GitLab (NASDAQ:GTLB) Shares Down 0.8% – Should You Sell?

Shares of GitLab Inc. (NASDAQ:GTLB) dropped 0.8% on Thursday . The stock traded as low as $68.83 and last traded at $69.20. Approximately 393,061 shares changed hands during trading, a decline of 86% from the average daily volume of 2,755,257 shares. The stock had previously closed at $69.79.

Analyst Upgrades and Downgrades

GTLB has been the topic of several research analyst reports. Macquarie restated an “outperform” rating and set a $90.00 target price on shares of GitLab in a research note on Wednesday, January 15th. TD Cowen lifted their price target on GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Cantor Fitzgerald lifted their price target on GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Morgan Stanley lifted their price target on GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Finally, Barclays lifted their price target on GitLab from $55.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Monday, December 9th. Three 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. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $76.42.

GitLab Trading Up 0.8 %

The business has a fifty day moving average of $63.36 and a two-hundred day moving average of $56.86. The company has a market cap of $11.42 billion, a price-to-earnings ratio of -220.27 and a beta of 0.63.

Insider Activity

In related news, Director Susan L. Bostrom sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $60.19, for a total transaction of $1,203,800.00. Following the sale, the director now directly owns 204,913 shares in the company, valued at approximately $12,333,713.47. This represents a 8.89 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sytse Sijbrandij sold 84,776 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $59.64, for a total transaction of $5,056,040.64. The disclosure for this sale can be found here. Insiders sold 828,283 shares of company stock worth $49,959,990 over the last ninety days. Corporate insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in GitLab by 7.2% in the fourth quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company’s stock valued at $740,585,000 after purchasing an additional 885,955 shares during the last quarter. Norges Bank acquired a new stake in shares of GitLab in the fourth quarter valued at approximately $279,089,000. Artisan Partners Limited Partnership boosted its holdings in shares of GitLab by 55.7% in the fourth quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock valued at $227,318,000 after acquiring an additional 1,443,160 shares during the period. Franklin Resources Inc. boosted its holdings in shares of GitLab by 17.6% in the fourth quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company’s stock valued at $176,954,000 after acquiring an additional 470,192 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of GitLab by 3.2% in the fourth quarter. Geode Capital Management LLC now owns 2,091,780 shares of the company’s stock valued at $117,908,000 after acquiring an additional 65,213 shares during the period. 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.