GitLab (NASDAQ:GTLB) Trading Down 3.5% – What’s Next?

GitLab Inc. (NASDAQ:GTLB) shares dropped 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.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Barclays raised their target price on shares of GitLab from $55.00 to $70.00 and gave the company an “equal weight” rating in a research report on Monday, December 9th. Scotiabank lifted their target price on GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a research report on Wednesday, December 4th. Cantor Fitzgerald upped their target price on GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Mizuho raised their price target on GitLab from $67.00 to $80.00 and gave the company an “outperform” rating in a research note on Monday, December 9th. Finally, Macquarie reaffirmed an “outperform” rating and set a $90.00 price target on shares of GitLab in a research report on Wednesday, January 15th. Three investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $76.42.

GitLab Price Performance

The stock’s 50-day moving average price is $62.00 and its 200-day moving average price is $55.49. The company has a market cap of $11.32 billion, a P/E ratio of -217.98 and a beta of 0.57.

Insider Buying and Selling

In other news, insider Robin Schulman sold 9,251 shares of GitLab stock in a transaction on Friday, January 17th. The stock was sold at an average price of $65.00, for a total value of $601,315.00. Following the transaction, the insider now owns 121,893 shares in the company, valued at approximately $7,923,045. This trade represents a 7.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Brian G. Robins sold 16,666 shares of the business’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $56.74, for a total value of $945,628.84. Following the transaction, the chief financial officer now directly owns 242,803 shares of the company’s stock, valued at $13,776,642.22. This trade represents a 6.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 825,698 shares of company stock valued at $49,549,749 over the last 90 days. 21.36% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On GitLab

Hedge funds have recently made changes to their positions in the stock. Franklin Resources Inc. boosted its position in 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 holdings in GitLab by 5.8% in the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company’s stock valued at $104,740,000 after buying an additional 111,997 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of 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 purchasing an additional 132,548 shares during the period. Fiera Capital Corp increased its holdings in GitLab by 1.4% in the third quarter. Fiera Capital Corp now owns 1,259,429 shares of the company’s stock valued at $64,911,000 after purchasing an additional 16,961 shares during the period. Finally, Bamco Inc. NY raised its position in shares of GitLab by 0.4% during the third quarter. Bamco Inc. NY now owns 1,253,244 shares of the company’s stock worth $64,592,000 after acquiring an additional 4,874 shares during the last quarter. 95.04% of the stock is currently owned by institutional investors and hedge funds.

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.