GitLab (NASDAQ:GTLB) Trading Down 3.1% – Here’s Why

GitLab Inc. (NASDAQ:GTLB) was down 3.1% during trading on Thursday . The stock traded as low as $58.42 and last traded at $59.89. Approximately 876,835 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 2,994,362 shares. The stock had previously closed at $61.79.

Analysts Set New Price Targets

GTLB has been the topic of a number of research reports. DA Davidson cut their target price on shares of GitLab from $70.00 to $60.00 and set a “neutral” rating on the stock in a research note on Friday, February 28th. Needham & Company LLC reaffirmed a “buy” rating and set a $85.00 price objective on shares of GitLab in a research report on Tuesday. Barclays decreased their target price on GitLab from $70.00 to $58.00 and set an “equal weight” rating for the company in a research report on Tuesday. Cantor Fitzgerald restated an “overweight” rating and set a $80.00 price target on shares of GitLab in a research report on Tuesday. Finally, Wells Fargo & Company upped their price target on GitLab from $80.00 to $85.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. Three investment analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, GitLab has an average rating of “Moderate Buy” and an average price target of $75.36.

GitLab Stock Performance

The business’s fifty day moving average price is $64.38 and its 200-day moving average price is $58.84. The stock has a market cap of $9.45 billion, a PE ratio of -181.99 and a beta of 0.63.

Insider Buying and Selling

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of the firm’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $67.59, for a total value of $675,900.00. Following the transaction, the chief financial officer now directly owns 242,803 shares of the company’s stock, valued at approximately $16,411,054.77. This trade represents a 3.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Karen Blasing sold 3,250 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $58.99, for a total transaction of $191,717.50. Following the sale, the director now directly owns 134,733 shares of the company’s stock, valued at $7,947,899.67. The trade was a 2.36 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 740,257 shares of company stock worth $44,710,867. 21.36% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of GTLB. Creative Planning bought a new position in GitLab in the 3rd quarter worth $208,000. US Bancorp DE raised its stake in shares of GitLab by 18.6% in the third quarter. US Bancorp DE now owns 11,553 shares of the company’s stock worth $595,000 after buying an additional 1,808 shares during the period. Janney Montgomery Scott LLC lifted its position in shares of GitLab by 4.0% during the 3rd quarter. Janney Montgomery Scott LLC now owns 36,451 shares of the company’s stock valued at $1,879,000 after buying an additional 1,388 shares in the last quarter. NorthRock Partners LLC bought a new position in shares of GitLab during the 3rd quarter valued at approximately $252,000. Finally, M&G PLC grew its stake in shares of GitLab by 2.9% during the 3rd quarter. M&G PLC now owns 211,361 shares of the company’s stock valued at $10,991,000 after acquiring an additional 6,039 shares during the period. Hedge funds and other 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.