GitLab (NASDAQ:GTLB) Trading Down 2.4% – Time to Sell?

GitLab Inc. (NASDAQ:GTLB) shares were down 2.4% during trading on Tuesday . The company traded as low as $68.80 and last traded at $69.55. Approximately 662,739 shares traded hands during trading, a decline of 76% from the average daily volume of 2,817,923 shares. The stock had previously closed at $71.28.

Analysts Set New Price Targets

GTLB has been the subject of several research reports. Morgan Stanley lifted their price objective on GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. JPMorgan Chase & Co. boosted their target price on shares of GitLab from $60.00 to $65.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Truist Financial reiterated a “buy” rating and set a $90.00 target price (up previously from $80.00) on shares of GitLab in a report on Friday, December 6th. Mizuho lifted their price target on shares of GitLab from $67.00 to $80.00 and gave the company an “outperform” rating in a research report on Monday, December 9th. Finally, DA Davidson increased their price objective on shares of GitLab from $50.00 to $70.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $76.42.

GitLab Stock Performance

The firm has a 50 day moving average of $63.21 and a two-hundred day moving average of $56.66. The stock has a market cap of $11.23 billion, a P/E ratio of -216.27 and a beta of 0.63.

Insider Buying and Selling at GitLab

In other news, insider Robin Schulman sold 2,996 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $55.98, for a total transaction of $167,716.08. Following the completion of the sale, the insider now owns 129,223 shares of the company’s stock, valued at approximately $7,233,903.54. This trade represents a 2.27 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $67.59, for a total transaction of $675,900.00. Following the completion of the transaction, the chief financial officer now owns 242,803 shares of the company’s stock, valued at $16,411,054.77. This trade represents a 3.96 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 828,283 shares of company stock valued at $49,959,990 in the last ninety days. Company insiders own 21.36% of the company’s stock.

Institutional Investors Weigh In On GitLab

A number of hedge funds and other institutional investors have recently bought and sold shares of GTLB. Franklin Resources Inc. increased its stake in shares of GitLab by 0.8% in the third quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company’s stock valued at $146,774,000 after buying an additional 21,976 shares in the last quarter. State Street Corp raised its position in shares of GitLab by 5.8% during the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company’s stock valued at $104,740,000 after acquiring an additional 111,997 shares during the last quarter. Geode Capital Management LLC boosted its holdings in GitLab by 7.0% during the third quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company’s stock worth $104,476,000 after buying an additional 132,548 shares during the last quarter. Fiera Capital Corp grew its position in shares of GitLab by 1.4% during the 3rd quarter. Fiera Capital Corp now owns 1,259,429 shares of the company’s stock worth $64,911,000 after buying an additional 16,961 shares during the period. Finally, Bamco Inc. NY increased its stake in shares of GitLab by 0.4% in the 3rd quarter. Bamco Inc. NY now owns 1,253,244 shares of the company’s stock valued at $64,592,000 after acquiring an additional 4,874 shares during the last quarter. 95.04% of the stock is 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.