GitLab (NASDAQ:GTLB) Trading Down 1.2% Following Analyst Downgrade

GitLab Inc. (NASDAQ:GTLB)’s share price traded down 1.2% on Monday after Robert W. Baird lowered their price target on the stock from $80.00 to $76.00. Robert W. Baird currently has an outperform rating on the stock. GitLab traded as low as $58.67 and last traded at $59.46. 1,422,460 shares traded hands during trading, a decline of 47% from the average session volume of 2,694,118 shares. The stock had previously closed at $60.21.

GTLB has been the topic of a number of other research reports. Wells Fargo & Company lifted their target price on shares of GitLab from $80.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. Morgan Stanley lifted their target price on shares of GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Piper Sandler lifted their target price on shares of GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Macquarie reiterated an “outperform” rating and issued a $90.00 target price on shares of GitLab in a research report on Wednesday, January 15th. Finally, Cantor Fitzgerald boosted their price objective on shares of GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research report 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 assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $76.27.

Insiders Place Their Bets

In other news, insider Robin Schulman sold 2,996 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 129,223 shares of the company’s stock, valued at $7,233,903.54. The trade was a 2.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brian G. Robins sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $67.59, for a total transaction of $675,900.00. Following the transaction, the chief financial officer now directly 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 740,257 shares of company stock valued at $44,710,867. Insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. M&T Bank Corp increased its holdings in GitLab by 3.1% during the fourth quarter. M&T Bank Corp now owns 4,965 shares of the company’s stock valued at $280,000 after buying an additional 148 shares during the last quarter. Wilmington Savings Fund Society FSB boosted its position 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 worth $116,000 after purchasing an additional 150 shares during the period. OneDigital Investment Advisors LLC boosted its position 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 worth $228,000 after purchasing an additional 166 shares during the period. Bank of Marin boosted its position in shares of GitLab by 3.0% in 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 boosted its position in shares of GitLab by 3.1% in 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 owned by hedge funds and other institutional investors.

GitLab Price Performance

The firm has a market capitalization of $9.60 billion, a P/E ratio of -185.44 and a beta of 0.63. The stock’s 50-day simple moving average is $64.38 and its two-hundred day simple moving average is $58.61.

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.