GitLab (NASDAQ:GTLB) Given New $60.00 Price Target at Morgan Stanley

GitLab (NASDAQ:GTLB) had its price objective raised by equities research analysts at Morgan Stanley from $56.00 to $60.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Morgan Stanley’s price target suggests a potential upside of 28.33% from the stock’s current price.

Other analysts have also issued research reports about the stock. UBS Group lowered their target price on shares of GitLab from $73.00 to $60.00 and set a “buy” rating for the company in a research note on Thursday, September 4th. Mizuho dropped their price target on GitLab from $55.00 to $52.00 and set an “outperform” rating on the stock in a research report on Friday, September 5th. Rosenblatt Securities restated a “buy” rating and set a $58.00 price objective on shares of GitLab in a research report on Thursday, September 4th. Canaccord Genuity Group dropped their target price on GitLab from $76.00 to $70.00 and set a “buy” rating on the stock in a research report on Thursday, September 4th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of GitLab in a research note on Saturday, September 27th. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, GitLab presently has an average rating of “Moderate Buy” and an average price target of $58.83.

GitLab Stock Performance

Shares of GitLab stock traded down $0.16 during trading on Monday, reaching $46.75. The company had a trading volume of 327,422 shares, compared to its average volume of 3,828,719. The company has a market cap of $7.79 billion, a price-to-earnings ratio of -1,170.23 and a beta of 0.73. GitLab has a fifty-two week low of $37.90 and a fifty-two week high of $74.18. The firm’s fifty day moving average is $45.99 and its 200-day moving average is $45.93.

Insider Activity at GitLab

In related news, Director Sytse Sijbrandij sold 108,600 shares of the business’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $50.14, for a total transaction of $5,445,204.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Matthew Jacobson sold 63,587 shares of the business’s stock in a transaction on Tuesday, September 23rd. The shares were sold at an average price of $50.16, for a total transaction of $3,189,523.92. Following the completion of the sale, the director directly owned 820 shares in the company, valued at $41,131.20. This trade represents a 98.73% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,224,362 shares of company stock worth $59,723,796. Insiders own 16.37% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of GTLB. Eminence Capital LP grew its stake in GitLab by 148.9% during the second quarter. Eminence Capital LP now owns 6,218,607 shares of the company’s stock worth $280,521,000 after buying an additional 3,720,406 shares during the last quarter. Atreides Management LP grew its stake in shares of GitLab by 867.3% during the second quarter. Atreides Management LP now owns 3,938,198 shares of the company’s stock valued at $177,652,000 after purchasing an additional 3,531,070 shares during the last quarter. Champlain Investment Partners LLC raised its position in GitLab by 251.3% in the 2nd quarter. Champlain Investment Partners LLC now owns 4,512,197 shares of the company’s stock worth $203,545,000 after purchasing an additional 3,227,717 shares during the last quarter. 1832 Asset Management L.P. lifted its holdings in GitLab by 2,456.8% during the 1st quarter. 1832 Asset Management L.P. now owns 2,295,000 shares of the company’s stock worth $107,865,000 after buying an additional 2,205,238 shares in the last quarter. Finally, Norges Bank bought a new position in GitLab in the 2nd quarter valued at $93,489,000. 95.04% of the stock is currently owned by institutional investors and hedge funds.

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.