GitLab (NASDAQ:GTLB) Shares Down 1.5% – Here’s Why

GitLab Inc. (NASDAQ:GTLB) was down 1.5% on Wednesday . The stock traded as low as $63.91 and last traded at $64.11. 601,921 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 2,201,764 shares. The stock had previously closed at $65.07.

Analysts Set New Price Targets

A number of research firms recently weighed in on GTLB. Macquarie reissued an “outperform” rating and set a $90.00 price target on shares of GitLab in a research report on Wednesday, January 15th. Canaccord Genuity Group lifted their target price on shares of GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Mizuho upped their target price on GitLab from $67.00 to $80.00 and gave the company an “outperform” rating in a report on Monday, December 9th. Cantor Fitzgerald boosted their price target on shares of GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Finally, Robert W. Baird raised their target price on GitLab from $62.00 to $75.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, GitLab currently has an average rating of “Moderate Buy” and an average target price of $76.42.

GitLab Trading Down 1.9 %

The company has a market capitalization of $10.37 billion, a price-to-earnings ratio of -199.61 and a beta of 0.57. The stock has a 50-day simple moving average of $61.46 and a 200-day simple moving average of $54.98.

Insider Transactions at GitLab

In other news, insider Sytse Sijbrandij sold 84,000 shares of the stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $62.99, for a total transaction of $5,291,160.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, 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 completion of the transaction, the director now directly owns 58,471 shares in the company, valued at approximately $3,491,888.12. This represents a 90.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 816,447 shares of company stock valued at $48,948,434. Corporate insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Y Intercept Hong Kong Ltd bought a new position in shares of GitLab in the third quarter worth about $678,000. State Street Corp boosted its position in GitLab by 5.8% in the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company’s stock worth $104,740,000 after purchasing an additional 111,997 shares in the last quarter. Barclays PLC raised its position in shares of GitLab by 189.1% during the 3rd quarter. Barclays PLC now owns 61,419 shares of the company’s stock worth $3,164,000 after purchasing an additional 40,171 shares during the last quarter. Oddo BHF Asset Management Sas acquired a new stake in GitLab during the 3rd quarter worth $6,865,000. Finally, ARK Investment Management LLC acquired a new stake in shares of GitLab in the 3rd quarter worth $13,435,000. 95.04% of the stock is owned by 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.