GitLab (NASDAQ:GTLB) Trading Down 3.9% – Here’s What Happened

GitLab Inc. (NASDAQ:GTLB) was down 3.9% on Monday . The company traded as low as $66.62 and last traded at $67.83. Approximately 3,041,041 shares were traded during trading, an increase of 2% from the average daily volume of 2,988,038 shares. The stock had previously closed at $70.56.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on GTLB shares. Macquarie reissued an “outperform” rating and set a $90.00 target price on shares of GitLab in a research note on Wednesday, January 15th. Mizuho lifted their target price on shares of GitLab from $67.00 to $80.00 and gave the stock an “outperform” rating in a research note on Monday, December 9th. JPMorgan Chase & Co. lifted their price target on shares of GitLab from $60.00 to $65.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. TD Cowen lifted their price target on shares of GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Finally, Piper Sandler lifted their price target on shares of GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Three 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’s stock. According to data from MarketBeat.com, GitLab has a consensus rating of “Moderate Buy” and a consensus target price of $76.42.

GitLab Price Performance

The stock’s 50 day simple moving average is $63.69 and its two-hundred day simple moving average is $57.45. The stock has a market capitalization of $11.33 billion, a PE ratio of -218.19 and a beta of 0.63.

Insider Buying and Selling

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $70.83, for a total value of $708,300.00. Following the sale, the chief financial officer now directly owns 267,380 shares in the company, valued at $18,938,525.40. This represents a 3.61 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Robin Schulman sold 2,996 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $55.98, for a total transaction of $167,716.08. Following the completion of the sale, the insider now owns 129,223 shares in the company, valued at $7,233,903.54. This represents a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 740,257 shares of company stock valued at $44,710,867. Company insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in GitLab by 7.2% in the 4th quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company’s stock worth $740,585,000 after purchasing an additional 885,955 shares in the last quarter. Norges Bank purchased a new stake in shares of GitLab during the 4th quarter valued at $279,089,000. Artisan Partners Limited Partnership raised its position in shares of GitLab by 55.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock valued at $227,318,000 after buying an additional 1,443,160 shares in the last quarter. Franklin Resources Inc. raised its position in shares of GitLab by 17.6% during the 4th quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company’s stock valued at $176,954,000 after buying an additional 470,192 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its position in shares of GitLab by 276.9% during the 4th quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company’s stock valued at $121,435,000 after buying an additional 1,583,221 shares in the last quarter. 95.04% of the stock is currently owned by hedge funds and other 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.