GitLab (NASDAQ:GTLB) Shares Down 5.3% – Should You Sell?

GitLab Inc. (NASDAQ:GTLB) shares dropped 5.3% on Thursday . The company traded as low as $48.69 and last traded at $49.97. Approximately 1,000,556 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 2,975,668 shares. The stock had previously closed at $52.79.

Analyst Upgrades and Downgrades

GTLB has been the subject of a number of research analyst reports. Royal Bank of Canada restated an “outperform” rating and issued a $80.00 target price on shares of GitLab in a research report on Tuesday, March 4th. JPMorgan Chase & Co. cut their target price on GitLab from $65.00 to $62.00 and set a “neutral” rating for the company in a research report on Tuesday, March 4th. Cantor Fitzgerald restated an “overweight” rating and issued a $80.00 target price on shares of GitLab in a research report on Tuesday, March 4th. Robert W. Baird cut their target price on GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a research report on Monday, March 3rd. Finally, KeyCorp upped their target price on GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $75.38.

GitLab Stock Performance

The firm’s 50 day simple moving average is $63.76 and its 200-day simple moving average is $59.07. The company has a market capitalization of $8.45 billion, a price-to-earnings ratio of -162.75 and a beta of 0.67.

Insider Transactions at GitLab

In other news, Director Matthew Jacobson sold 547,679 shares of the company’s stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $59.72, for a total value of $32,707,389.88. Following the transaction, the director now directly owns 58,471 shares of the company’s stock, valued at approximately $3,491,888.12. This represents a 90.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 transaction of $708,300.00. Following the completion of the sale, the chief financial officer now owns 267,380 shares of the company’s stock, valued at $18,938,525.40. This represents a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 730,257 shares of company stock valued at $44,034,967. 21.36% of the stock is owned by insiders.

Institutional Investors Weigh In On GitLab

Large investors have recently bought and sold shares of the business. EverSource Wealth Advisors LLC boosted its holdings in GitLab by 5,700.0% in 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 in the last quarter. CoreCap Advisors LLC boosted its holdings in GitLab by 327.5% in the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock worth $33,000 after purchasing an additional 452 shares in the last quarter. IMG Wealth Management Inc. bought a new stake in GitLab in the fourth quarter worth $46,000. True Wealth Design LLC bought a new stake in GitLab in the third quarter worth $56,000. Finally, Raleigh Capital Management Inc. bought a new stake in GitLab in the fourth quarter worth $66,000. 95.04% of the stock is currently owned by institutional investors.

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.