GitLab (NASDAQ:GTLB) Stock Price Down 3.5% – Here’s Why

Shares of GitLab Inc. (NASDAQ:GTLB) were down 3.5% during trading on Wednesday . The stock traded as low as $69.16 and last traded at $70.19. Approximately 1,391,884 shares were traded during trading, a decline of 49% from the average daily volume of 2,748,902 shares. The stock had previously closed at $72.75.

Analyst Ratings Changes

GTLB has been the topic of a number of research reports. 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 research report on Friday, December 6th. Royal Bank of Canada lifted their price target on shares of GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Mizuho increased their price objective on shares of GitLab from $67.00 to $80.00 and gave the stock an “outperform” rating in a research report on Monday, December 9th. Wells Fargo & Company boosted their target price on GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Finally, Piper Sandler increased their price target on GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $76.42.

GitLab Stock Down 4.1 %

The company has a 50-day moving average price of $62.00 and a two-hundred day moving average price of $55.49. The stock has a market capitalization of $11.32 billion, a P/E ratio of -217.98 and a beta of 0.57.

Insider Buying and Selling

In related news, insider Sytse Sijbrandij sold 84,000 shares of the company’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 value of $5,291,160.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Robin Schulman sold 9,251 shares of GitLab stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $65.00, for a total transaction of $601,315.00. Following the sale, the insider now owns 121,893 shares of the company’s stock, valued at approximately $7,923,045. The trade was a 7.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 825,698 shares of company stock valued at $49,549,749. Company insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Future Financial Wealth Managment LLC purchased a new position in GitLab in the third quarter worth $52,000. True Wealth Design LLC purchased a new position in shares of GitLab in the 3rd quarter worth about $56,000. Raleigh Capital Management Inc. purchased a new position in shares of GitLab during the 4th quarter valued at about $66,000. Rakuten Securities Inc. lifted its position in GitLab by 268.1% in the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after buying an additional 1,032 shares during the last quarter. Finally, Quarry LP boosted its stake in GitLab by 527.0% in the second quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after buying an additional 1,502 shares in the last quarter. Hedge funds and other institutional investors own 95.04% 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.