GitLab (NASDAQ:GTLB) Shares Down 3.5% – Time to Sell?

GitLab Inc. (NASDAQ:GTLB)’s stock price traded down 3.5% during mid-day trading on Wednesday . The stock traded as low as $69.16 and last traded at $70.19. 1,391,884 shares traded hands during mid-day trading, a decline of 49% from the average session volume of 2,748,902 shares. The stock had previously closed at $72.75.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. TD Cowen raised their price target on GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, November 21st. DA Davidson boosted their target price on GitLab from $50.00 to $70.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Truist Financial reiterated a “buy” rating and set a $90.00 price target (up from $80.00) on shares of GitLab in a research report on Friday, December 6th. Wells Fargo & Company lifted their price target on shares of GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Finally, Robert W. Baird upped their price objective on shares of GitLab from $62.00 to $75.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $76.42.

GitLab Stock Down 1.4 %

The stock’s fifty day simple moving average is $62.16 and its two-hundred day simple moving average is $55.59. The firm has a market cap of $11.26 billion, a PE ratio of -216.81 and a beta of 0.57.

Insider Buying and Selling at GitLab

In related news, CEO Sytse Sijbrandij sold 84,776 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $59.64, for a total value of $5,056,040.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Robin Schulman sold 9,251 shares of the stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $70.00, for a total value of $647,570.00. Following the sale, the insider now owns 121,893 shares in the company, valued at approximately $8,532,510. This represents a 7.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 818,283 shares of company stock worth $49,251,690. 21.36% of the stock is owned by insiders.

Hedge Funds Weigh In On GitLab

A number of hedge funds have recently bought and sold shares of GTLB. Principal Securities Inc. grew its stake in shares of GitLab by 79.6% in the fourth quarter. Principal Securities Inc. now owns 5,373 shares of the company’s stock worth $303,000 after acquiring an additional 2,381 shares during the period. Palumbo Wealth Management LLC grew its position in GitLab by 26.9% in the 4th quarter. Palumbo Wealth Management LLC now owns 5,761 shares of the company’s stock worth $325,000 after purchasing an additional 1,222 shares during the period. Rhumbline Advisers raised its stake in GitLab by 5.5% during the 4th quarter. Rhumbline Advisers now owns 150,312 shares of the company’s stock valued at $8,470,000 after buying an additional 7,837 shares during the last quarter. Blue Trust Inc. lifted its holdings in shares of GitLab by 60.9% during the 4th quarter. Blue Trust Inc. now owns 5,095 shares of the company’s stock valued at $287,000 after buying an additional 1,929 shares during the period. Finally, Vontobel Holding Ltd. purchased a new position in shares of GitLab in the 4th quarter worth $549,000. Hedge funds and other institutional investors 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.