GitLab (NASDAQ:GTLB) Stock Price Down 1.4% – Time to Sell?

GitLab Inc. (NASDAQ:GTLB)’s share price was down 1.4% on Thursday . The company traded as low as $68.35 and last traded at $69.36. Approximately 740,793 shares traded hands during trading, a decline of 74% from the average daily volume of 2,796,350 shares. The stock had previously closed at $70.33.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Mizuho lifted their price objective on shares of GitLab from $67.00 to $80.00 and gave the company an “outperform” rating in a research note on Monday, December 9th. The Goldman Sachs Group lifted 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. Scotiabank upped their price objective on GitLab from $65.00 to $75.00 and gave the stock 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. Finally, Canaccord Genuity Group boosted 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. Three equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $76.42.

GitLab Trading Down 1.4 %

The stock has a market capitalization of $11.26 billion, a P/E ratio of -216.81 and a beta of 0.57. The company has a 50-day moving average price of $62.16 and a two-hundred day moving average price of $55.59.

Insider Buying and Selling at GitLab

In other GitLab news, Director Karen Blasing sold 3,250 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $59.41, for a total value of $193,082.50. Following the completion of the sale, the director now owns 137,983 shares of the company’s stock, valued at approximately $8,197,570.03. This trade represents a 2.30 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Brian G. Robins sold 16,666 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $56.74, for a total value of $945,628.84. Following the transaction, the chief financial officer now directly owns 242,803 shares in the company, valued at $13,776,642.22. The trade was a 6.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 825,698 shares of company stock valued at $49,549,749. 21.36% of the stock is currently owned by company insiders.

Institutional Trading of GitLab

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Franklin Resources Inc. increased its position in shares of GitLab by 0.8% during the third quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company’s stock worth $146,774,000 after acquiring an additional 21,976 shares in the last quarter. State Street Corp increased its holdings in GitLab by 5.8% during the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company’s stock worth $104,740,000 after purchasing an additional 111,997 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of GitLab by 7.0% in the third quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company’s stock worth $104,476,000 after purchasing an additional 132,548 shares during the last quarter. Fiera Capital Corp grew its holdings in GitLab by 1.4% during the third quarter. Fiera Capital Corp now owns 1,259,429 shares of the company’s stock worth $64,911,000 after buying an additional 16,961 shares in the last quarter. Finally, Bamco Inc. NY raised its position in GitLab by 0.4% in the 3rd quarter. Bamco Inc. NY now owns 1,253,244 shares of the company’s stock valued at $64,592,000 after buying an additional 4,874 shares during the last quarter. Institutional investors own 95.04% of the company’s stock.

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.