GitLab (NASDAQ:GTLB) Shares Down 4% – Time to Sell?

GitLab Inc. (NASDAQ:GTLB) shares dropped 4% during mid-day trading on Friday . The company traded as low as $66.62 and last traded at $67.75. Approximately 985,969 shares traded hands during trading, a decline of 64% from the average daily volume of 2,742,351 shares. The stock had previously closed at $70.56.

Analyst Ratings Changes

GTLB has been the subject of several research reports. Wells Fargo & Company raised their target price on GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Needham & Company LLC reiterated a “buy” rating and set a $85.00 target price on shares of GitLab in a research report on Tuesday, January 7th. Cantor Fitzgerald increased their price target on shares of GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Truist Financial reaffirmed a “buy” rating and set a $90.00 price objective (up from $80.00) on shares of GitLab in a report on Friday, December 6th. Finally, Royal Bank of Canada increased their target price on GitLab from $73.00 to $80.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Three research 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 company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $76.42.

GitLab Price Performance

The company has a market cap of $11.05 billion, a P/E ratio of -212.70 and a beta of 0.63. The stock’s 50-day moving average price is $63.45 and its 200-day moving average price is $56.95.

Insider Buying and Selling at GitLab

In other news, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction dated 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 trade represents a 3.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, 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 completion of the sale, the insider now owns 129,223 shares of the company’s stock, valued at $7,233,903.54. The trade was a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 825,033 shares of company stock valued at $49,766,908 in the last ninety days. 21.36% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On GitLab

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Two Sigma Securities LLC boosted its holdings in GitLab by 789.8% during the 4th quarter. Two Sigma Securities LLC now owns 3,559 shares of the company’s stock worth $201,000 after acquiring an additional 3,159 shares during the last quarter. Lord Abbett & CO. LLC bought a new position in GitLab in the 4th quarter worth about $17,920,000. Integrated Wealth Concepts LLC boosted its holdings in shares of GitLab by 292.8% in the 4th quarter. Integrated Wealth Concepts LLC now owns 16,477 shares of the company’s stock worth $928,000 after purchasing an additional 12,282 shares in the last quarter. Blue Owl Capital Holdings LP purchased a new position in shares of GitLab in the 4th quarter worth about $568,000. Finally, Fuller & Thaler Asset Management Inc. lifted its position in GitLab by 10.8% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 829,621 shares of the company’s stock worth $46,749,000 after buying an additional 80,851 shares during the last quarter. 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.