Scotiabank Cuts GitLab (NASDAQ:GTLB) Price Target to $67.00

GitLab (NASDAQ:GTLB - Free Report) had its target price lowered by Scotiabank from $80.00 to $67.00 in a report released on Friday,Benzinga reports. The brokerage currently has a sector outperform rating on the stock.

A number of other analysts also recently issued reports on GTLB. Needham & Company LLC reaffirmed a "buy" rating and issued a $85.00 target price on shares of GitLab in a research note on Tuesday, March 4th. Robert W. Baird cut their target price on GitLab from $80.00 to $76.00 and set an "outperform" rating for the company in a research note on Monday, March 3rd. Barclays cut their target price on GitLab from $70.00 to $58.00 and set an "equal weight" rating for the company in a research note on Tuesday, March 4th. DA Davidson cut their target price on GitLab from $60.00 to $45.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Finally, Wells Fargo & Company cut their target price on GitLab from $85.00 to $65.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Three analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $70.38.

GitLab Price Performance

NASDAQ GTLB traded down $0.13 during mid-day trading on Friday, hitting $48.64. The stock had a trading volume of 5,137,110 shares, compared to its average volume of 2,569,871. The firm's 50 day moving average is $46.25 and its 200 day moving average is $55.86. GitLab has a twelve month low of $37.90 and a twelve month high of $74.18. The stock has a market capitalization of $7.98 billion, a price-to-earnings ratio of -152.00 and a beta of 0.75.

Insider Transactions at GitLab

In related news, Director Karen Blasing sold 3,250 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $51.58, for a total transaction of $167,635.00. Following the completion of the sale, the director now owns 108,733 shares in the company, valued at $5,608,448.14. The trade was a 2.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Brian G. Robins sold 45,000 shares of the business's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $53.04, for a total value of $2,386,800.00. Following the sale, the chief financial officer now owns 344,105 shares of the company's stock, valued at approximately $18,251,329.20. The trade was a 11.57% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 461,584 shares of company stock valued at $23,192,574. 16.37% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On GitLab

Several institutional investors have recently added to or reduced their stakes in GTLB. Norges Bank purchased a new stake in GitLab during the fourth quarter worth approximately $279,089,000. 1832 Asset Management L.P. lifted its stake in GitLab by 2,456.8% in the first quarter. 1832 Asset Management L.P. now owns 2,295,000 shares of the company's stock valued at $107,865,000 after buying an additional 2,205,238 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in GitLab by 276.9% in the fourth quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company's stock valued at $121,435,000 after buying an additional 1,583,221 shares during the last quarter. Artisan Partners Limited Partnership lifted its stake in GitLab by 55.7% in the fourth quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company's stock valued at $227,318,000 after buying an additional 1,443,160 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its stake in GitLab by 4,042.0% in the fourth quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company's stock valued at $82,011,000 after buying an additional 1,420,248 shares during the last quarter. Hedge funds and other institutional investors 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.