GitLab (NASDAQ:GTLB) Trading Down 3.9% – Should You Sell?

Shares of GitLab Inc. (NASDAQ:GTLB) dropped 3.9% on Monday . The stock traded as low as $66.62 and last traded at $67.83. Approximately 3,041,041 shares changed hands during mid-day trading, an increase of 2% from the average daily volume of 2,988,038 shares. The stock had previously closed at $70.56.

Analysts Set New Price Targets

GTLB has been the subject of several research reports. Piper Sandler upped their target price on GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. TD Cowen upped their target price on GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. DA Davidson boosted their price target on GitLab from $50.00 to $70.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Macquarie reissued an “outperform” rating and issued a $90.00 price target on shares of GitLab in a research report on Wednesday, January 15th. Finally, Wells Fargo & Company boosted their price target on GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, GitLab currently has a consensus rating of “Moderate Buy” and a consensus target price of $76.42.

GitLab Price Performance

The business has a fifty day moving average price of $63.47 and a two-hundred day moving average price of $57.15. The firm has a market capitalization of $11.01 billion, a price-to-earnings ratio of -211.97 and a beta of 0.63.

Insider Activity

In other news, Director Matthew Jacobson sold 547,679 shares of the company’s stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $59.72, for a total value of $32,707,389.88. Following the sale, the director now owns 58,471 shares in the company, valued at $3,491,888.12. This represents a 90.35 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Brian G. Robins sold 10,000 shares of the company’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $67.59, for a total value of $675,900.00. Following the completion of the sale, the chief financial officer now owns 242,803 shares in the company, valued at $16,411,054.77. The trade was a 3.96 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 740,257 shares of company stock valued at $44,710,867. Company insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

A number of hedge funds have recently modified their holdings of GTLB. EverSource Wealth Advisors LLC boosted its position in GitLab by 5,700.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after purchasing an additional 513 shares in the last quarter. CoreCap Advisors LLC boosted its position in GitLab by 327.5% during the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock worth $33,000 after purchasing an additional 452 shares in the last quarter. IMG Wealth Management Inc. purchased a new position in GitLab during the fourth quarter worth approximately $46,000. True Wealth Design LLC purchased a new position in GitLab during the third quarter worth approximately $56,000. Finally, Raleigh Capital Management Inc. purchased a new position in GitLab during the fourth quarter worth approximately $66,000. 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.