GitLab (NASDAQ:GTLB) Trading Down 4% – What’s Next?

GitLab Inc. (NASDAQ:GTLB)’s stock price dropped 4% during trading on Friday . The stock traded as low as $66.62 and last traded at $67.75. Approximately 985,969 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 2,742,351 shares. The stock had previously closed at $70.56.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on GTLB shares. Royal Bank of Canada upped their price target on shares of GitLab from $73.00 to $80.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Canaccord Genuity Group upped their target price on GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. The Goldman Sachs Group boosted their price objective on GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Scotiabank upped their price objective 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, Wells Fargo & Company lifted their target price on shares of GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $76.42.

GitLab Price Performance

The business’s 50-day simple moving average is $63.47 and its 200-day simple moving average is $57.11.

Insider Buying and Selling

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of the business’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $70.83, for a total transaction of $708,300.00. Following the transaction, the chief financial officer now directly owns 267,380 shares of the company’s stock, valued at approximately $18,938,525.40. The trade was a 3.61 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Karen Blasing sold 3,250 shares of the firm’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $58.99, for a total transaction of $191,717.50. Following the completion of the sale, the director now directly owns 134,733 shares of the company’s stock, valued at approximately $7,947,899.67. This represents a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 825,033 shares of company stock valued at $49,766,908 over the last ninety days. 21.36% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank bought a new stake in shares of GitLab during the fourth quarter valued at approximately $279,089,000. Artisan Partners Limited Partnership lifted its position in GitLab by 55.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock valued at $227,318,000 after buying an additional 1,443,160 shares during the period. Alliancebernstein L.P. boosted its holdings in shares of GitLab by 4,042.0% during the 4th quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company’s stock valued at $82,011,000 after buying an additional 1,420,248 shares in the last quarter. Marshall Wace LLP grew its position in shares of GitLab by 572.3% in the 4th quarter. Marshall Wace LLP now owns 1,094,128 shares of the company’s stock worth $61,654,000 after buying an additional 931,396 shares during the period. Finally, ARK Investment Management LLC increased its stake in shares of GitLab by 345.2% in the 4th quarter. ARK Investment Management LLC now owns 1,160,502 shares of the company’s stock worth $65,394,000 after acquiring an additional 899,823 shares in the last quarter. Hedge funds and other 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.