GitLab (NASDAQ:GTLB) Trading Down 6.9% – Here’s Why

GitLab Inc. (NASDAQ:GTLB)’s stock price fell 6.9% during trading on Tuesday . The stock traded as low as $62.13 and last traded at $62.15. 2,913,615 shares were traded during trading, an increase of 21% from the average session volume of 2,405,219 shares. The stock had previously closed at $66.73.

Analyst Ratings Changes

A number of research firms have issued reports on GTLB. BTIG Research raised their target price on GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. UBS Group raised their price objective on shares of GitLab from $62.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. JPMorgan Chase & Co. upped their price objective on GitLab from $60.00 to $65.00 and gave the company a “neutral” rating in a report on Friday. Scotiabank boosted their price target on shares of GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, December 4th. Finally, Bank of America raised their price objective on shares of GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Three investment analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $75.88.

GitLab Stock Down 7.7 %

The stock’s 50-day moving average is $58.22 and its 200 day moving average is $52.27. The stock has a market capitalization of $9.88 billion, a PE ratio of -192.44 and a beta of 0.54.

Insider Buying and Selling

In related news, CAO Erin Mannix sold 1,433 shares of the business’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $52.80, for a total value of $75,662.40. Following the completion of the sale, the chief accounting officer now directly owns 72,448 shares in the company, valued at approximately $3,825,254.40. The trade was a 1.94 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Brian G. Robins sold 16,666 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $56.74, for a total value of $945,628.84. Following the transaction, the chief financial officer now owns 242,803 shares in the company, valued at approximately $13,776,642.22. This trade represents a 6.42 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 168,365 shares of company stock worth $9,674,784. Corporate insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

Hedge funds have recently added to or reduced their stakes in the business. Bank of Marin raised its position in shares of GitLab by 3.0% during the third quarter. Bank of Marin now owns 5,856 shares of the company’s stock valued at $302,000 after buying an additional 171 shares during the last quarter. Moloney Securities Asset Management LLC raised its stake in shares of GitLab by 4.9% in the 2nd quarter. Moloney Securities Asset Management LLC now owns 6,400 shares of the company’s stock valued at $318,000 after buying an additional 300 shares in the last quarter. Glenmede Trust Co. NA lifted its holdings in shares of GitLab by 3.0% during the 3rd quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company’s stock worth $596,000 after acquiring an additional 334 shares during the period. Canton Hathaway LLC boosted its position in shares of GitLab by 26.3% during the 2nd quarter. Canton Hathaway LLC now owns 2,086 shares of the company’s stock valued at $104,000 after acquiring an additional 435 shares in the last quarter. Finally, Blue Trust Inc. increased its stake in GitLab by 18.2% in the third quarter. Blue Trust Inc. now owns 3,166 shares of the company’s stock valued at $157,000 after acquiring an additional 488 shares during the period. Institutional investors own 95.04% of the company’s stock.

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.