JPMorgan Chase & Co. Cuts GitLab (NASDAQ:GTLB) Price Target to $62.00

GitLab (NASDAQ:GTLB) had its price target lowered by analysts at JPMorgan Chase & Co. from $65.00 to $62.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 4.87% from the stock’s previous close.

Several other analysts also recently commented on the company. Barclays lowered their price objective on GitLab from $70.00 to $58.00 and set an “equal weight” rating for the company in a research note on Tuesday. TD Cowen raised their price objective on GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Truist Financial reaffirmed a “buy” rating and set a $90.00 price objective (up from $80.00) on shares of GitLab in a report on Friday, December 6th. DA Davidson lowered their target price on shares of GitLab from $70.00 to $60.00 and set a “neutral” rating for the company in a report on Friday. Finally, Morgan Stanley raised their price target on shares of GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Three research 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. According to data from MarketBeat, GitLab presently has an average rating of “Moderate Buy” and an average price target of $75.38.

GitLab Trading Up 5.1 %

Shares of GTLB traded up $2.87 on Tuesday, reaching $59.12. The company’s stock had a trading volume of 5,600,012 shares, compared to its average volume of 2,909,928. GitLab has a twelve month low of $40.72 and a twelve month high of $74.18. The stock has a market capitalization of $9.59 billion, a PE ratio of -184.98 and a beta of 0.63. The firm has a fifty day moving average of $64.30 and a 200-day moving average of $58.69.

Insider Buying and Selling at GitLab

In other news, insider Robin Schulman sold 9,251 shares of the company’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $70.00, for a total transaction of $647,570.00. Following the sale, 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 sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $67.59, for a total transaction of $675,900.00. Following the completion of the sale, the chief financial officer now directly owns 242,803 shares in the company, valued at approximately $16,411,054.77. The trade was a 3.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 740,257 shares of company stock valued at $44,710,867 in the last 90 days. 21.36% of the stock is currently owned by company insiders.

Institutional Trading of GitLab

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Creative Planning purchased a new position in shares of GitLab during the 3rd quarter valued at $208,000. US Bancorp DE boosted its stake in GitLab by 18.6% during the third quarter. US Bancorp DE now owns 11,553 shares of the company’s stock valued at $595,000 after buying an additional 1,808 shares during the period. Janney Montgomery Scott LLC grew its position in GitLab by 4.0% during the third quarter. Janney Montgomery Scott LLC now owns 36,451 shares of the company’s stock worth $1,879,000 after buying an additional 1,388 shares in the last quarter. NorthRock Partners LLC bought a new position in GitLab in the 3rd quarter worth about $252,000. Finally, M&G PLC raised its holdings in shares of GitLab by 2.9% in the 3rd quarter. M&G PLC now owns 211,361 shares of the company’s stock valued at $10,991,000 after acquiring an additional 6,039 shares in the last quarter. Institutional investors own 95.04% of the company’s stock.

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.