GitLab (NASDAQ:GTLB) Stock Price Down 1.8% – Here’s Why

GitLab Inc. (NASDAQ:GTLB)’s share price dropped 1.8% during mid-day trading on Monday . The company traded as low as $62.67 and last traded at $63.02. Approximately 1,730,922 shares were traded during trading, a decline of 25% from the average daily volume of 2,298,061 shares. The stock had previously closed at $64.20.

Analyst Upgrades and Downgrades

GTLB has been the topic of a number of research analyst reports. Wells Fargo & Company boosted their price objective on shares of GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Cantor Fitzgerald boosted their price objective on shares of GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. The Goldman Sachs Group boosted their price objective on shares of GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a research report on Friday, December 6th. TD Cowen upped their target price on shares of GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $85.00 target price on shares of GitLab in a research report on Tuesday, January 7th. Three equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $76.42.

GitLab Trading Up 3.3 %

The company’s 50 day moving average price is $61.35 and its two-hundred day moving average price is $54.89. The stock has a market cap of $10.56 billion, a P/E ratio of -203.34 and a beta of 0.57.

Insider Transactions at GitLab

In other GitLab news, CEO Sytse Sijbrandij sold 84,776 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $59.64, for a total transaction of $5,056,040.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Robin Schulman sold 2,996 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $55.98, for a total transaction of $167,716.08. Following the sale, the insider now owns 129,223 shares in the company, valued at approximately $7,233,903.54. The trade was a 2.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 816,447 shares of company stock worth $48,948,434 in the last quarter. Company insiders own 21.36% of the company’s stock.

Institutional Investors Weigh In On GitLab

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of Marin raised its stake in GitLab by 3.0% during the 3rd quarter. Bank of Marin now owns 5,856 shares of the company’s stock worth $302,000 after acquiring an additional 171 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in GitLab by 0.3% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 91,445 shares of the company’s stock worth $4,713,000 after acquiring an additional 281 shares during the period. Glenmede Trust Co. NA grew its holdings in GitLab by 3.0% during the 3rd quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company’s stock valued at $596,000 after buying an additional 334 shares in the last quarter. Blue Trust Inc. grew its holdings in GitLab by 18.2% during the 3rd quarter. Blue Trust Inc. now owns 3,166 shares of the company’s stock valued at $157,000 after buying an additional 488 shares in the last quarter. Finally, Blair William & Co. IL grew its holdings in GitLab by 1.9% during the 2nd quarter. Blair William & Co. IL now owns 42,151 shares of the company’s stock valued at $2,096,000 after buying an additional 769 shares in the last quarter. 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.