Barclays Has Lowered Expectations for GitLab (NASDAQ:GTLB) Stock Price

GitLab (NASDAQ:GTLB) had its price objective dropped by equities research analysts at Barclays from $70.00 to $58.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Barclays‘s price objective suggests a potential upside of 3.11% from the stock’s current price.

Several other research analysts have also recently weighed in on GTLB. The Goldman Sachs Group boosted their price target on GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Morgan Stanley raised their target price on shares of GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Needham & Company LLC reiterated a “buy” rating and set a $85.00 target price on shares of GitLab in a research note on Tuesday. TD Cowen raised their price target on GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, November 21st. Finally, Canaccord Genuity Group lifted 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. Three research 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 company. Based on data from MarketBeat, GitLab presently has an average rating of “Moderate Buy” and an average target price of $75.50.

GitLab Stock Performance

Shares of GitLab stock opened at $56.25 on Tuesday. The company has a 50-day simple moving average of $64.30 and a two-hundred day simple moving average of $58.69. The stock has a market capitalization 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.

Insider Buying and Selling

In related news, insider Robin Schulman sold 9,251 shares of the firm’s stock in a transaction on Tuesday, January 28th. The shares were 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 of the company’s stock, valued at approximately $8,532,510. This trade represents a 7.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Brian G. Robins sold 10,000 shares of the business’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $70.83, for a total transaction of $708,300.00. Following the completion of the sale, the chief financial officer now owns 267,380 shares in the company, valued at approximately $18,938,525.40. The trade was a 3.61 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 740,257 shares of company stock valued at $44,710,867. Corporate insiders own 21.36% of the company’s stock.

Institutional Investors Weigh In On GitLab

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