GitLab (NASDAQ:GTLB) Shares Down 1.8% – Here’s What Happened

GitLab Inc. (NASDAQ:GTLB) fell 1.8% during trading on Monday . The company traded as low as $69.34 and last traded at $71.43. 1,000,010 shares changed hands during trading, a decline of 66% from the average session volume of 2,936,728 shares. The stock had previously closed at $72.76.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Morgan Stanley upped their price target on shares of GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Robert W. Baird increased their price target on GitLab from $62.00 to $75.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Macquarie reaffirmed an “outperform” rating and issued a $90.00 price objective on shares of GitLab in a research note on Wednesday, January 15th. TD Cowen lifted their price objective on shares of GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, November 21st. Finally, Truist Financial reissued a “buy” rating and issued a $90.00 target price (up previously from $80.00) on shares of GitLab 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 issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $76.42.

GitLab Price Performance

The firm has a market cap of $11.48 billion, a PE ratio of -221.00 and a beta of 0.63. The company has a 50-day simple moving average of $62.38 and a 200-day simple moving average of $55.90.

Insider Activity at GitLab

In other news, insider Robin Schulman sold 2,996 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $55.98, for a total transaction of $167,716.08. Following the transaction, the insider now owns 129,223 shares of the company’s stock, valued at approximately $7,233,903.54. This represents a 2.27 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Karen Blasing sold 6,500 shares of GitLab stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $63.19, for a total value of $410,735.00. Following the completion of the sale, the director now owns 128,233 shares of the company’s stock, valued at $8,103,043.27. The trade was a 4.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 818,283 shares of company stock worth $49,251,690 in the last quarter. 21.36% of the stock is owned by company insiders.

Hedge Funds Weigh In On GitLab

Hedge funds and other institutional investors have recently modified their holdings of the business. Future Financial Wealth Managment LLC purchased a new stake in GitLab during the third quarter worth $52,000. True Wealth Design LLC purchased a new stake in shares of GitLab during the 3rd quarter worth $56,000. Raleigh Capital Management Inc. purchased a new stake in shares of GitLab during the 4th quarter worth $66,000. Rakuten Securities Inc. boosted its position in GitLab by 268.1% during the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after purchasing an additional 1,032 shares in the last quarter. Finally, Capital Performance Advisors LLP purchased a new position in GitLab in the third quarter valued at about $96,000. 95.04% of the stock is currently owned by institutional investors.

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.