GitLab (NASDAQ:GTLB) Stock Price Down 0.8% – Here’s What Happened

GitLab Inc. (NASDAQ:GTLB)’s share price fell 0.8% during trading on Thursday . The stock traded as low as $68.83 and last traded at $69.20. 393,061 shares traded hands during trading, a decline of 86% from the average session volume of 2,755,257 shares. The stock had previously closed at $69.79.

Analysts Set New Price Targets

A number of research firms recently weighed in on GTLB. Macquarie restated an “outperform” rating and issued a $90.00 target price on shares of GitLab in a research report on Wednesday, January 15th. The Goldman Sachs Group lifted their target price on shares of GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Needham & Company LLC reissued a “buy” rating and issued a $85.00 price target on shares of GitLab in a research note on Tuesday, January 7th. KeyCorp boosted their target price on GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Finally, DA Davidson lifted their price target on GitLab from $50.00 to $70.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, GitLab presently has an average rating of “Moderate Buy” and a consensus price target of $76.42.

GitLab Price Performance

The stock has a market cap of $11.01 billion, a P/E ratio of -211.97 and a beta of 0.63. The firm’s 50 day moving average price is $63.45 and its 200-day moving average price is $56.95.

Insider Activity at GitLab

In other news, insider Robin Schulman sold 2,996 shares of the company’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $55.98, for a total transaction of $167,716.08. Following the transaction, the insider now directly 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 sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Sytse Sijbrandij sold 84,776 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $59.64, for a total transaction of $5,056,040.64. The disclosure for this sale can be found here. In the last three months, insiders have sold 825,033 shares of company stock valued at $49,766,908. 21.36% of the stock is owned by corporate insiders.

Institutional Trading of GitLab

Hedge funds have recently bought and sold shares of the company. EverSource Wealth Advisors LLC boosted its position in 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 during the last quarter. IMG Wealth Management Inc. purchased a new position in shares of GitLab in the fourth quarter worth approximately $46,000. True Wealth Design LLC bought a new stake in GitLab during the third quarter valued at approximately $56,000. Raleigh Capital Management Inc. purchased a new stake in GitLab during the fourth quarter valued at approximately $66,000. Finally, Smartleaf Asset Management LLC increased its holdings in GitLab by 1,067.6% during the fourth 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 during the last quarter. Hedge funds and other 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.