GitLab (NASDAQ:GTLB - Get Free Report)'s stock had its "sell (e+)" rating reiterated by equities researchers at Weiss Ratings in a research note issued to investors on Wednesday,Weiss Ratings reports.
A number of other equities analysts also recently commented on GTLB. BTIG Research cut their price objective on GitLab from $67.00 to $57.00 and set a "buy" rating on the stock in a report on Thursday, September 4th. Raymond James Financial cut their price objective on GitLab from $60.00 to $55.00 and set an "outperform" rating on the stock in a report on Thursday, September 4th. Zacks Research upgraded GitLab from a "strong sell" rating to a "hold" rating in a report on Tuesday, September 9th. DA Davidson dropped their target price on GitLab from $50.00 to $45.00 and set a "neutral" rating on the stock in a report on Thursday, September 4th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $55.00 target price on shares of GitLab in a report on Thursday, September 4th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $58.83.
View Our Latest Research Report on GitLab
GitLab Price Performance
GitLab stock opened at $47.34 on Wednesday. The stock's 50-day moving average is $45.96 and its 200-day moving average is $45.91. The company has a market cap of $7.89 billion, a price-to-earnings ratio of -1,183.50 and a beta of 0.73. GitLab has a 12 month low of $37.90 and a 12 month high of $74.18.
Insiders Place Their Bets
In other GitLab news, Director Matthew Jacobson sold 63,587 shares of GitLab stock in a transaction that occurred on Tuesday, September 23rd. The stock was sold at an average price of $50.16, for a total transaction of $3,189,523.92. Following the sale, the director directly owned 820 shares in the company, valued at $41,131.20. The trade was a 98.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Simon Mundy sold 5,191 shares of GitLab stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $43.99, for a total value of $228,352.09. Following the sale, the chief accounting officer owned 53,507 shares in the company, valued at $2,353,772.93. This represents a 8.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,224,362 shares of company stock valued at $59,723,796 over the last 90 days. 16.37% of the stock is owned by company insiders.
Institutional Investors Weigh In On GitLab
A number of institutional investors have recently made changes to their positions in the company. MetLife Investment Management LLC increased its holdings in shares of GitLab by 3.2% in the 1st quarter. MetLife Investment Management LLC now owns 7,762 shares of the company's stock valued at $365,000 after acquiring an additional 242 shares during the last quarter. Summit Global Investments increased its holdings in shares of GitLab by 2.2% in the 2nd quarter. Summit Global Investments now owns 15,193 shares of the company's stock valued at $685,000 after acquiring an additional 331 shares during the last quarter. Cullen Frost Bankers Inc. increased its holdings in shares of GitLab by 174.9% in the 1st quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company's stock valued at $25,000 after acquiring an additional 334 shares during the last quarter. Park Avenue Securities LLC increased its holdings in shares of GitLab by 5.3% in the 1st quarter. Park Avenue Securities LLC now owns 7,601 shares of the company's stock valued at $357,000 after acquiring an additional 381 shares during the last quarter. Finally, SBI Securities Co. Ltd. increased its holdings in shares of GitLab by 12.5% in the 2nd quarter. SBI Securities Co. Ltd. now owns 3,863 shares of the company's stock valued at $174,000 after acquiring an additional 429 shares during the last quarter. 95.04% of the stock is currently owned by institutional investors.
About GitLab
(
Get Free Report)
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.
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