GitLab (NASDAQ:GTLB) Shares Down 6%

Shares of GitLab Inc. (NASDAQ:GTLB) fell 6% on Monday . The stock traded as low as $47.66 and last traded at $47.91. 200,338 shares traded hands during mid-day trading, a decline of 92% from the average session volume of 2,590,510 shares. The stock had previously closed at $50.95.

Analyst Ratings Changes

Several brokerages recently commented on GTLB. Royal Bank of Canada restated an “outperform” rating and set a $65.00 target price on shares of GitLab in a research report on Friday, June 28th. Needham & Company LLC reaffirmed a “hold” rating on shares of GitLab in a research note on Tuesday, June 4th. Wells Fargo & Company initiated coverage on GitLab in a research note on Tuesday, April 9th. They set an “overweight” rating and a $70.00 target price for the company. Citic Securities initiated coverage on GitLab in a research note on Monday, June 3rd. They issued a “buy” rating and a $80.00 price objective for the company. Finally, Cantor Fitzgerald reduced their price objective on GitLab from $70.00 to $55.00 and set an “overweight” rating for the company in a research note on Tuesday, June 4th. Four research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $67.30.

GitLab Stock Performance

The business has a 50 day moving average of $50.15 and a 200-day moving average of $58.25.

GitLab (NASDAQ:GTLB) last posted its earnings results on Monday, June 3rd. The company reported ($0.24) EPS for the quarter, topping the consensus estimate 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 business had revenue of $169.19 million during the quarter, compared to analysts’ expectations of $165.66 million. On average, research analysts anticipate that GitLab Inc. will post -0.5 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Merline Saintil sold 1,182 shares of the business’s stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $51.51, for a total transaction of $60,884.82. Following the completion of the transaction, the director now directly owns 9,902 shares in the company, valued at $510,052.02. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, Director Merline Saintil sold 1,182 shares of the company’s stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $51.51, for a total value of $60,884.82. Following the completion of the transaction, the director now directly owns 9,902 shares in the company, valued at approximately $510,052.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Brian G. Robins sold 11,667 shares of the company’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $43.56, for a total value of $508,214.52. Following the completion of the transaction, the chief financial officer now owns 305,175 shares of the company’s stock, valued at $13,293,423. The disclosure for this sale can be found here. Insiders sold a total of 50,611 shares of company stock worth $2,398,115 over the last ninety days. 21.36% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On GitLab

A number of hedge funds and other institutional investors have recently modified their holdings of GTLB. Wellington Management Group LLP lifted its stake in shares of GitLab by 280.3% in the 3rd quarter. Wellington Management Group LLP now owns 628,987 shares of the company’s stock valued at $28,443,000 after acquiring an additional 463,584 shares during the last quarter. Vanguard Group Inc. raised its position in GitLab by 6.8% during the 3rd quarter. Vanguard Group Inc. now owns 8,317,446 shares of the company’s stock valued at $376,115,000 after purchasing an additional 530,702 shares during the last quarter. Public Employees Retirement System of Ohio raised its position in GitLab by 61.6% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 35,725 shares of the company’s stock valued at $1,615,000 after purchasing an additional 13,615 shares during the last quarter. Diversified Trust Co bought a new position in GitLab during the 4th quarter valued at approximately $272,000. Finally, Northside Capital Management LLC raised its position in GitLab by 23.1% during the 4th quarter. Northside Capital Management LLC now owns 7,388 shares of the company’s stock valued at $465,000 after purchasing an additional 1,386 shares during the last quarter. Institutional investors own 91.72% 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.