GitLab (NASDAQ:GTLB) Trading Down 1.6% – Should You Sell?

GitLab Inc. (NASDAQ:GTLB) shares traded down 1.6% during trading on Friday . The company traded as low as $66.35 and last traded at $66.40. 350,137 shares traded hands during trading, a decline of 87% from the average session volume of 2,723,175 shares. The stock had previously closed at $67.45.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on GTLB shares. The Goldman Sachs Group increased their target price on GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Morgan Stanley lifted their target price on shares of GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. TD Cowen upped their target price on shares of GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, November 21st. Canaccord Genuity Group increased their target price on shares of GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Finally, Macquarie reaffirmed an “outperform” rating and issued a $90.00 price target on shares of GitLab in a report on Wednesday, January 15th. Three analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, GitLab has a consensus rating of “Moderate Buy” and an average target price of $76.62.

GitLab Stock Down 4.9 %

The stock has a market cap of $10.41 billion, a price-to-earnings ratio of -200.03 and a beta of 0.63. The stock has a 50 day simple moving average of $64.00 and a 200 day simple moving average of $57.61.

Insider Buying and Selling

In other GitLab news, insider Robin Schulman sold 9,251 shares of the stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $70.00, for a total transaction of $647,570.00. Following the sale, the insider now directly owns 121,893 shares in the company, valued at approximately $8,532,510. This trade represents a 7.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Brian G. Robins sold 10,000 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $67.59, for a total value of $675,900.00. Following the completion of the transaction, the chief financial officer now directly owns 242,803 shares in the company, valued at approximately $16,411,054.77. This represents a 3.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 740,257 shares of company stock worth $44,710,867. 21.36% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in GTLB. EverSource Wealth Advisors LLC boosted its stake in GitLab by 5,700.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after buying an additional 513 shares during the period. CoreCap Advisors LLC increased its stake in GitLab by 327.5% in the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock valued at $33,000 after purchasing an additional 452 shares during the last quarter. IMG Wealth Management Inc. purchased a new position in GitLab in the fourth quarter valued at approximately $46,000. True Wealth Design LLC purchased a new position in shares of GitLab during the third quarter worth approximately $56,000. Finally, Raleigh Capital Management Inc. purchased a new position in GitLab in the 4th quarter valued at $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.