GitLab (NASDAQ:GTLB) Stock Price Down 1.4% – What’s Next?

Shares of GitLab Inc. (NASDAQ:GTLB) traded down 1.4% on Thursday . The stock traded as low as $68.35 and last traded at $69.36. 740,793 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 2,796,350 shares. The stock had previously closed at $70.33.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. JPMorgan Chase & Co. raised their target price on GitLab from $60.00 to $65.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Robert W. Baird increased their target price on shares of GitLab from $62.00 to $75.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. Piper Sandler upped their price objective on GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Truist Financial reissued a “buy” rating and issued a $90.00 target price (up from $80.00) on shares of GitLab in a research report on Friday, December 6th. Finally, Mizuho increased their price target on GitLab from $67.00 to $80.00 and gave the stock an “outperform” rating in a research note on Monday, December 9th. Three equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $76.42.

GitLab Stock Performance

The stock has a market capitalization of $11.26 billion, a P/E ratio of -216.81 and a beta of 0.57. The stock has a 50-day moving average price of $62.16 and a two-hundred day moving average price of $55.59.

Insider Activity at GitLab

In other news, CEO Sytse Sijbrandij sold 84,776 shares of the firm’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 value of $5,056,040.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Brian G. Robins sold 16,666 shares of the company’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $56.74, for a total value of $945,628.84. Following the completion of the sale, the chief financial officer now directly owns 242,803 shares in the company, valued at approximately $13,776,642.22. The trade was a 6.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 825,698 shares of company stock worth $49,549,749 over the last quarter. Corporate insiders own 21.36% of the company’s stock.

Institutional Investors Weigh In On GitLab

Hedge funds have recently bought and sold shares of the business. Mercer Global Advisors Inc. ADV purchased a new stake in shares of GitLab in the 2nd quarter worth approximately $206,000. Marshall Wace LLP purchased a new stake in shares of GitLab in the second quarter worth $613,000. The Manufacturers Life Insurance Company increased its holdings in shares of GitLab by 11.1% during the second quarter. The Manufacturers Life Insurance Company now owns 27,960 shares of the company’s stock valued at $1,390,000 after acquiring an additional 2,783 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its position in shares of GitLab by 1,890.6% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 143,008 shares of the company’s stock worth $7,110,000 after purchasing an additional 135,824 shares during the last quarter. Finally, Quarry LP grew its position in GitLab by 527.0% during the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock valued at $89,000 after purchasing an additional 1,502 shares during the last quarter. Institutional investors own 95.04% of the company’s stock.

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.