GitLab (NASDAQ:GTLB) Shares Down 0.5% – Should You Sell?

GitLab Inc. (NASDAQ:GTLB) traded down 0.5% during trading on Wednesday . The stock traded as low as $51.61 and last traded at $51.70. 560,487 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 2,983,909 shares. The stock had previously closed at $51.94.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Piper Sandler raised their price target on shares of GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Morgan Stanley raised their price target on shares of GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Cantor Fitzgerald reiterated an “overweight” rating and set a $80.00 price objective on shares of GitLab in a research note on Tuesday, March 4th. The Goldman Sachs Group lifted their price objective on shares of GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of GitLab from $65.00 to $62.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 4th. Three investment analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, GitLab currently has an average rating of “Moderate Buy” and a consensus price target of $75.38.

GitLab Price Performance

The stock has a market cap of $8.38 billion, a price-to-earnings ratio of -160.78 and a beta of 0.67. The business’s fifty day simple moving average is $63.92 and its 200 day simple moving average is $59.03.

Insiders Place Their Bets

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $70.83, for a total value 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 ownership of the stock. The transaction 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 on Friday, December 20th. The shares were sold at an average price of $55.98, for a total value of $167,716.08. Following the completion of the sale, the insider now owns 129,223 shares in the company, valued at $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 sold a total of 730,257 shares of company stock valued at $44,034,967 over the last 90 days. 21.36% of the stock is owned by company insiders.

Institutional Investors Weigh In On GitLab

A number of hedge funds have recently added to or reduced their stakes in the stock. Infinitum Asset Management LLC bought a new stake in GitLab in the fourth quarter valued at $6,762,000. Polar Asset Management Partners Inc. lifted its stake in GitLab by 120.1% in the fourth quarter. Polar Asset Management Partners Inc. now owns 209,500 shares of the company’s stock valued at $11,805,000 after buying an additional 114,300 shares during the last quarter. Public Employees Retirement System of Ohio lifted its stake in GitLab by 63.8% in the fourth quarter. Public Employees Retirement System of Ohio now owns 70,485 shares of the company’s stock valued at $3,972,000 after buying an additional 27,455 shares during the last quarter. JT Stratford LLC bought a new stake in GitLab in the fourth quarter valued at $284,000. Finally, Sone Capital Management LLC bought a new stake in shares of GitLab during the fourth quarter valued at about $7,917,000. 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.