GitLab (NASDAQ:GTLB) Trading Down 7.8% – Here’s Why

GitLab Inc. (NASDAQ:GTLB)’s share price dropped 7.8% on Monday . The stock traded as low as $50.98 and last traded at $51.96. Approximately 1,293,630 shares were traded during mid-day trading, a decline of 57% from the average daily volume of 2,997,273 shares. The stock had previously closed at $56.38.

Wall Street Analyst Weigh In

Several research firms have recently commented on GTLB. TD Cowen raised their price target on GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Macquarie restated an “outperform” rating and set a $90.00 target price on shares of GitLab in a report on Tuesday, March 4th. Robert W. Baird cut their price target on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a research note on Monday, March 3rd. Wells Fargo & Company increased their price target 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, Barclays dropped their price objective on shares of GitLab from $70.00 to $58.00 and set an “equal weight” rating for the company in a report on Tuesday, March 4th. Three investment analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $75.38.

GitLab Stock Down 9.6 %

The firm has a market capitalization of $8.28 billion, a PE ratio of -159.34 and a beta of 0.67. The business’s fifty day moving average price is $64.31 and its 200 day moving average price is $59.07.

Insider Activity at GitLab

In other GitLab news, Director Karen Blasing sold 3,250 shares of the company’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $58.99, for a total transaction of $191,717.50. Following the completion of the transaction, the director now owns 134,733 shares in the company, valued at approximately $7,947,899.67. This represents a 2.36 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robin Schulman sold 2,996 shares of GitLab stock in a transaction dated 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 sale, the insider now directly owns 129,223 shares in the company, valued at approximately $7,233,903.54. The trade was a 2.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 730,257 shares of company stock worth $44,034,967 in the last quarter. Company insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

A number of institutional investors have recently modified their holdings of GTLB. Vanguard Group Inc. lifted its stake in shares of GitLab by 7.2% in the fourth quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company’s stock valued at $740,585,000 after purchasing an additional 885,955 shares during the period. Norges Bank acquired a new stake in shares of GitLab during the 4th quarter valued at approximately $279,089,000. Artisan Partners Limited Partnership lifted its position in shares of GitLab by 55.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock valued at $227,318,000 after acquiring an additional 1,443,160 shares during the period. Franklin Resources Inc. boosted its stake in shares of GitLab by 17.6% during the 4th quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company’s stock worth $176,954,000 after acquiring an additional 470,192 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its holdings in shares of GitLab by 276.9% in the 4th quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company’s stock worth $121,435,000 after acquiring an additional 1,583,221 shares during the period. 95.04% of the stock is currently owned by hedge funds and other 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.