GitLab (NASDAQ:GTLB) Shares Down 1.2% – Here’s Why

GitLab Inc. (NASDAQ:GTLB)’s share price fell 1.2% on Wednesday . The company traded as low as $69.65 and last traded at $70.68. 427,716 shares traded hands during trading, a decline of 84% from the average session volume of 2,737,724 shares. The stock had previously closed at $71.54.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. JPMorgan Chase & Co. boosted their price objective on shares of GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. Scotiabank upped their target price on shares of GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a research note on Wednesday, December 4th. Royal Bank of Canada upped their target price on shares of GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. The Goldman Sachs Group upped their target price on shares of GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Finally, Macquarie restated an “outperform” rating and issued a $90.00 target price on shares of GitLab in a research note on Wednesday, January 15th. Three equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $76.42.

GitLab Trading Down 1.5 %

The firm has a market cap of $11.43 billion, a PE ratio of -220.23 and a beta of 0.63. The company’s 50-day moving average is $63.69 and its 200 day moving average is $57.45.

Insiders Place Their Bets

In other GitLab news, insider Robin Schulman sold 9,251 shares of the stock in a transaction that occurred 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 completion of the sale, the insider now owns 121,893 shares in the company, valued at $8,532,510. This represents a 7.05 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $70.83, for a total transaction of $708,300.00. Following the completion of the sale, the chief financial officer now owns 267,380 shares of the company’s stock, valued at approximately $18,938,525.40. The trade was a 3.61 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 740,257 shares of company stock worth $44,710,867 in the last quarter. 21.36% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On GitLab

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC increased its stake in shares of GitLab by 5,700.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after purchasing an additional 513 shares during the last quarter. CoreCap Advisors LLC increased its stake in shares of GitLab by 327.5% during the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock worth $33,000 after purchasing an additional 452 shares during the last quarter. IMG Wealth Management Inc. acquired a new position in shares of GitLab during the 4th quarter worth $46,000. True Wealth Design LLC acquired a new position in shares of GitLab during the 3rd quarter worth $56,000. Finally, Raleigh Capital Management Inc. acquired a new position in shares of GitLab during the 4th quarter worth $66,000. Hedge funds and other institutional investors own 95.04% of the company’s stock.

About GitLab

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.