GitLab (NASDAQ:GTLB) Stock Price Down 1.6% – What’s Next?

GitLab Inc. (NASDAQ:GTLB)’s share price traded down 1.6% during mid-day trading on Friday . The company traded as low as $66.35 and last traded at $66.40. 350,137 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 2,723,175 shares. The stock had previously closed at $67.45.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Scotiabank lifted their target price on GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a research report on Wednesday, December 4th. Cantor Fitzgerald lifted their target price on GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Canaccord Genuity Group raised their price target on GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Royal Bank of Canada raised their price target on GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Finally, The Goldman Sachs Group raised their price target on GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $76.62.

GitLab Stock Performance

The firm has a market capitalization of $10.41 billion, a price-to-earnings ratio of -200.38 and a beta of 0.63. The company has a fifty day moving average of $64.11 and a two-hundred day moving average of $57.76.

Insider Buying and Selling

In related news, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $67.59, for a total transaction of $675,900.00. Following the completion of the sale, the chief financial officer now directly owns 242,803 shares of the company’s stock, valued at approximately $16,411,054.77. This trade represents a 3.96 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Sytse Sijbrandij sold 84,000 shares of GitLab stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $62.99, for a total value of $5,291,160.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 740,257 shares of company stock valued at $44,710,867. Insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GTLB. EverSource Wealth Advisors LLC raised its holdings in GitLab by 5,700.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock valued at $29,000 after acquiring an additional 513 shares in the last quarter. CoreCap Advisors LLC raised its holdings in GitLab by 327.5% in the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock valued at $33,000 after acquiring an additional 452 shares in the last quarter. IMG Wealth Management Inc. acquired a new position in GitLab in the 4th quarter valued at $46,000. True Wealth Design LLC acquired a new position in GitLab in the 3rd quarter valued at $56,000. Finally, Raleigh Capital Management Inc. acquired a new position in GitLab in the 4th quarter valued at $66,000. 95.04% of the stock is owned by institutional investors and hedge funds.

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.