GitLab (NASDAQ:GTLB) Shares Down 2.4% – Time to Sell?

GitLab Inc. (NASDAQ:GTLB)’s share price traded down 2.4% during mid-day trading on Tuesday . The company traded as low as $68.80 and last traded at $69.55. 662,739 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 2,817,923 shares. The stock had previously closed at $71.28.

Analysts Set New Price Targets

GTLB has been the subject of several recent research reports. Morgan Stanley increased their target price on shares of GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Truist Financial restated a “buy” rating and set a $90.00 price objective (up from $80.00) on shares of GitLab in a research note on Friday, December 6th. Mizuho increased their price objective on shares of GitLab from $67.00 to $80.00 and gave the company an “outperform” rating in a research report on Monday, December 9th. Canaccord Genuity Group increased their target price on GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $85.00 price objective on shares of GitLab in a research report on Tuesday, January 7th. Three investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $76.42.

GitLab Price Performance

The company has a market cap of $11.23 billion, a price-to-earnings ratio of -216.27 and a beta of 0.63. The business’s fifty day moving average price is $63.21 and its 200 day moving average price is $56.66.

Insider Activity

In other news, CFO Brian G. Robins sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $67.59, for a total transaction of $675,900.00. Following the completion of the sale, the chief financial officer now owns 242,803 shares of the company’s stock, valued at $16,411,054.77. This trade represents a 3.96 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Robin Schulman sold 2,996 shares of GitLab 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 transaction, the insider now owns 129,223 shares of the company’s stock, valued at $7,233,903.54. This represents a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 828,283 shares of company stock valued at $49,959,990. Company insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC increased its stake in shares of GitLab by 5,700.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after purchasing an additional 513 shares in the last quarter. IMG Wealth Management Inc. purchased a new position in shares of GitLab during the 4th quarter valued at $46,000. True Wealth Design LLC purchased a new position in GitLab during the third quarter worth about $56,000. Raleigh Capital Management Inc. purchased a new position in GitLab in the 4th quarter worth approximately $66,000. Finally, Smartleaf Asset Management LLC raised its position in shares of GitLab by 1,067.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock valued at $71,000 after buying an additional 1,153 shares in the last quarter. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

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.