GitLab (NASDAQ:GTLB) Stock Price Down 0.8% – Here’s Why

GitLab Inc. (NASDAQ:GTLB)’s stock price was down 0.8% during mid-day trading on Thursday . The stock traded as low as $68.83 and last traded at $69.20. Approximately 393,061 shares changed hands during trading, a decline of 86% from the average daily volume of 2,755,257 shares. The stock had previously closed at $69.79.

Analysts Set New Price Targets

A number of research firms have recently weighed in on GTLB. TD Cowen lifted their price objective on GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, November 21st. Cantor Fitzgerald lifted their price target on shares of GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, December 6th. KeyCorp increased their price objective on shares of GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Robert W. Baird lifted their target price on shares of GitLab from $62.00 to $75.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Finally, JPMorgan Chase & Co. increased their price target on GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $76.42.

GitLab Trading Down 3.9 %

The firm has a market capitalization of $11.01 billion, a P/E ratio of -211.97 and a beta of 0.63. The stock has a 50-day simple moving average of $63.45 and a two-hundred day simple moving average of $56.95.

Insider Activity

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of the company’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $67.59, for a total transaction of $675,900.00. Following the completion of the sale, the chief financial officer now owns 242,803 shares in the company, valued at $16,411,054.77. This represents a 3.96 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sytse Sijbrandij sold 84,776 shares of the stock in a transaction on Monday, November 18th. The shares were sold at an average price of $59.64, for a total value of $5,056,040.64. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 825,033 shares of company stock worth $49,766,908. Company insiders own 21.36% of the company’s stock.

Institutional Investors Weigh In On GitLab

Hedge funds have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC boosted its position in GitLab by 5,700.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock valued at $29,000 after purchasing an additional 513 shares in the last quarter. IMG Wealth Management Inc. bought a new stake in shares of GitLab in the 4th quarter valued at about $46,000. True Wealth Design LLC bought a new stake in shares of GitLab in the 3rd quarter valued at about $56,000. Raleigh Capital Management Inc. purchased a new position in shares of GitLab in the 4th quarter worth approximately $66,000. Finally, Smartleaf Asset Management LLC raised its stake 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 acquiring an additional 1,153 shares in the last quarter. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

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.