GitLab (NASDAQ:GTLB) Price Target Lowered to $53.00 at Morgan Stanley

GitLab (NASDAQ:GTLB) had its price objective lowered by investment analysts at Morgan Stanley from $77.00 to $53.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Morgan Stanley’s price target points to a potential upside of 22.71% from the company’s current price.

Several other brokerages have also issued reports on GTLB. Cantor Fitzgerald restated an “overweight” rating and set a $80.00 target price on shares of GitLab in a research report on Tuesday, March 4th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $80.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. DA Davidson decreased their price objective on GitLab from $60.00 to $45.00 and set a “neutral” rating for the company in a report on Monday. Wells Fargo & Company upped their price target on shares of GitLab from $80.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. Finally, Barclays decreased their target price on GitLab from $70.00 to $58.00 and set an “equal weight” rating for the company in a report on Tuesday, March 4th. Three analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, GitLab has a consensus rating of “Moderate Buy” and a consensus price target of $73.55.

GitLab Stock Performance

GTLB traded down $0.46 during trading on Wednesday, reaching $43.19. 410,513 shares of the company traded hands, compared to its average volume of 2,498,672. The company has a market cap of $7.01 billion, a P/E ratio of -134.97 and a beta of 0.79. The firm has a fifty day simple moving average of $54.83 and a 200 day simple moving average of $58.28. GitLab has a 12-month low of $37.90 and a 12-month high of $74.18.

Insider Buying and Selling

In other GitLab news, Director Matthew Jacobson sold 152,884 shares of the stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $52.34, for a total transaction of $8,001,948.56. Following the completion of the transaction, the director now owns 493,554 shares in the company, valued at approximately $25,832,616.36. This represents a 23.65 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Susan L. Bostrom sold 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $51.88, for a total value of $2,075,200.00. Following the completion of the transaction, the director now owns 144,913 shares of the company’s stock, valued at approximately $7,518,086.44. This represents a 21.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 221,386 shares of company stock worth $12,034,334 in the last quarter. 21.36% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in shares of GitLab by 7.2% in the 4th quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company’s stock valued at $740,585,000 after buying an additional 885,955 shares in the last quarter. Norges Bank acquired a new position in shares of GitLab in the fourth quarter worth approximately $279,089,000. Artisan Partners Limited Partnership lifted its holdings 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 period. Franklin Resources Inc. grew its stake in GitLab by 17.6% during the fourth quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company’s stock worth $176,954,000 after purchasing an additional 470,192 shares during the period. Finally, Ameriprise Financial Inc. grew its holdings in GitLab by 276.9% in the fourth quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company’s stock worth $121,435,000 after purchasing an additional 1,583,221 shares during the period. 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.