Morgan Stanley Has Lowered Expectations for GitLab (NASDAQ:GTLB) Stock Price

GitLab (NASDAQ:GTLB) had its target price dropped by investment analysts at Morgan Stanley from $77.00 to $53.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Morgan Stanley’s target price would suggest a potential upside of 23.54% from the stock’s previous close.

Several other equities research analysts have also recently weighed in on GTLB. Macquarie reiterated an “outperform” rating and issued a $90.00 price objective on shares of GitLab in a report on Tuesday, March 4th. Barclays dropped their price target on GitLab from $70.00 to $58.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 4th. Truist Financial cut their price target on shares of GitLab from $90.00 to $80.00 and set a “buy” rating on the stock in a report on Monday, March 31st. DA Davidson decreased their price objective on shares of GitLab from $60.00 to $45.00 and set a “neutral” rating for the company in a report on Monday. Finally, Wells Fargo & Company lifted their target price 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. Three equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $72.64.

GitLab Trading Up 1.7 %

GitLab stock opened at $42.90 on Wednesday. The firm has a market cap of $6.96 billion, a P/E ratio of -134.06 and a beta of 0.79. GitLab has a 1-year low of $37.90 and a 1-year high of $74.18. The firm has a 50-day moving average of $53.70 and a 200-day moving average of $58.11.

Insider Activity

In related news, insider Robin Schulman sold 9,251 shares of the company’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $70.00, for a total value of $647,570.00. Following the transaction, the insider now owns 121,893 shares in the company, valued at $8,532,510. The trade was a 7.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Brian G. Robins sold 10,000 shares of the firm’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 sale, the chief financial officer now owns 267,380 shares of the company’s stock, valued at approximately $18,938,525.40. This represents a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 320,735 shares of company stock worth $16,088,701 over the last three months. 21.36% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On GitLab

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Barclays PLC raised its stake in shares of GitLab by 189.1% in the third quarter. Barclays PLC now owns 61,419 shares of the company’s stock worth $3,164,000 after purchasing an additional 40,171 shares during the last quarter. Oddo BHF Asset Management Sas bought a new stake in GitLab in the 3rd quarter worth about $6,865,000. Swiss National Bank increased its holdings in GitLab by 3.7% in the 4th quarter. Swiss National Bank now owns 215,000 shares of the company’s stock worth $12,115,000 after buying an additional 7,700 shares in the last quarter. Barton Investment Management raised its position in GitLab by 99.4% in the 4th quarter. Barton Investment Management now owns 335,648 shares of the company’s stock worth $18,914,000 after buying an additional 167,290 shares during the last quarter. Finally, Jackson Square Capital LLC lifted its stake in GitLab by 328.1% during the 4th quarter. Jackson Square Capital LLC now owns 36,600 shares of the company’s stock valued at $2,062,000 after acquiring an additional 28,050 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.