GitLab (NASDAQ:GTLB) Shares Down 0.9% – Here’s Why

GitLab Inc. (NASDAQ:GTLB)’s stock price traded down 0.9% during mid-day trading on Friday . The stock traded as low as $70.50 and last traded at $70.84. 509,536 shares traded hands during trading, a decline of 82% from the average session volume of 2,862,665 shares. The stock had previously closed at $71.45.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. DA Davidson raised their price target on GitLab from $50.00 to $70.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Mizuho upped their target price on shares of GitLab from $67.00 to $80.00 and gave the company an “outperform” rating in a research note on Monday, December 9th. Piper Sandler raised their price target 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 reaffirmed an “outperform” rating and set a $90.00 target price on shares of GitLab in a report on Wednesday, January 15th. Finally, KeyCorp boosted their target price on shares of GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Three analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, GitLab presently has an average rating of “Moderate Buy” and an average price target of $76.42.

GitLab Stock Performance

The company’s 50-day moving average price is $62.90 and its two-hundred day moving average price is $56.37. The stock has a market cap of $11.45 billion, a PE ratio of -220.53 and a beta of 0.63.

Insider Transactions at GitLab

In other news, insider Robin Schulman sold 2,996 shares of GitLab stock in a transaction 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 transaction, the insider now owns 129,223 shares in the company, valued at $7,233,903.54. This trade represents a 2.27 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Brian G. Robins sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $67.59, for a total value of $675,900.00. Following the completion of the transaction, 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 disclosure for this sale can be found here. In the last quarter, insiders sold 828,283 shares of company stock valued at $49,959,990. Corporate insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

A number of institutional investors have recently modified their holdings of the company. Y Intercept Hong Kong Ltd acquired a new position in GitLab during the third quarter valued at $678,000. State Street Corp raised its position in shares of GitLab by 5.8% during the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company’s stock valued at $104,740,000 after buying an additional 111,997 shares during the period. Barclays PLC increased its position in shares of GitLab by 189.1% during the third quarter. Barclays PLC now owns 61,419 shares of the company’s stock valued at $3,164,000 after acquiring an additional 40,171 shares during the last quarter. Oddo BHF Asset Management Sas acquired a new position in GitLab in the 3rd quarter valued at about $6,865,000. Finally, Jackson Square Capital LLC raised its stake in shares of GitLab by 328.1% in the fourth quarter. Jackson Square Capital LLC now owns 36,600 shares of the company’s stock valued at $2,062,000 after acquiring an additional 28,050 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.