GitLab (NASDAQ:GTLB) Shares Down 4% – Here’s Why

GitLab Inc. (NASDAQ:GTLB)’s stock price was down 4% during mid-day trading on Friday . The company traded as low as $66.62 and last traded at $67.75. Approximately 985,969 shares traded hands during trading, a decline of 64% from the average daily volume of 2,742,351 shares. The stock had previously closed at $70.56.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. TD Cowen increased their price objective on GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. Canaccord Genuity Group raised their price objective on GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Morgan Stanley upped their price target on GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. JPMorgan Chase & Co. raised their price objective on shares of GitLab from $60.00 to $65.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Finally, Macquarie reissued an “outperform” rating and issued a $90.00 target price on shares of GitLab in a research report on Wednesday, January 15th. Three analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $76.42.

GitLab Trading Down 3.5 %

The company has a 50 day simple moving average of $63.45 and a two-hundred day simple moving average of $56.95. The firm has a market capitalization of $11.05 billion, a P/E ratio of -212.70 and a beta of 0.63.

Insiders Place Their Bets

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of the company’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $70.83, for a total value of $708,300.00. Following the completion of the sale, the chief financial officer now directly owns 267,380 shares in the company, valued at approximately $18,938,525.40. This represents a 3.61 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sytse Sijbrandij sold 84,776 shares of the stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $59.64, for a total transaction of $5,056,040.64. The disclosure for this sale can be found here. Insiders sold 825,033 shares of company stock valued at $49,766,908 in the last three months. Corporate insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

Large investors have recently made changes to their positions in the business. EverSource Wealth Advisors LLC lifted its holdings in shares of GitLab by 5,700.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after purchasing an additional 513 shares during the period. IMG Wealth Management Inc. acquired a new stake in GitLab in the fourth quarter valued at approximately $46,000. True Wealth Design LLC purchased a new stake in GitLab in the 3rd quarter worth $56,000. Raleigh Capital Management Inc. purchased a new stake in shares of GitLab during the fourth quarter worth about $66,000. Finally, Smartleaf Asset Management LLC raised its holdings in shares of GitLab by 1,067.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock valued at $71,000 after acquiring an additional 1,153 shares during the last quarter. 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.