GitLab (NASDAQ:GTLB) Shares Down 7.8% – Here’s What Happened

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

Analysts Set New Price Targets

GTLB has been the topic of several research reports. Canaccord Genuity Group raised their price objective on GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a research report on Friday, December 6th. KeyCorp raised their target price on GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, December 6th. TD Cowen increased their price objective on shares of GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, November 21st. Piper Sandler lifted their price objective on shares of GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Finally, Barclays decreased their target price on shares of GitLab from $70.00 to $58.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 4th. Three equities research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $75.38.

GitLab Price Performance

The stock’s fifty day simple moving average is $64.12 and its two-hundred day simple moving average is $59.14. The company has a market capitalization of $8.43 billion, a price-to-earnings ratio of -162.31 and a beta of 0.67.

Insider Buying and Selling

In other news, Director Matthew Jacobson sold 547,679 shares of the company’s stock in a transaction that occurred on Thursday, December 26th. The stock was 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 directly owns 58,471 shares of the company’s stock, valued at approximately $3,491,888.12. This represents a 90.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $56.24, for a total value of $562,400.00. Following the completion of the sale, the chief financial officer now directly owns 267,380 shares in the company, valued at approximately $15,037,451.20. This trade represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 730,257 shares of company stock worth $44,034,967 over the last quarter. 21.36% of the stock is owned by company insiders.

Hedge Funds Weigh In On GitLab

Institutional investors have recently modified their holdings of the company. M&T Bank Corp boosted its stake in GitLab by 3.1% during the 4th quarter. M&T Bank Corp now owns 4,965 shares of the company’s stock valued at $280,000 after purchasing an additional 148 shares during the period. Wilmington Savings Fund Society FSB raised its holdings in shares of GitLab by 7.9% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock valued at $116,000 after buying an additional 150 shares during the last quarter. OneDigital Investment Advisors LLC boosted its position in shares of GitLab by 4.3% during the fourth quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock worth $228,000 after buying an additional 166 shares during the period. Bank of Marin grew its holdings in GitLab by 3.0% in the 3rd quarter. Bank of Marin now owns 5,856 shares of the company’s stock worth $302,000 after buying an additional 171 shares in the last quarter. Finally, Utah Retirement Systems increased its position in GitLab by 3.1% in the 4th quarter. Utah Retirement Systems now owns 6,600 shares of the company’s stock valued at $372,000 after acquiring an additional 200 shares during the period. 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.