GitLab (NASDAQ:GTLB) Trading Down 5.7% – What’s Next?

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

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on GTLB. UBS Group raised their target price on shares of GitLab from $62.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Baird R W raised shares of GitLab to a “strong-buy” rating in a research note on Tuesday, August 27th. Bank of America boosted their target price on shares of GitLab from $66.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. BTIG Research lifted their price target on GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Finally, Scotiabank boosted their price objective on GitLab from $59.00 to $65.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, September 4th. 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. Based on data from MarketBeat.com, GitLab has an average rating of “Moderate Buy” and a consensus price target of $67.17.

GitLab Stock Down 3.9 %

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

GitLab (NASDAQ:GTLB) last posted its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 return on equity of 15.40% and a negative net margin of 54.62%. The business’s revenue was up 30.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.29) EPS. On average, analysts expect that GitLab Inc. will post -0.41 EPS for the current year.

Insider Activity

In related news, CFO Brian G. Robins sold 16,668 shares of the firm’s stock in a transaction dated 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 owns 250,109 shares of the company’s stock, valued at $13,423,350.03. This trade represents a 6.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Sytse Sijbrandij sold 56,000 shares of GitLab stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total value of $3,062,080.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 185,033 shares of company stock worth $10,569,356. 21.36% of the stock is currently owned by corporate insiders.

Institutional Trading of GitLab

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

About GitLab

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.