GitLab (NASDAQ:GTLB) Shares Down 5.7% – Should You Sell?

GitLab Inc. (NASDAQ:GTLB)’s share price was down 5.7% during mid-day trading on Wednesday . The company traded as low as $62.02 and last traded at $62.57. Approximately 703,901 shares were traded during trading, a decline of 70% from the average daily volume of 2,328,378 shares. The stock had previously closed at $66.37.

Analysts Set New Price Targets

Several research firms have recently commented on GTLB. Scotiabank lifted their price objective on shares of GitLab from $59.00 to $65.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, September 4th. Baird R W upgraded GitLab to a “strong-buy” rating in a research note on Tuesday, August 27th. BTIG Research increased their price objective on GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Wells Fargo & Company lifted their target price on GitLab from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Finally, DA Davidson reiterated a “neutral” rating and issued a $50.00 price target on shares of GitLab in a report on Monday, October 14th. Three analysts have rated the stock with a hold rating, twenty have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, GitLab has a consensus rating of “Moderate Buy” and a consensus target price of $67.17.

GitLab Stock Performance

The business has a 50-day moving average price of $56.37 and a 200-day moving average price of $51.90.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings data on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.05. The business had revenue of $182.58 million for the quarter, compared to the consensus estimate of $176.86 million. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The company’s revenue was up 30.8% compared to the same quarter last year. During the same period last year, the firm posted ($0.29) earnings per share. As a group, analysts expect that GitLab Inc. will post -0.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In other GitLab news, CEO Sytse Sijbrandij sold 84,776 shares of the firm’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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Brian G. Robins sold 16,668 shares of GitLab stock in a transaction on Monday, September 9th. The stock was sold at an average price of $53.67, for a total transaction of $894,571.56. Following the sale, the chief financial officer now directly owns 250,109 shares in the company, valued at approximately $13,423,350.03. This trade represents a 6.25 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 185,033 shares of company stock worth $10,569,356. Insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Hedge funds have recently bought and sold shares of the business. Bank of Marin boosted its holdings in shares of GitLab by 3.0% during the 3rd quarter. Bank of Marin now owns 5,856 shares of the company’s stock worth $302,000 after purchasing an additional 171 shares during the last quarter. Moloney Securities Asset Management LLC lifted its position in GitLab by 4.9% during the second quarter. Moloney Securities Asset Management LLC now owns 6,400 shares of the company’s stock worth $318,000 after buying an additional 300 shares in the last quarter. Glenmede Trust Co. NA lifted its position in GitLab by 3.0% during the third quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company’s stock worth $596,000 after buying an additional 334 shares in the last quarter. Canton Hathaway LLC boosted its stake in GitLab by 26.3% during the second quarter. Canton Hathaway LLC now owns 2,086 shares of the company’s stock worth $104,000 after buying an additional 435 shares during the last quarter. Finally, Blue Trust Inc. increased its stake in shares of GitLab by 18.2% in the 3rd quarter. Blue Trust Inc. now owns 3,166 shares of the company’s stock worth $157,000 after acquiring an additional 488 shares during the last quarter. Institutional investors and hedge funds own 91.72% of the company’s stock.

GitLab Company Profile

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.