KeyCorp Issues Pessimistic Forecast for GitLab (NASDAQ:GTLB) Stock Price

GitLab (NASDAQ:GTLB) had its target price cut by equities researchers at KeyCorp from $80.00 to $60.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. KeyCorp’s price objective suggests a potential upside of 42.16% from the stock’s current price.

A number of other equities analysts have also recently weighed in on the stock. Robert W. Baird lowered their price target on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a research note on Monday, March 3rd. Barclays cut their price objective on shares of GitLab from $70.00 to $58.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 4th. Needham & Company LLC reiterated a “buy” rating and issued a $85.00 price target on shares of GitLab in a report on Tuesday, March 4th. JPMorgan Chase & Co. cut their price objective on shares of GitLab from $65.00 to $62.00 and set a “neutral” rating on the stock in a report on Tuesday, March 4th. Finally, Truist Financial reduced their target price on GitLab from $90.00 to $80.00 and set a “buy” rating on the stock in a report on Monday, March 31st. 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $72.64.

GitLab Stock Performance

GitLab stock traded up $0.04 during mid-day trading on Thursday, reaching $42.21. 411,836 shares of the company were exchanged, compared to its average volume of 2,892,434. The firm’s 50-day simple moving average is $54.26 and its two-hundred day simple moving average is $58.17. GitLab has a twelve month low of $37.90 and a twelve month high of $74.18. The firm has a market cap of $6.85 billion, a PE ratio of -131.87 and a beta of 0.79.

Insider Buying and Selling at GitLab

In related news, insider Sytse Sijbrandij sold 108,600 shares of the company’s stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $42.87, for a total value of $4,655,682.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Susan L. Bostrom sold 40,000 shares of the firm’s stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $51.88, for a total transaction of $2,075,200.00. Following the transaction, the director now directly 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 a total of 329,986 shares of company stock valued at $16,690,016 in the last three months. Corporate insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Institutional investors and hedge funds have recently bought and sold shares of the company. EverSource Wealth Advisors LLC raised its position in shares of GitLab by 5,700.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock valued at $29,000 after acquiring an additional 513 shares in the last quarter. CoreCap Advisors LLC lifted its position in shares of GitLab by 327.5% in the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock worth $33,000 after buying an additional 452 shares during the last quarter. IMG Wealth Management Inc. acquired a new position in shares of GitLab in the 4th quarter valued at about $46,000. GAMMA Investing LLC grew its position in shares of GitLab by 114.2% during the 1st quarter. GAMMA Investing LLC now owns 919 shares of the company’s stock valued at $43,000 after buying an additional 490 shares during the last quarter. Finally, Raleigh Capital Management Inc. bought a new position in GitLab in the fourth quarter worth about $66,000. Institutional investors and hedge funds 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.