GitLab (NASDAQ:GTLB) Given New $62.00 Price Target at JPMorgan Chase & Co.

GitLab (NASDAQ:GTLB) had its price target lowered by equities researchers at JPMorgan Chase & Co. from $65.00 to $62.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 0.34% from the company’s current price.

Several other analysts have also commented on the stock. Barclays dropped their price target on shares of GitLab from $70.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Robert W. Baird dropped their target price on GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a research report on Monday. Piper Sandler lifted their price target on GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. The Goldman Sachs Group increased their price target on GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Finally, Mizuho cut their price objective on GitLab from $80.00 to $72.00 and set an “outperform” rating for the company in a research report on Tuesday. Three research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $75.36.

GitLab Trading Down 1.6 %

GitLab stock opened at $61.79 on Tuesday. The firm has a market cap of $10.03 billion, a PE ratio of -193.09 and a beta of 0.63. The stock’s 50 day simple moving average is $64.38 and its two-hundred day simple moving average is $58.84. GitLab has a 12 month low of $40.72 and a 12 month high of $74.18.

Insider Activity

In other news, insider Sytse Sijbrandij sold 84,000 shares of the business’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $62.99, for a total transaction of $5,291,160.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Susan L. Bostrom sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $60.19, for a total transaction of $1,203,800.00. Following the sale, the director now owns 204,913 shares of the company’s stock, valued at approximately $12,333,713.47. The trade was a 8.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 740,257 shares of company stock worth $44,710,867 over the last ninety days. Corporate insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Institutional investors have recently made changes to their positions in the company. Creative Planning purchased a new position in GitLab in the third quarter worth approximately $208,000. US Bancorp DE lifted its stake in shares of GitLab by 18.6% in the 3rd quarter. US Bancorp DE now owns 11,553 shares of the company’s stock valued at $595,000 after purchasing an additional 1,808 shares during the last quarter. Janney Montgomery Scott LLC grew its holdings in shares of GitLab by 4.0% during the 3rd quarter. Janney Montgomery Scott LLC now owns 36,451 shares of the company’s stock worth $1,879,000 after purchasing an additional 1,388 shares during the period. NorthRock Partners LLC purchased a new position in shares of GitLab during the 3rd quarter worth $252,000. Finally, M&G PLC increased its position in shares of GitLab by 2.9% during the 3rd quarter. M&G PLC now owns 211,361 shares of the company’s stock worth $10,991,000 after purchasing an additional 6,039 shares during the last quarter. Hedge funds and other institutional investors 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.