GitLab (NASDAQ:GTLB) Shares Down 1.2% – Here’s Why

GitLab Inc. (NASDAQ:GTLB)’s stock price traded down 1.2% during mid-day trading on Wednesday . The company traded as low as $69.65 and last traded at $70.68. 427,716 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 2,737,724 shares. The stock had previously closed at $71.54.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Royal Bank of Canada raised their target price 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. DA Davidson raised their target price on shares of GitLab from $50.00 to $70.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Mizuho raised their target price on shares of GitLab from $67.00 to $80.00 and gave the company an “outperform” rating in a research note on Monday, December 9th. KeyCorp raised their target price on shares of GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Finally, Robert W. Baird raised their target price on shares of GitLab from $62.00 to $75.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Three equities research 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, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $76.42.

GitLab Price Performance

The stock’s 50 day simple moving average is $63.69 and its two-hundred day simple moving average is $57.45. The stock has a market cap of $11.43 billion, a P/E ratio of -220.23 and a beta of 0.63.

Insider Transactions at GitLab

In related news, insider Robin Schulman sold 2,996 shares of the business’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $55.98, for a total transaction of $167,716.08. Following the transaction, the insider now directly owns 129,223 shares in the company, valued at approximately $7,233,903.54. The trade was a 2.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Brian G. Robins sold 10,000 shares of the company’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $70.83, for a total transaction of $708,300.00. Following the completion of the transaction, the chief financial officer now owns 267,380 shares in the company, valued at approximately $18,938,525.40. This represents a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 740,257 shares of company stock valued at $44,710,867 over the last 90 days. 21.36% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On GitLab

Several institutional investors and hedge funds have recently modified their holdings of the stock. M&T Bank Corp increased its holdings in shares of GitLab by 3.1% in the fourth quarter. M&T Bank Corp now owns 4,965 shares of the company’s stock valued at $280,000 after purchasing an additional 148 shares during the last quarter. Wilmington Savings Fund Society FSB grew its stake in shares of GitLab by 7.9% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock valued at $116,000 after acquiring an additional 150 shares in the last quarter. OneDigital Investment Advisors LLC grew its stake in shares of GitLab by 4.3% in the fourth quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock valued at $228,000 after acquiring an additional 166 shares in the last quarter. 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 worth $302,000 after purchasing an additional 171 shares during the period. Finally, Utah Retirement Systems lifted its position in GitLab by 3.1% during the fourth quarter. Utah Retirement Systems now owns 6,600 shares of the company’s stock worth $372,000 after purchasing an additional 200 shares during the period. 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.