GitLab (NASDAQ:GTLB) Stock Price Down 3.8% – Time to Sell?

GitLab Inc. (NASDAQ:GTLB) fell 3.8% during mid-day trading on Monday . The company traded as low as $60.38 and last traded at $61.66. 724,306 shares were traded during mid-day trading, a decline of 73% from the average session volume of 2,715,049 shares. The stock had previously closed at $64.12.

Wall Street Analysts Forecast Growth

GTLB has been the subject of several research reports. Royal Bank of Canada increased their price objective on shares of GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Mizuho increased 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 lifted their price target on shares of GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. TD Cowen increased their price objective on shares of GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Finally, Canaccord Genuity Group boosted their target price on GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $76.62.

GitLab Price Performance

The business has a fifty day simple moving average of $64.11 and a two-hundred day simple moving average of $57.96. The company has a market cap of $10.10 billion, a PE ratio of -194.25 and a beta of 0.63.

Insider Buying and Selling

In other GitLab news, Director Matthew Jacobson sold 547,679 shares of GitLab stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $59.72, for a total value of $32,707,389.88. Following the transaction, the director now directly owns 58,471 shares of the company’s stock, valued at approximately $3,491,888.12. The trade was a 90.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robin Schulman sold 2,996 shares of the 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 sale, the insider now 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. Insiders sold 740,257 shares of company stock worth $44,710,867 in the last three months. 21.36% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. M&T Bank Corp grew its stake in shares of GitLab by 3.1% during the fourth quarter. M&T Bank Corp now owns 4,965 shares of the company’s stock worth $280,000 after acquiring an additional 148 shares during the last quarter. Wilmington Savings Fund Society FSB grew its position in GitLab by 7.9% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock worth $116,000 after purchasing an additional 150 shares during the last quarter. OneDigital Investment Advisors LLC increased its stake in GitLab by 4.3% during the 4th quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock valued at $228,000 after purchasing an additional 166 shares in the last quarter. Bank of Marin raised its holdings in shares of GitLab by 3.0% in the third quarter. Bank of Marin now owns 5,856 shares of the company’s stock worth $302,000 after buying an additional 171 shares during the last quarter. Finally, Utah Retirement Systems raised its holdings in shares of GitLab by 3.1% in the fourth quarter. Utah Retirement Systems now owns 6,600 shares of the company’s stock worth $372,000 after buying an additional 200 shares during the last quarter. 95.04% of the stock is owned by institutional investors and hedge funds.

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.