GitLab (NASDAQ:GTLB) Shares Down 3.1% – Should You Sell?

GitLab Inc. (NASDAQ:GTLB)’s share price fell 3.1% during mid-day trading on Thursday . The company traded as low as $58.42 and last traded at $59.89. 876,835 shares changed hands during trading, a decline of 71% from the average session volume of 2,994,362 shares. The stock had previously closed at $61.79.

Analyst Ratings Changes

A number of research firms have issued reports on GTLB. Truist Financial reissued a “buy” rating and set a $90.00 target price (up from $80.00) on shares of GitLab in a research note on Friday, December 6th. Scotiabank boosted their target price on shares of GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a research note on Wednesday, December 4th. Royal Bank of Canada restated an “outperform” rating and set a $80.00 price target on shares of GitLab in a research report on Tuesday. DA Davidson dropped their price target on shares of GitLab from $70.00 to $60.00 and set a “neutral” rating on the stock in a research report on Friday, February 28th. Finally, KeyCorp boosted their price target on shares of GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $75.38.

GitLab Price Performance

The stock’s fifty day moving average price is $64.31 and its 200-day moving average price is $58.90. The firm has a market cap of $9.15 billion, a price-to-earnings ratio of -176.19 and a beta of 0.67.

Insider Activity

In related news, Director Susan L. Bostrom sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $60.19, for a total transaction of $1,203,800.00. Following the transaction, the director now directly owns 204,913 shares of the company’s stock, valued at approximately $12,333,713.47. The trade was a 8.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Sytse Sijbrandij sold 84,000 shares of the business’s stock in a transaction that occurred 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 disclosure for this sale can be found here. Insiders have sold 740,257 shares of company stock worth $44,710,867 over the last 90 days. 21.36% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GTLB. Norges Bank purchased a new position in GitLab during the fourth quarter valued at approximately $279,089,000. Ameriprise Financial Inc. grew its position in GitLab by 276.9% during the fourth quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company’s stock valued at $121,435,000 after purchasing an additional 1,583,221 shares in the last quarter. Artisan Partners Limited Partnership grew its position in GitLab by 55.7% in the fourth quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock worth $227,318,000 after acquiring an additional 1,443,160 shares in the last quarter. Alliancebernstein L.P. grew its position in GitLab by 4,042.0% in the fourth quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company’s stock worth $82,011,000 after acquiring an additional 1,420,248 shares in the last quarter. Finally, Marshall Wace LLP grew its position in GitLab by 572.3% in the fourth quarter. Marshall Wace LLP now owns 1,094,128 shares of the company’s stock worth $61,654,000 after acquiring an additional 931,396 shares in the last quarter. 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.