GitLab (NASDAQ:GTLB) Stock Price Down 1.8% – Here’s Why

GitLab Inc. (NASDAQ:GTLB) shares were down 1.8% on Monday . The company traded as low as $62.67 and last traded at $63.02. Approximately 1,730,922 shares traded hands during trading, a decline of 25% from the average daily volume of 2,298,061 shares. The stock had previously closed at $64.20.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on GTLB shares. Piper Sandler raised their price target on shares of GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. The Goldman Sachs Group raised their price target on shares of GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Wells Fargo & Company raised their price target on shares of GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Scotiabank raised their price target on shares of GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a research report on Wednesday, December 4th. Finally, Needham & Company LLC reissued a “buy” rating and set a $85.00 price target on shares of GitLab in a research report on Tuesday, January 7th. Three equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, GitLab presently has a consensus rating of “Moderate Buy” and a consensus price target of $76.42.

GitLab Trading Up 3.3 %

The stock has a market capitalization of $10.56 billion, a P/E ratio of -203.34 and a beta of 0.57. The stock’s fifty day moving average price is $61.35 and its two-hundred day moving average price is $54.89.

Insider Transactions at GitLab

In other news, insider Robin Schulman sold 2,996 shares of the business’s stock in a transaction that occurred 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 directly owns 129,223 shares in the company, valued at approximately $7,233,903.54. The trade was a 2.27 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Matthew Jacobson sold 547,679 shares of the business’s stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $59.72, for a total transaction of $32,707,389.88. Following the completion of the sale, the director now 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 816,447 shares of company stock worth $48,948,434. 21.36% of the stock is currently owned by insiders.

Institutional Investors Weigh In On GitLab

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of Marin raised its holdings in GitLab by 3.0% during the 3rd quarter. Bank of Marin now owns 5,856 shares of the company’s stock valued at $302,000 after buying an additional 171 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in GitLab by 0.3% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 91,445 shares of the company’s stock valued at $4,713,000 after buying an additional 281 shares during the last quarter. Glenmede Trust Co. NA raised its holdings in GitLab by 3.0% during the 3rd quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company’s stock valued at $596,000 after buying an additional 334 shares during the last quarter. Blue Trust Inc. raised its holdings in GitLab by 18.2% during the 3rd quarter. Blue Trust Inc. now owns 3,166 shares of the company’s stock valued at $157,000 after buying an additional 488 shares during the last quarter. Finally, Blair William & Co. IL increased its position in GitLab by 1.9% during the 2nd quarter. Blair William & Co. IL now owns 42,151 shares of the company’s stock valued at $2,096,000 after purchasing an additional 769 shares during the period. 95.04% of the stock is currently owned by institutional investors.

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.