Bank of America Trims GitLab (NASDAQ:GTLB) Target Price to $80.00

GitLab (NASDAQ:GTLBFree Report) had its price target reduced by Bank of America from $85.00 to $80.00 in a report issued on Tuesday morning, Benzinga reports. Bank of America currently has a buy rating on the stock.

Other research analysts also recently issued research reports about the company. Capital One Financial started coverage on GitLab in a research note on Friday, March 22nd. They set an overweight rating and a $72.00 price target for the company. Truist Financial reissued a buy rating and set a $80.00 price target on shares of GitLab in a research note on Monday, April 1st. TD Cowen decreased their target price on shares of GitLab from $80.00 to $76.00 and set an outperform rating on the stock in a research report on Tuesday, March 5th. UBS Group cut their price target on shares of GitLab from $81.00 to $75.00 and set a buy rating on the stock in a research note on Tuesday, March 5th. Finally, Wells Fargo & Company started coverage on GitLab in a report on Tuesday, April 9th. They issued an overweight rating and a $70.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $67.70.

Check Out Our Latest Stock Report on GTLB

GitLab Price Performance

NASDAQ GTLB opened at $43.59 on Tuesday. The business has a 50 day moving average price of $53.93 and a 200 day moving average price of $59.85. The company has a market capitalization of $6.91 billion, a P/E ratio of -15.85 and a beta of 0.44. GitLab has a 1-year low of $40.19 and a 1-year high of $78.53.

Insider Activity

In other news, CAO Erin Mannix sold 958 shares of the company’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $59.53, for a total value of $57,029.74. Following the sale, the chief accounting officer now owns 74,908 shares in the company, valued at approximately $4,459,273.24. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CAO Erin Mannix sold 958 shares of the firm’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $59.53, for a total transaction of $57,029.74. Following the transaction, the chief accounting officer now directly owns 74,908 shares in the company, valued at $4,459,273.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sytse Sijbrandij sold 230,000 shares of the business’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $53.59, for a total transaction of $12,325,700.00. The disclosure for this sale can be found here. In the last three months, insiders sold 433,383 shares of company stock worth $23,632,528. 21.36% of the stock is currently owned by insiders.

Hedge Funds Weigh In On GitLab

Large investors have recently bought and sold shares of the business. Byrne Asset Management LLC bought a new position in shares of GitLab during the first quarter valued at approximately $33,000. Allspring Global Investments Holdings LLC grew its stake in GitLab by 2,107.7% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock worth $33,000 after buying an additional 548 shares during the last quarter. Ramirez Asset Management Inc. acquired a new stake in GitLab in the third quarter worth $36,000. SRS Capital Advisors Inc. bought a new stake in GitLab in the third quarter valued at $40,000. Finally, Banque Cantonale Vaudoise acquired a new position in shares of GitLab during the first quarter valued at $58,000. Institutional investors own 91.72% of the company’s stock.

About GitLab

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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.

Further Reading

Analyst Recommendations for GitLab (NASDAQ:GTLB)

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