GitLab (NASDAQ:GTLB) Stock Price Down 1.5% – Time to Sell?

GitLab Inc. (NASDAQ:GTLB) shares traded down 1.5% during mid-day trading on Wednesday . The company traded as low as $63.91 and last traded at $64.11. 601,921 shares were traded during mid-day trading, a decline of 73% from the average session volume of 2,201,764 shares. The stock had previously closed at $65.07.

Analyst Upgrades and Downgrades

Several research firms have recently commented on GTLB. Truist Financial restated a “buy” rating and issued a $90.00 target price (up previously from $80.00) on shares of GitLab in a research note on Friday, December 6th. Barclays lifted their price target on GitLab from $55.00 to $70.00 and gave the company an “equal weight” rating in a report on Monday, December 9th. Cantor Fitzgerald boosted their price target on GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. TD Cowen upped their target price on GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Finally, Macquarie reiterated an “outperform” rating and issued a $90.00 target price on shares of GitLab in a research report on Wednesday, January 15th. Three equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $76.42.

GitLab Trading Down 1.9 %

The company has a market cap of $10.37 billion, a P/E ratio of -199.61 and a beta of 0.57. The firm has a 50 day moving average of $61.46 and a 200-day moving average of $54.98.

Insiders Place Their Bets

In other news, CFO Brian G. Robins sold 10,000 shares of the firm’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $67.59, for a total value of $675,900.00. Following the completion of the sale, the chief financial officer now owns 242,803 shares in the company, valued at approximately $16,411,054.77. This trade represents a 3.96 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Robin Schulman sold 2,996 shares of the company’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 directly owns 129,223 shares in the company, valued at $7,233,903.54. This trade represents a 2.27 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 816,447 shares of company stock worth $48,948,434. 21.36% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On GitLab

Institutional investors and hedge funds have recently modified their holdings of the stock. Bank of Marin raised its position in GitLab by 3.0% during the third quarter. Bank of Marin now owns 5,856 shares of the company’s stock valued at $302,000 after buying an additional 171 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in GitLab by 0.3% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 91,445 shares of the company’s stock valued at $4,713,000 after purchasing an additional 281 shares during the period. Glenmede Trust Co. NA increased its stake in GitLab by 3.0% during the 3rd quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company’s stock worth $596,000 after purchasing an additional 334 shares in the last quarter. Blue Trust Inc. grew its stake in shares of GitLab by 18.2% during the 3rd quarter. Blue Trust Inc. now owns 3,166 shares of the company’s stock worth $157,000 after acquiring an additional 488 shares in the last quarter. Finally, Blair William & Co. IL boosted its holdings in shares of GitLab by 1.9% in the 2nd quarter. Blair William & Co. IL now owns 42,151 shares of the company’s stock valued at $2,096,000 after buying an additional 769 shares during the last quarter. Hedge funds and other institutional investors own 95.04% 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.