Robert W. Baird Cuts GitLab (NASDAQ:GTLB) Price Target to $76.00

GitLab (NASDAQ:GTLB) had its target price cut by Robert W. Baird from $80.00 to $76.00 in a research report released on Monday morning,Benzinga reports. They currently have an outperform rating on the stock.

GTLB has been the topic of a number of other reports. Canaccord Genuity Group boosted their price objective on shares of GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a report on Friday, December 6th. Piper Sandler upped their price target on shares of GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, December 6th. 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 report on Thursday, February 20th. JPMorgan Chase & Co. upped their price target on shares of GitLab from $60.00 to $65.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Finally, Barclays upped their price target on shares of GitLab from $55.00 to $70.00 and gave the company an “equal weight” rating in a report on Monday, December 9th. Three equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $76.27.

GitLab Price Performance

Shares of GTLB opened at $56.25 on Monday. The firm has a market capitalization of $9.13 billion, a PE ratio of -175.78 and a beta of 0.63. GitLab has a 1-year low of $40.72 and a 1-year high of $76.41. The company’s fifty day moving average price is $64.30 and its 200-day moving average price is $58.69.

Insider Buying and Selling

In related news, CFO Brian G. Robins sold 10,000 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $70.83, for a total transaction of $708,300.00. Following the completion of the transaction, the chief financial officer now owns 267,380 shares in the company, valued at $18,938,525.40. This represents a 3.61 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Robin Schulman sold 2,996 shares of the company’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $55.98, for a total transaction of $167,716.08. Following the transaction, the insider now owns 129,223 shares of the company’s stock, valued at approximately $7,233,903.54. This trade represents a 2.27 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 740,257 shares of company stock worth $44,710,867 in the last 90 days. Insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

A number of hedge funds have recently bought and sold shares of the business. Infinitum Asset Management LLC acquired a new stake in GitLab in the 4th quarter valued at about $6,762,000. Polar Asset Management Partners Inc. raised its holdings in GitLab by 120.1% in the 4th quarter. Polar Asset Management Partners Inc. now owns 209,500 shares of the company’s stock valued at $11,805,000 after acquiring an additional 114,300 shares during the last quarter. Public Employees Retirement System of Ohio raised its holdings in GitLab by 63.8% in the 4th quarter. Public Employees Retirement System of Ohio now owns 70,485 shares of the company’s stock valued at $3,972,000 after acquiring an additional 27,455 shares during the last quarter. JT Stratford LLC acquired a new stake in GitLab in the 4th quarter valued at about $284,000. Finally, Sone Capital Management LLC acquired a new stake in GitLab in the 4th quarter valued at about $7,917,000. Institutional investors and hedge funds 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.