GitLab (NASDAQ:GTLB) Stock Price Down 3.8% After Analyst Downgrade

GitLab Inc. (NASDAQ:GTLB) dropped 3.8% on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $65.00 to $62.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. GitLab traded as low as $60.56 and last traded at $60.39. Approximately 826,285 shares were traded during trading, a decline of 72% from the average daily volume of 2,976,167 shares. The stock had previously closed at $62.80.

GTLB has been the topic of a number of other reports. Truist Financial restated a “buy” rating and set a $90.00 price target (up from $80.00) on shares of GitLab in a report on Friday, December 6th. KeyCorp increased their target price on shares of GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Morgan Stanley lifted their price target on shares of GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Barclays cut their price objective on shares of GitLab from $70.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Finally, TD Cowen boosted their target price on GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, November 21st. Three 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 company’s stock. According to MarketBeat.com, GitLab has an average rating of “Moderate Buy” and an average price target of $75.38.

Insider Activity at GitLab

In related news, insider Robin Schulman sold 9,251 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $70.00, for a total transaction of $647,570.00. Following the completion of the sale, the insider now owns 121,893 shares in the company, valued at approximately $8,532,510. This trade represents a 7.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Brian G. Robins sold 10,000 shares of the business’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $67.59, for a total transaction of $675,900.00. Following the completion of the transaction, the chief financial officer now owns 242,803 shares in the company, valued at approximately $16,411,054.77. The trade was a 3.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 740,257 shares of company stock valued at $44,710,867. 21.36% of the stock is owned by insiders.

Institutional Investors Weigh In On GitLab

A number of hedge funds have recently modified their holdings of GTLB. M&T Bank Corp boosted its position in GitLab by 3.1% during the fourth quarter. M&T Bank Corp now owns 4,965 shares of the company’s stock worth $280,000 after purchasing an additional 148 shares during the period. Wilmington Savings Fund Society FSB lifted its stake in shares of GitLab by 7.9% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock valued at $116,000 after buying an additional 150 shares in the last quarter. OneDigital Investment Advisors LLC boosted its holdings in GitLab by 4.3% in the 4th quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock worth $228,000 after buying an additional 166 shares during the period. Bank of Marin boosted its holdings in GitLab by 3.0% in the 3rd quarter. Bank of Marin now owns 5,856 shares of the company’s stock worth $302,000 after buying an additional 171 shares during the period. Finally, Utah Retirement Systems grew its stake in GitLab by 3.1% in the 4th quarter. Utah Retirement Systems now owns 6,600 shares of the company’s stock valued at $372,000 after buying an additional 200 shares in the last quarter. Institutional investors own 95.04% of the company’s stock.

GitLab Trading Down 3.5 %

The firm has a market cap of $9.83 billion, a P/E ratio of -188.87 and a beta of 0.63. The business’s fifty day simple moving average is $64.35 and its 200-day simple moving average is $58.82.

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.