Scotiabank Cuts GitLab (NASDAQ:GTLB) Price Target to $67.00

GitLab (NASDAQ:GTLB) had its target price decreased by Scotiabank from $80.00 to $67.00 in a report released on Friday morning,Benzinga reports. Scotiabank currently has a sector outperform rating on the stock.

Other equities analysts also recently issued research reports about the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $80.00 price target on shares of GitLab in a research report on Tuesday, March 4th. Mizuho reduced their target price on shares of GitLab from $80.00 to $72.00 and set an “outperform” rating for the company in a report on Tuesday, March 4th. DA Davidson decreased their target price on shares of GitLab from $60.00 to $45.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. Macquarie reiterated an “outperform” rating and issued a $90.00 price target on shares of GitLab in a research note on Tuesday, March 4th. Finally, Wells Fargo & Company cut their price target on shares of GitLab from $85.00 to $65.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 22nd. Three analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, GitLab has an average rating of “Moderate Buy” and an average price target of $70.95.

GitLab Stock Performance

Shares of NASDAQ GTLB opened at $48.77 on Friday. GitLab has a 52-week low of $37.90 and a 52-week high of $74.18. The firm has a 50 day moving average price of $46.24 and a 200 day moving average price of $55.99. The stock has a market cap of $8.00 billion, a P/E ratio of -152.41 and a beta of 0.75.

Insider Activity at GitLab

In related news, insider Sytse Sijbrandij sold 108,600 shares of the company’s stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $42.87, for a total value of $4,655,682.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Matthew Jacobson sold 152,884 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $52.34, for a total transaction of $8,001,948.56. Following the completion of the transaction, the director now directly owns 493,554 shares in the company, valued at approximately $25,832,616.36. This represents a 23.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 461,584 shares of company stock worth $23,192,574. Company insiders own 16.37% of the company’s stock.

Institutional Trading of GitLab

Several hedge funds have recently added to or reduced their stakes in GTLB. Barclays PLC boosted its position in shares of GitLab by 189.1% in the third quarter. Barclays PLC now owns 61,419 shares of the company’s stock valued at $3,164,000 after acquiring an additional 40,171 shares during the period. Swiss National Bank boosted its stake in shares of GitLab by 3.7% in the fourth quarter. Swiss National Bank now owns 215,000 shares of the company’s stock valued at $12,115,000 after buying an additional 7,700 shares during the period. Smartleaf Asset Management LLC grew its holdings in shares of GitLab by 1,067.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock worth $71,000 after purchasing an additional 1,153 shares in the last quarter. Rhumbline Advisers increased its position in shares of GitLab by 5.5% in the fourth quarter. Rhumbline Advisers now owns 150,312 shares of the company’s stock worth $8,470,000 after purchasing an additional 7,837 shares during the period. Finally, Principal Securities Inc. increased its holdings in GitLab by 79.6% in the 4th quarter. Principal Securities Inc. now owns 5,373 shares of the company’s stock valued at $303,000 after buying an additional 2,381 shares during the period. 95.04% of the stock is owned by institutional investors and hedge funds.

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.