GitLab (NASDAQ:GTLB) Trading Down 7.8% – Time to Sell?

GitLab Inc. (NASDAQ:GTLB)’s share price fell 7.8% during trading on Monday . The stock traded as low as $50.98 and last traded at $51.96. 1,293,630 shares traded hands during mid-day trading, a decline of 57% from the average session volume of 2,997,273 shares. The stock had previously closed at $56.38.

Analyst Ratings Changes

GTLB has been the topic of a number of research reports. Morgan Stanley increased their price objective on shares of GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. The Goldman Sachs Group lifted their price objective on GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Scotiabank increased their price objective on shares of GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a report on Wednesday, December 4th. Robert W. Baird lowered their target price on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a report on Monday, March 3rd. Finally, KeyCorp increased their price target on shares of GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $75.38.

GitLab Price Performance

The business’s 50-day moving average price is $64.31 and its two-hundred day moving average price is $59.07. The firm has a market cap of $8.28 billion, a price-to-earnings ratio of -159.34 and a beta of 0.67.

Insider Transactions at GitLab

In related news, CFO Brian G. Robins sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $70.83, for a total transaction of $708,300.00. Following the sale, the chief financial officer now directly owns 267,380 shares of the company’s stock, valued at approximately $18,938,525.40. This represents a 3.61 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Robin Schulman sold 2,996 shares of the business’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $55.98, for a total transaction of $167,716.08. Following the sale, the insider now directly owns 129,223 shares of the company’s stock, valued at approximately $7,233,903.54. This represents a 2.27 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 730,257 shares of company stock valued at $44,034,967. Insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of GitLab by 7.2% during the fourth quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company’s stock valued at $740,585,000 after buying an additional 885,955 shares during the last quarter. Norges Bank acquired a new stake in GitLab in the 4th quarter valued at approximately $279,089,000. Artisan Partners Limited Partnership raised its stake in GitLab by 55.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock valued at $227,318,000 after acquiring an additional 1,443,160 shares in the last quarter. Franklin Resources Inc. grew its stake in shares of GitLab by 17.6% in the fourth quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company’s stock worth $176,954,000 after purchasing an additional 470,192 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its holdings in shares of GitLab by 276.9% during the fourth quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company’s stock valued at $121,435,000 after purchasing an additional 1,583,221 shares during the period. Institutional investors own 95.04% of the company’s stock.

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.