GitLab (NASDAQ:GTLB) Stock Price Down 4.4% – Here’s What Happened

Shares of GitLab Inc. (NASDAQ:GTLB) were down 4.4% on Tuesday . The company traded as low as $58.58 and last traded at $59.57. Approximately 597,646 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 2,723,824 shares. The stock had previously closed at $62.28.

Analyst Ratings Changes

GTLB has been the topic of a number of analyst reports. Morgan Stanley upped their price objective on GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. TD Cowen upped their price target on shares of GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Truist Financial reissued a “buy” rating and issued a $90.00 price objective (up previously from $80.00) on shares of GitLab in a research report on Friday, December 6th. Royal Bank of Canada upped their target price on shares of GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Finally, DA Davidson raised their target price on shares of GitLab from $50.00 to $70.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, GitLab presently has an average rating of “Moderate Buy” and a consensus target price of $76.62.

GitLab Trading Down 3.2 %

The stock has a market cap of $9.78 billion, a P/E ratio of -188.67 and a beta of 0.63. The stock has a 50 day simple moving average of $64.17 and a 200 day simple moving average of $58.11.

Insider Buying and Selling

In other news, insider Robin Schulman sold 9,251 shares of the firm’s stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $70.00, for a total value of $647,570.00. Following the sale, the insider now directly owns 121,893 shares in the company, valued at approximately $8,532,510. This trade represents a 7.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Brian G. Robins sold 10,000 shares of the company’s 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 transaction, the chief financial officer now owns 242,803 shares of the company’s stock, valued at approximately $16,411,054.77. This represents a 3.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 740,257 shares of company stock worth $44,710,867. Company insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank acquired a new stake in shares of GitLab during the 4th quarter valued at $279,089,000. Ameriprise Financial Inc. boosted its stake in shares of GitLab by 276.9% during the fourth quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company’s stock valued at $121,435,000 after purchasing an additional 1,583,221 shares in the last quarter. Artisan Partners Limited Partnership grew its holdings in shares of GitLab by 55.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock worth $227,318,000 after purchasing an additional 1,443,160 shares during the last quarter. Alliancebernstein L.P. increased its stake in shares of GitLab by 4,042.0% in the fourth 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 during the period. Finally, Marshall Wace LLP raised its holdings in GitLab by 572.3% in the 4th quarter. Marshall Wace LLP now owns 1,094,128 shares of the company’s stock valued at $61,654,000 after buying an additional 931,396 shares during 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.