 shares of the company’s stock, valued at $3,491,888.12. This represents a 90.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 740,257 shares of company stock valued at $44,710,867 over the last three months. 21.36% of the stock is currently owned by insiders.

Hedge Funds Weigh In On GitLab

Several institutional investors and hedge funds have recently modified their holdings of the stock. M&T Bank Corp grew its stake in shares of GitLab by 3.1% during the 4th quarter. M&T Bank Corp now owns 4,965 shares of the company’s stock valued at $280,000 after purchasing an additional 148 shares during the period. Wilmington Savings Fund Society FSB increased its stake in GitLab by 7.9% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock worth $116,000 after acquiring an additional 150 shares during the last quarter. OneDigital Investment Advisors LLC increased its position in shares of GitLab by 4.3% during the 4th quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock valued at $228,000 after purchasing an additional 166 shares during the last quarter. Bank of Marin grew its position in GitLab by 3.0% in the 3rd quarter. Bank of Marin now owns 5,856 shares of the company’s stock valued at $302,000 after acquiring an additional 171 shares during the last quarter. Finally, Utah Retirement Systems lifted its holdings in shares of GitLab by 3.1% in the 4th quarter. Utah Retirement Systems now owns 6,600 shares of the company’s stock worth $372,000 after buying an additional 200 shares during the period. 95.04% of the stock is currently 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.