GitLab (NASDAQ:GTLB) Shares Down 3.8% After Analyst Downgrade

GitLab Inc. (NASDAQ:GTLB)’s share price traded down 3.8% during trading on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $65.00 to $62.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. GitLab traded as low as $60.56 and last traded at $60.39. 826,285 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 2,976,167 shares. The stock had previously closed at $62.80.

GTLB has been the topic of a number of other reports. Barclays decreased their price objective on GitLab from $70.00 to $58.00 and set an “equal weight” rating on the stock in a report on Tuesday. Royal Bank of Canada reaffirmed an “outperform” rating and set a $80.00 price target on shares of GitLab in a research report on Tuesday. KeyCorp lifted their price objective on shares of GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Wells Fargo & Company increased their target price on shares of GitLab from $80.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $85.00 price target on shares of GitLab in a research report on Tuesday. Three investment 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. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $75.38.

Insider Transactions at GitLab

In related news, CFO Brian G. Robins sold 10,000 shares of the business’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $67.59, for a total transaction of $675,900.00. Following the sale, the chief financial officer now owns 242,803 shares in the company, valued at $16,411,054.77. The trade was a 3.96 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Karen Blasing sold 3,250 shares of the stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $58.99, for a total value of $191,717.50. Following the completion of the transaction, the director now owns 134,733 shares of the company’s stock, valued at $7,947,899.67. This represents a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 740,257 shares of company stock worth $44,710,867. Corporate insiders own 21.36% of the company’s stock.

Institutional Investors Weigh In On GitLab

A number of institutional investors have recently added to or reduced their stakes in GTLB. Y Intercept Hong Kong Ltd bought a new stake in shares of GitLab in the third quarter worth $678,000. State Street Corp lifted its holdings in GitLab by 5.8% during the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company’s stock worth $104,740,000 after buying an additional 111,997 shares during the period. Barclays PLC grew its position in shares of GitLab by 189.1% in the 3rd quarter. Barclays PLC now owns 61,419 shares of the company’s stock valued at $3,164,000 after buying an additional 40,171 shares during the last quarter. Oddo BHF Asset Management Sas acquired a new stake in shares of GitLab in the third quarter valued at about $6,865,000. Finally, Barton Investment Management raised its position in shares of GitLab by 99.4% during the fourth quarter. Barton Investment Management now owns 335,648 shares of the company’s stock worth $18,914,000 after acquiring an additional 167,290 shares during the last quarter. 95.04% of the stock is owned by institutional investors.

GitLab Stock Down 3.5 %

The stock has a 50 day moving average of $64.35 and a 200 day moving average of $58.82. The company has a market capitalization of $9.83 billion, a price-to-earnings ratio of -188.87 and a beta of 0.63.

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.