GitLab (NASDAQ:GTLB) Stock Price Down 5.7%

Shares of GitLab Inc. (NASDAQ:GTLB) traded down 5.7% during trading on Tuesday . The company traded as low as $49.74 and last traded at $49.84. 1,528,948 shares changed hands during trading, a decline of 41% from the average session volume of 2,606,001 shares. The stock had previously closed at $52.87.

Analysts Set New Price Targets

GTLB has been the subject of several recent research reports. JPMorgan Chase & Co. lowered their price objective on GitLab from $55.00 to $50.00 and set a “neutral” rating for the company in a research note on Tuesday, June 4th. Raymond James upgraded shares of GitLab from a “market perform” rating to an “outperform” rating and set a $70.00 price target for the company in a research report on Friday, April 12th. Citic Securities assumed coverage on shares of GitLab in a report on Monday, June 3rd. They set a “buy” rating and a $80.00 price target on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $65.00 price objective on shares of GitLab in a report on Thursday, July 18th. Finally, Mizuho cut their target price on GitLab from $70.00 to $62.00 and set a “buy” rating on the stock in a report on Tuesday, June 4th. Four equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $67.30.

GitLab Stock Performance

The business has a 50 day moving average of $49.71 and a two-hundred day moving average of $57.64. The firm has a market capitalization of $7.97 billion, a price-to-earnings ratio of -18.23 and a beta of 0.45.

GitLab (NASDAQ:GTLB) last issued its earnings results on Monday, June 3rd. The company reported ($0.24) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.09. GitLab had a negative return on equity of 19.14% and a negative net margin of 68.52%. The company had revenue of $169.19 million for the quarter, compared to analyst estimates of $165.66 million. On average, equities analysts predict that GitLab Inc. will post -0.5 EPS for the current fiscal year.

Insider Buying and Selling at GitLab

In other news, insider Robin Schulman sold 2,402 shares of the business’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $56.25, for a total transaction of $135,112.50. Following the completion of the sale, the insider now directly owns 142,933 shares of the company’s stock, valued at $8,039,981.25. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CEO Sytse Sijbrandij sold 56,000 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $48.99, for a total value of $2,743,440.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Robin Schulman sold 2,402 shares of GitLab stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $56.25, for a total value of $135,112.50. Following the transaction, the insider now directly owns 142,933 shares in the company, valued at approximately $8,039,981.25. The disclosure for this sale can be found here. Over the last three months, insiders have sold 116,943 shares of company stock valued at $5,699,980. Corporate insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

Several large investors have recently bought and sold shares of the stock. Byrne Asset Management LLC purchased a new stake in shares of GitLab in the first quarter valued at about $33,000. Allspring Global Investments Holdings LLC increased its stake in GitLab by 2,107.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 574 shares of the company’s stock valued at $33,000 after buying an additional 548 shares during the last quarter. Banque Cantonale Vaudoise bought a new position in shares of GitLab during the 1st quarter worth approximately $58,000. Future Financial Wealth Managment LLC purchased a new position in shares of GitLab in the 1st quarter worth approximately $58,000. Finally, Harvest Fund Management Co. Ltd bought a new position in shares of GitLab in the fourth quarter valued at approximately $71,000. 91.72% of the stock is currently owned by institutional investors.

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.