GitLab (NASDAQ:GTLB) Trading Down 1.9% – Here’s What Happened

GitLab Inc. (NASDAQ:GTLB)’s stock price dropped 1.9% on Friday . The stock traded as low as $56.63 and last traded at $57.12. Approximately 476,293 shares were traded during trading, a decline of 84% from the average daily volume of 2,986,813 shares. The stock had previously closed at $58.25.

Analyst Ratings Changes

GTLB has been the topic of several recent analyst reports. Cantor Fitzgerald reissued an “overweight” rating and set a $80.00 price target on shares of GitLab in a research report on Tuesday, March 4th. Robert W. Baird dropped their price target on GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a research report on Monday, March 3rd. DA Davidson lowered their target price on GitLab from $70.00 to $60.00 and set a “neutral” rating on the stock in a research note on Friday, February 28th. Mizuho lowered their target price on GitLab from $80.00 to $72.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 4th. Finally, JPMorgan Chase & Co. lowered their target price on GitLab from $65.00 to $62.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 4th. Three analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, GitLab currently has an average rating of “Moderate Buy” and a consensus price target of $75.38.

GitLab Stock Performance

The firm has a 50 day moving average of $64.31 and a two-hundred day moving average of $58.99. The stock has a market cap of $9.15 billion, a P/E ratio of -176.19 and a beta of 0.67.

Insider Activity at GitLab

In other GitLab news, Director Karen Blasing sold 3,250 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $58.99, for a total value of $191,717.50. Following the completion of the transaction, the director now owns 134,733 shares of the company’s stock, valued at $7,947,899.67. This represents a 2.36 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Brian G. Robins sold 10,000 shares of the company’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 value of $675,900.00. Following the completion of the transaction, the chief financial officer now directly owns 242,803 shares of the company’s stock, valued at approximately $16,411,054.77. This trade represents a 3.96 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 740,257 shares of company stock worth $44,710,867 in the last 90 days. 21.36% of the stock is owned by company insiders.

Hedge Funds Weigh In On GitLab

Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in GitLab by 7.2% in the 4th quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company’s stock valued at $740,585,000 after acquiring an additional 885,955 shares in the last quarter. Norges Bank acquired a new position in shares of GitLab in the 4th quarter worth approximately $279,089,000. Artisan Partners Limited Partnership raised its holdings in shares of GitLab by 55.7% in the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock worth $227,318,000 after buying an additional 1,443,160 shares in the last quarter. Franklin Resources Inc. raised its holdings in shares of GitLab by 17.6% in the 4th quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company’s stock worth $176,954,000 after buying an additional 470,192 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in shares of GitLab by 276.9% in the 4th quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company’s stock worth $121,435,000 after buying an additional 1,583,221 shares in the last quarter. Institutional investors and hedge funds 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.