Robert W. Baird Cuts GitLab (NASDAQ:GTLB) Price Target to $76.00

GitLab (NASDAQ:GTLB) had its price objective reduced by Robert W. Baird from $80.00 to $76.00 in a report issued on Monday morning,Benzinga reports. They currently have an outperform rating on the stock.

GTLB has been the subject of several other reports. Royal Bank of Canada lifted their target price on GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. JPMorgan Chase & Co. boosted their price objective on GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Barclays boosted their price objective on GitLab from $55.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Monday, December 9th. Needham & Company LLC reaffirmed a “buy” rating and issued a $85.00 price target on shares of GitLab in a report on Tuesday, January 7th. Finally, TD Cowen upped their price target on GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Three equities research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $75.36.

GitLab Trading Down 1.6 %

Shares of GTLB opened at $61.79 on Monday. The firm has a market cap of $10.03 billion, a P/E ratio of -193.09 and a beta of 0.63. GitLab has a 12-month low of $40.72 and a 12-month high of $74.18. The company’s 50-day moving average price is $64.38 and its 200 day moving average price is $58.84.

Insider Transactions at GitLab

In related news, insider Sytse Sijbrandij sold 84,000 shares of the company’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $62.99, for a total transaction of $5,291,160.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Brian G. Robins sold 10,000 shares of the company’s stock in a transaction on Monday, December 9th. The stock was 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 in the company, valued at $16,411,054.77. This represents a 3.96 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 740,257 shares of company stock worth $44,710,867 over the last 90 days. 21.36% of the stock is currently owned by insiders.

Institutional Trading of GitLab

Large investors have recently bought and sold shares of the company. EverSource Wealth Advisors LLC grew its holdings in GitLab by 5,700.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock valued at $29,000 after purchasing an additional 513 shares during the last quarter. CoreCap Advisors LLC grew its holdings in GitLab by 327.5% in the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock valued at $33,000 after purchasing an additional 452 shares during the last quarter. IMG Wealth Management Inc. acquired a new stake in GitLab in the fourth quarter valued at $46,000. True Wealth Design LLC acquired a new stake in GitLab in the third quarter valued at $56,000. Finally, Raleigh Capital Management Inc. acquired a new stake in GitLab in the fourth quarter valued at $66,000. Institutional investors and hedge funds own 95.04% 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.