GitLab (NASDAQ:GTLB) Stock Price Down 0.5% – What’s Next?

Shares of GitLab Inc. (NASDAQ:GTLB) were down 0.5% on Wednesday . The company traded as low as $51.61 and last traded at $51.70. Approximately 560,487 shares were traded during trading, a decline of 81% from the average daily volume of 2,983,909 shares. The stock had previously closed at $51.94.

Analyst Ratings Changes

Several brokerages have issued reports on GTLB. DA Davidson cut their price target on GitLab from $70.00 to $60.00 and set a “neutral” rating for the company in a report on Friday, February 28th. Truist Financial reaffirmed a “buy” rating and issued a $90.00 target price (up previously from $80.00) on shares of GitLab in a research report on Friday, December 6th. Robert W. Baird dropped their price target on GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a report on Monday, March 3rd. Mizuho decreased their price objective on GitLab from $80.00 to $72.00 and set an “outperform” rating on the stock in a report on Tuesday, March 4th. Finally, Wells Fargo & Company lifted their target price on GitLab from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, February 20th. Three investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $75.38.

GitLab Stock Performance

The business’s fifty day moving average is $64.12 and its 200-day moving average is $59.14. The firm has a market cap of $8.55 billion, a P/E ratio of -164.77 and a beta of 0.67.

Insider Activity at GitLab

In related news, insider Robin Schulman sold 2,996 shares of GitLab stock in a transaction on Friday, December 20th. The shares were sold at an average price of $55.98, for a total transaction of $167,716.08. Following the completion of the transaction, the insider now owns 129,223 shares of the company’s stock, valued at $7,233,903.54. This trade represents a 2.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Matthew Jacobson sold 547,679 shares of the business’s stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $59.72, for a total transaction of $32,707,389.88. Following the completion of the transaction, the director now owns 58,471 shares in the company, valued at approximately $3,491,888.12. The trade was a 90.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 730,257 shares of company stock worth $44,034,967 over the last three months. Company insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in GTLB. Infinitum Asset Management LLC bought a new stake in shares of GitLab during the 4th quarter valued at about $6,762,000. Polar Asset Management Partners Inc. lifted its stake in GitLab by 120.1% in the fourth quarter. Polar Asset Management Partners Inc. now owns 209,500 shares of the company’s stock valued at $11,805,000 after buying an additional 114,300 shares during the period. Public Employees Retirement System of Ohio boosted its holdings in shares of GitLab by 63.8% during the 4th quarter. Public Employees Retirement System of Ohio now owns 70,485 shares of the company’s stock worth $3,972,000 after buying an additional 27,455 shares in the last quarter. JT Stratford LLC acquired a new stake in shares of GitLab during the 4th quarter worth approximately $284,000. Finally, Sone Capital Management LLC bought a new stake in shares of GitLab in the 4th quarter valued at $7,917,000. 95.04% of the stock is owned by institutional investors.

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.