GitLab (NASDAQ:GTLB) Shares Down 1.8% – Here’s Why

GitLab Inc. (NASDAQ:GTLB)’s share price was down 1.8% on Monday . The company traded as low as $69.34 and last traded at $71.43. Approximately 1,000,010 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 2,936,728 shares. The stock had previously closed at $72.76.

Analysts Set New Price Targets

Several brokerages recently weighed in on GTLB. TD Cowen boosted their target price on GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, November 21st. Macquarie reaffirmed an “outperform” rating and issued a $90.00 price objective on shares of GitLab in a research report on Wednesday, January 15th. Morgan Stanley boosted their target price on shares of GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $85.00 price target on shares of GitLab in a report on Tuesday, January 7th. Finally, Barclays boosted their price objective on shares of GitLab from $55.00 to $70.00 and gave the company an “equal weight” rating in a report on Monday, December 9th. Three 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 stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $76.42.

GitLab Trading Down 2.8 %

The business has a fifty day moving average of $62.38 and a two-hundred day moving average of $55.90. The company has a market cap of $11.48 billion, a price-to-earnings ratio of -221.00 and a beta of 0.63.

Insider Activity

In other news, insider Robin Schulman sold 2,996 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $55.98, for a total transaction of $167,716.08. Following the transaction, the insider now directly owns 129,223 shares in the company, valued at $7,233,903.54. The trade was a 2.27 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Sytse Sijbrandij sold 84,776 shares of the business’s stock in a transaction on Monday, November 18th. The stock was 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. Insiders have sold 818,283 shares of company stock worth $49,251,690 in the last quarter. Corporate insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Los Angeles Capital Management LLC acquired a new position in GitLab in the third quarter valued at about $30,827,000. Atreides Management LP purchased a new stake in GitLab in the third quarter valued at approximately $25,605,000. Thrivent Financial for Lutherans lifted its stake in GitLab by 128.8% during the third quarter. Thrivent Financial for Lutherans now owns 554,455 shares of the company’s stock worth $28,577,000 after purchasing an additional 312,119 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of GitLab by 6,821.7% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 297,632 shares of the company’s stock worth $15,340,000 after buying an additional 293,332 shares during the period. Finally, ARK Investment Management LLC acquired a new stake in shares of GitLab in the third quarter valued at $13,435,000. 95.04% of the stock is currently owned by institutional investors and hedge funds.

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.