GitLab (NASDAQ:GTLB) Shares Down 0.5% – Should You Sell?

GitLab Inc. (NASDAQ:GTLB) was down 0.5% on Wednesday . The company traded as low as $51.61 and last traded at $51.70. Approximately 560,487 shares were traded during trading, a decline of 81% from the average daily volume of 2,983,909 shares. The stock had previously closed at $51.94.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on GTLB shares. Robert W. Baird cut their price objective 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. Truist Financial restated a “buy” rating and set a $90.00 price objective (up from $80.00) on shares of GitLab in a research note on Friday, December 6th. Scotiabank lifted their price objective on shares of GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a research note on Wednesday, December 4th. Macquarie restated an “outperform” rating and set a $90.00 price objective on shares of GitLab in a research note on Tuesday, March 4th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $80.00 price target on shares of GitLab in a research report on Tuesday, March 4th. Three 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 stock. According to data from MarketBeat.com, GitLab has a consensus rating of “Moderate Buy” and an average target price of $75.38.

GitLab Stock Performance

The company has a 50 day simple moving average of $63.92 and a two-hundred day simple moving average of $59.03. The company has a market cap of $8.38 billion, a PE ratio of -160.78 and a beta of 0.67.

Insider Buying and Selling at GitLab

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $70.83, for a total transaction of $708,300.00. Following the transaction, the chief financial officer now owns 267,380 shares of the company’s stock, valued at $18,938,525.40. The trade was a 3.61 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Karen Blasing sold 3,250 shares of GitLab stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $58.99, for a total value of $191,717.50. Following the transaction, the director now directly owns 134,733 shares in the company, valued at approximately $7,947,899.67. This trade represents a 2.36 % 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 valued at $44,034,967 in the last 90 days. 21.36% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On GitLab

Large investors have recently made changes to their positions in the company. Y Intercept Hong Kong Ltd bought a new stake in shares of GitLab in the 3rd quarter valued at approximately $678,000. State Street Corp grew its stake in shares of GitLab by 5.8% in the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company’s stock valued at $104,740,000 after buying an additional 111,997 shares in the last quarter. Barclays PLC grew its stake in shares of GitLab by 189.1% in the 3rd quarter. Barclays PLC now owns 61,419 shares of the company’s stock valued at $3,164,000 after buying an additional 40,171 shares in the last quarter. Oddo BHF Asset Management Sas bought a new stake in shares of GitLab in the 3rd quarter valued at approximately $6,865,000. Finally, Barton Investment Management grew its stake in shares of GitLab by 99.4% in the 4th quarter. Barton Investment Management now owns 335,648 shares of the company’s stock valued at $18,914,000 after buying an additional 167,290 shares in the last quarter. 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.