GitLab (NASDAQ:GTLB) Stock Price Down 4.6% – Should You Sell?

GitLab Inc. (NASDAQ:GTLB) shares fell 4.6% during trading on Thursday . The stock traded as low as $65.71 and last traded at $66.61. 833,770 shares traded hands during trading, a decline of 69% from the average session volume of 2,726,030 shares. The stock had previously closed at $69.82.

Analysts Set New Price Targets

Several brokerages recently issued reports on GTLB. Morgan Stanley boosted their price target on GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. The Goldman Sachs Group upped their target price on GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Wells Fargo & Company raised their price target on GitLab from $80.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday. Cantor Fitzgerald boosted their price target on GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Finally, KeyCorp increased their price objective 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. Three research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $76.62.

GitLab Stock Down 4.4 %

The company has a 50 day moving average price of $63.87 and a 200-day moving average price of $57.54. The company has a market cap of $10.84 billion, a price-to-earnings ratio of -208.35 and a beta of 0.63.

Insider Buying and Selling at GitLab

In related news, CFO Brian G. Robins sold 10,000 shares of the business’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $67.59, for a total value of $675,900.00. Following the sale, the chief financial officer now owns 242,803 shares of the company’s stock, valued at $16,411,054.77. The trade was a 3.96 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Karen Blasing sold 3,250 shares of the stock in a transaction on Monday, December 16th. The shares were sold at an average price of $58.99, for a total value of $191,717.50. Following the completion of the sale, the director now owns 134,733 shares of the company’s stock, valued at $7,947,899.67. The trade was a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 740,257 shares of company stock worth $44,710,867. 21.36% of the stock is currently owned by company insiders.

Institutional Trading of GitLab

Large investors have recently bought and sold shares of the business. Public Employees Retirement System of Ohio grew its stake in GitLab by 63.8% during the fourth quarter. Public Employees Retirement System of Ohio now owns 70,485 shares of the company’s stock worth $3,972,000 after purchasing an additional 27,455 shares during the period. JT Stratford LLC acquired a new position in shares of GitLab during the 4th quarter valued at $284,000. Sone Capital Management LLC acquired a new stake in GitLab in the fourth quarter worth $7,917,000. Sphera Management Technology Funds Ltd bought a new stake in GitLab in the fourth quarter valued at $1,578,000. Finally, Vivaldi Capital Management LP bought a new position in shares of GitLab during the 4th quarter worth about $800,000. 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.