GitLab (NASDAQ:GTLB) Price Target Cut to $76.00 by Analysts at Robert W. Baird

GitLab (NASDAQ:GTLB) had its target price lowered by Robert W. Baird from $80.00 to $76.00 in a report published on Monday,Benzinga reports. Robert W. Baird currently has an outperform rating on the stock.

A number of other research analysts also recently commented on the stock. Macquarie reaffirmed an “outperform” rating and issued a $90.00 price target on shares of GitLab in a report on Wednesday, January 15th. Royal Bank of Canada increased their price target on shares of GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a report on Friday, December 6th. KeyCorp increased their price objective on shares of GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Needham & Company LLC reissued a “buy” rating and issued a $85.00 price objective on shares of GitLab in a research report on Tuesday, January 7th. Finally, Piper Sandler increased their price objective on shares of GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Three analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $76.27.

GitLab Trading Down 6.6 %

Shares of NASDAQ:GTLB opened at $56.25 on Monday. GitLab has a 12 month low of $40.72 and a 12 month high of $76.41. The company has a 50-day moving average price of $64.30 and a 200 day moving average price of $58.69. The company has a market cap of $9.13 billion, a price-to-earnings ratio of -175.78 and a beta of 0.63.

Insider Buying and Selling

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction 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 approximately $16,411,054.77. The trade was a 3.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robin Schulman sold 9,251 shares of GitLab stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $70.00, for a total transaction of $647,570.00. Following the completion of the transaction, the insider now directly owns 121,893 shares in the company, valued at $8,532,510. This represents a 7.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 740,257 shares of company stock valued at $44,710,867 over the last 90 days. Corporate insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

Several institutional investors and hedge funds have recently bought and sold shares of GTLB. Creative Planning purchased a new position in GitLab in the third quarter worth $208,000. US Bancorp DE grew its holdings in GitLab by 18.6% in the third quarter. US Bancorp DE now owns 11,553 shares of the company’s stock worth $595,000 after purchasing an additional 1,808 shares during the last quarter. Janney Montgomery Scott LLC grew its holdings in GitLab by 4.0% in the third quarter. Janney Montgomery Scott LLC now owns 36,451 shares of the company’s stock worth $1,879,000 after purchasing an additional 1,388 shares during the last quarter. NorthRock Partners LLC purchased a new position in GitLab in the third quarter worth $252,000. Finally, M&G PLC grew its holdings in shares of GitLab by 2.9% during the third quarter. M&G PLC now owns 211,361 shares of the company’s stock valued at $10,991,000 after buying an additional 6,039 shares during the last quarter. 95.04% of the stock is owned by hedge funds and other institutional investors.

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.