GitLab (NASDAQ:GTLB) Shares Down 1.6% – Should You Sell?

GitLab Inc. (NASDAQ:GTLB) shares dropped 1.6% during trading on Friday . The stock traded as low as $66.35 and last traded at $66.40. Approximately 350,137 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 2,723,175 shares. The stock had previously closed at $67.45.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Truist Financial reiterated a “buy” rating and set a $90.00 target price (up previously from $80.00) on shares of GitLab in a report on Friday, December 6th. Macquarie reiterated an “outperform” rating and issued a $90.00 price target on shares of GitLab in a research report on Wednesday, January 15th. Barclays lifted their price target on GitLab from $55.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Monday, December 9th. 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. Finally, The Goldman Sachs Group boosted their price objective on GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a research note 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 assigned 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 price target of $76.62.

GitLab Price Performance

The firm has a market cap of $10.41 billion, a price-to-earnings ratio of -200.03 and a beta of 0.63. The firm’s fifty day moving average is $64.00 and its two-hundred day moving average is $57.61.

Insiders Place Their Bets

In other GitLab news, insider Robin Schulman sold 9,251 shares of the company’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $70.00, for a total transaction of $647,570.00. Following the completion of the transaction, the insider now owns 121,893 shares of the company’s stock, valued at $8,532,510. This represents a 7.05 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Brian G. Robins sold 10,000 shares of the 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 completion of the sale, the chief financial officer now owns 242,803 shares in the company, valued at approximately $16,411,054.77. This trade represents a 3.96 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 740,257 shares of company stock valued at $44,710,867 over the last 90 days. 21.36% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On GitLab

A number of hedge funds have recently added to or reduced their stakes in GTLB. Vanguard Group Inc. boosted its position in GitLab by 7.2% in the fourth quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company’s stock worth $740,585,000 after purchasing an additional 885,955 shares during the last quarter. Norges Bank bought a new position in shares of GitLab in the 4th quarter worth approximately $279,089,000. Artisan Partners Limited Partnership raised its position in shares of GitLab by 55.7% in the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock worth $227,318,000 after acquiring an additional 1,443,160 shares in the last quarter. Franklin Resources Inc. raised its position in shares of GitLab by 17.6% in the 4th quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company’s stock worth $176,954,000 after acquiring an additional 470,192 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its position in GitLab by 276.9% during the 4th quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company’s stock valued at $121,435,000 after buying an additional 1,583,221 shares in the last quarter. 95.04% 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.