GitLab (NASDAQ:GTLB) Stock Price Down 0.8% – Should You Sell?

Shares of GitLab Inc. (NASDAQ:GTLB) fell 0.8% on Thursday . The stock traded as low as $68.83 and last traded at $69.20. 393,061 shares were traded during mid-day trading, a decline of 86% from the average session volume of 2,755,257 shares. The stock had previously closed at $69.79.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on GTLB. Scotiabank increased their price objective on GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a report on Wednesday, December 4th. Morgan Stanley increased their price target on GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. DA Davidson increased their price target on GitLab from $50.00 to $70.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $85.00 price target on shares of GitLab in a report on Tuesday, January 7th. Finally, Royal Bank of Canada increased their price target on GitLab from $73.00 to $80.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, GitLab has a consensus rating of “Moderate Buy” and an average price target of $76.42.

GitLab Stock Performance

The business has a fifty day moving average price of $63.36 and a 200 day moving average price of $56.86. The company has a market capitalization of $11.42 billion, a PE ratio of -220.27 and a beta of 0.63.

Insider Transactions at GitLab

In related news, CFO Brian G. Robins sold 10,000 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $70.83, for a total transaction of $708,300.00. Following the sale, the chief financial officer now directly owns 267,380 shares in the company, valued at approximately $18,938,525.40. This trade represents a 3.61 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Robin Schulman sold 2,996 shares of the firm’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $55.98, for a total value of $167,716.08. Following the sale, the insider now 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 disclosure for this sale can be found here. Insiders have sold a total of 828,283 shares of company stock worth $49,959,990 in the last three months. 21.36% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On GitLab

Hedge funds have recently bought and sold shares of the business. Y Intercept Hong Kong Ltd acquired a new stake in GitLab during the 3rd quarter valued at approximately $678,000. State Street Corp grew its stake in GitLab by 5.8% during the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company’s stock valued at $104,740,000 after purchasing an additional 111,997 shares in the last quarter. Barclays PLC grew its stake in GitLab by 189.1% during the 3rd quarter. Barclays PLC now owns 61,419 shares of the company’s stock valued at $3,164,000 after purchasing an additional 40,171 shares in the last quarter. Oddo BHF Asset Management Sas acquired a new stake in GitLab during the 3rd quarter valued at approximately $6,865,000. Finally, Jackson Square Capital LLC grew its stake in GitLab by 328.1% during the 4th quarter. Jackson Square Capital LLC now owns 36,600 shares of the company’s stock valued at $2,062,000 after purchasing an additional 28,050 shares in the last quarter. Institutional investors and hedge funds 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.