GitLab (NASDAQ:GTLB) Stock Price Down 5.7%

GitLab Inc. (NASDAQ:GTLB)’s share price dropped 5.7% during mid-day trading on Tuesday . The stock traded as low as $49.74 and last traded at $49.84. Approximately 1,528,948 shares were traded during mid-day trading, a decline of 41% from the average daily volume of 2,606,001 shares. The stock had previously closed at $52.87.

Wall Street Analyst Weigh In

GTLB has been the topic of a number of research reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $65.00 target price on shares of GitLab in a research report on Thursday, July 18th. Canaccord Genuity Group cut their price objective on shares of GitLab from $74.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday, June 5th. Bank of America decreased their target price on GitLab from $85.00 to $80.00 and set a “buy” rating on the stock in a research report on Tuesday, June 4th. DA Davidson cut their price target on GitLab from $65.00 to $50.00 and set a “neutral” rating for the company in a report on Tuesday, June 4th. Finally, Citic Securities initiated coverage on GitLab in a research report on Monday, June 3rd. They issued a “buy” rating and a $80.00 price objective for the company. Four analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $67.30.

GitLab Stock Performance

The stock has a market cap of $7.97 billion, a price-to-earnings ratio of -18.23 and a beta of 0.45. The firm’s 50-day simple moving average is $49.71 and its two-hundred day simple moving average is $57.64.

GitLab (NASDAQ:GTLB) last posted its quarterly earnings data on Monday, June 3rd. The company reported ($0.24) earnings per share for the quarter, topping the consensus estimate of ($0.33) by $0.09. GitLab had a negative net margin of 68.52% and a negative return on equity of 19.14%. The firm had revenue of $169.19 million during the quarter, compared to analysts’ expectations of $165.66 million. Equities research analysts expect that GitLab Inc. will post -0.5 earnings per share for the current fiscal year.

Insider Activity

In other GitLab news, CFO Brian G. Robins sold 11,667 shares of the business’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $43.56, for a total transaction of $508,214.52. Following the completion of the sale, the chief financial officer now directly owns 305,175 shares of the company’s stock, valued at approximately $13,293,423. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other GitLab news, CFO Brian G. Robins sold 23,334 shares of GitLab stock in a transaction on Monday, July 1st. The shares were sold at an average price of $50.24, for a total transaction of $1,172,300.16. Following the completion of the sale, the chief financial officer now owns 282,441 shares of the company’s stock, valued at approximately $14,189,835.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Brian G. Robins sold 11,667 shares of the stock in a transaction on Friday, June 7th. The shares were sold at an average price of $43.56, for a total value of $508,214.52. Following the completion of the transaction, the chief financial officer now directly owns 305,175 shares in the company, valued at approximately $13,293,423. The disclosure for this sale can be found here. Insiders have sold 116,943 shares of company stock valued at $5,699,980 over the last 90 days. 21.36% of the stock is owned by company insiders.

Institutional Investors Weigh In On GitLab

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Moloney Securities Asset Management LLC grew its position in shares of GitLab by 4.9% during the 2nd quarter. Moloney Securities Asset Management LLC now owns 6,400 shares of the company’s stock worth $318,000 after buying an additional 300 shares during the period. iA Global Asset Management Inc. acquired a new position in GitLab during the second quarter valued at approximately $4,608,000. Principal Financial Group Inc. grew its holdings in GitLab by 14.6% during the second quarter. Principal Financial Group Inc. now owns 10,324 shares of the company’s stock valued at $513,000 after purchasing an additional 1,314 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in GitLab by 48.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 24,524 shares of the company’s stock valued at $1,219,000 after purchasing an additional 7,987 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in GitLab by 549.1% in the second quarter. Allspring Global Investments Holdings LLC now owns 3,726 shares of the company’s stock worth $185,000 after purchasing an additional 3,152 shares during the period. Institutional investors own 91.72% 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.