GitLab (NASDAQ:GTLB) Trading Down 0.9% – Time to Sell?

GitLab Inc. (NASDAQ:GTLB)’s stock price dropped 0.9% on Friday . The company traded as low as $70.50 and last traded at $70.84. Approximately 509,536 shares traded hands during trading, a decline of 82% from the average daily volume of 2,862,665 shares. The stock had previously closed at $71.45.

Analyst Upgrades and Downgrades

GTLB has been the subject of a number of research analyst reports. TD Cowen increased their price target on shares of GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Needham & Company LLC restated a “buy” rating and issued a $85.00 price objective on shares of GitLab in a research report on Tuesday, January 7th. Morgan Stanley raised their target price on shares of GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Piper Sandler upped their price target on shares of GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Finally, Cantor Fitzgerald increased their target price on GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Three research 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 company. According to MarketBeat.com, GitLab has an average rating of “Moderate Buy” and an average price target of $76.42.

GitLab Stock Down 1.2 %

The firm has a market cap of $11.45 billion, a P/E ratio of -220.53 and a beta of 0.63. The business has a fifty day moving average of $62.90 and a 200 day moving average of $56.37.

Insider Activity

In other GitLab news, Director Karen Blasing sold 3,250 shares of the stock in a transaction on Friday, November 15th. The stock was sold at an average price of $59.41, for a total transaction of $193,082.50. Following the sale, the director now owns 137,983 shares in the company, valued at $8,197,570.03. This represents a 2.30 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Matthew Jacobson sold 547,679 shares of the company’s stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $59.72, for a total value of $32,707,389.88. Following the completion of the transaction, the director now owns 58,471 shares in the company, valued at $3,491,888.12. This represents a 90.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 828,283 shares of company stock valued at $49,959,990. 21.36% of the stock is owned by insiders.

Institutional Investors Weigh In On GitLab

Several institutional investors and hedge funds have recently modified their holdings of the stock. Marshall Wace LLP bought a new position in shares of GitLab in the 2nd quarter worth approximately $613,000. The Manufacturers Life Insurance Company boosted its stake 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 purchasing an additional 2,783 shares during the period. Sanctuary Advisors LLC bought a new stake in shares of GitLab during the second quarter valued at approximately $199,000. SG Americas Securities LLC purchased a new position in shares of GitLab during the third quarter valued at $119,000. Finally, Park Avenue Securities LLC boosted its position in GitLab by 21.6% during the 3rd quarter. Park Avenue Securities LLC now owns 4,995 shares of the company’s stock valued at $257,000 after acquiring an additional 887 shares in the last quarter. 95.04% of the stock is owned by hedge funds and other institutional investors.

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.