GitLab (NASDAQ:GTLB) Sets New 1-Year Low – Time to Sell?

Shares of GitLab Inc. (NASDAQ:GTLB) reached a new 52-week low during mid-day trading on Friday . The company traded as low as $37.90 and last traded at $39.60, with a volume of 1775050 shares changing hands. The stock had previously closed at $42.53.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on GTLB shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $80.00 price objective on shares of GitLab in a research note on Tuesday, March 4th. Barclays decreased their price objective 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. Royal Bank of Canada reissued an “outperform” rating and issued a $80.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. Piper Sandler increased their target price on GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Finally, Macquarie restated an “outperform” rating and issued a $90.00 price target on shares of GitLab in a report on Tuesday, March 4th. Three equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $75.09.

GitLab Trading Down 3.4 %

The company’s 50-day moving average is $60.29 and its two-hundred day moving average is $58.92. The stock has a market capitalization of $6.67 billion, a P/E ratio of -128.41 and a beta of 0.67.

Insider Transactions at GitLab

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of the business’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $70.83, for a total value of $708,300.00. Following the sale, the chief financial officer now directly owns 267,380 shares in the company, valued at approximately $18,938,525.40. The trade was a 3.61 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Matthew Jacobson sold 152,884 shares of GitLab stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $52.34, for a total transaction of $8,001,948.56. Following the completion of the transaction, the director now directly owns 493,554 shares in the company, valued at $25,832,616.36. This represents a 23.65 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 311,886 shares of company stock valued at $17,736,229. 21.36% of the stock is currently owned by corporate insiders.

Institutional Trading of GitLab

Several institutional investors and hedge funds have recently added to or reduced their stakes in GTLB. Bank of Montreal Can lifted its position in shares of GitLab by 360.4% during the 3rd quarter. Bank of Montreal Can now owns 59,200 shares of the company’s stock valued at $3,058,000 after acquiring an additional 46,343 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of GitLab by 5.1% during the third quarter. The Manufacturers Life Insurance Company now owns 29,377 shares of the company’s stock worth $1,514,000 after purchasing an additional 1,417 shares during the period. BNP Paribas Financial Markets boosted its position in shares of GitLab by 26.5% in the 3rd quarter. BNP Paribas Financial Markets now owns 62,877 shares of the company’s stock valued at $3,241,000 after purchasing an additional 13,169 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in GitLab by 4.2% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 25,554 shares of the company’s stock worth $1,317,000 after purchasing an additional 1,030 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in GitLab by 6.9% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 624,803 shares of the company’s stock worth $32,202,000 after purchasing an additional 40,164 shares in the last quarter. 95.04% of the stock is owned by institutional investors and hedge funds.

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.