GitLab (NASDAQ:GTLB) Trading Down 3.9% – Here’s What Happened

GitLab Inc. (NASDAQ:GTLB)’s share price fell 3.9% on Monday . The stock traded as low as $66.62 and last traded at $67.83. 3,041,041 shares were traded during trading, an increase of 2% from the average session volume of 2,988,038 shares. The stock had previously closed at $70.56.

Analysts Set New Price Targets

Several research firms have recently weighed in on GTLB. Wells Fargo & Company raised their price objective on shares of GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. The Goldman Sachs Group raised their price objective on shares of GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Mizuho increased their target price on shares of GitLab from $67.00 to $80.00 and gave the company an “outperform” rating in a report on Monday, December 9th. Morgan Stanley increased their target price on shares of GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Finally, Royal Bank of Canada increased their target price on shares of GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Three analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $76.42.

GitLab Trading Down 2.4 %

The business’s 50 day moving average price is $63.69 and its two-hundred day moving average price is $57.45. The stock has a market cap of $11.33 billion, a P/E ratio of -218.19 and a beta of 0.63.

Insider Activity

In other news, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $67.59, for a total transaction of $675,900.00. Following the sale, the chief financial officer now owns 242,803 shares of the company’s stock, valued at approximately $16,411,054.77. The trade was a 3.96 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Matthew Jacobson sold 547,679 shares of GitLab stock in a transaction dated Thursday, December 26th. The shares were sold at an average price of $59.72, for a total transaction 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 trade 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 740,257 shares of company stock valued at $44,710,867. Corporate insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. EverSource Wealth Advisors LLC lifted its position in GitLab by 5,700.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock valued at $29,000 after acquiring an additional 513 shares during the period. CoreCap Advisors LLC raised 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 buying an additional 452 shares during the last quarter. IMG Wealth Management Inc. purchased a new position in GitLab in the fourth quarter worth about $46,000. True Wealth Design LLC purchased a new position in GitLab in the third quarter worth about $56,000. Finally, Raleigh Capital Management Inc. purchased a new position in GitLab in the fourth quarter worth about $66,000. 95.04% of the stock is owned by hedge funds and other 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.