GitLab (NASDAQ:GTLB) Stock Price Down 5% – Time to Sell?

GitLab Inc. (NASDAQ:GTLB) traded down 5% on Monday . The stock traded as low as $48.80 and last traded at $48.89. 2,619,431 shares changed hands during mid-day trading, an increase of 2% from the average session volume of 2,568,288 shares. The stock had previously closed at $51.49.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on GTLB. JPMorgan Chase & Co. lowered their price target on GitLab from $65.00 to $62.00 and set a “neutral” rating on the stock in a report on Tuesday, March 4th. DA Davidson decreased their price target on GitLab from $60.00 to $45.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. Robert W. Baird reduced their price target on GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a report on Monday, March 3rd. Cantor Fitzgerald reiterated an “overweight” rating and set a $80.00 price target on shares of GitLab in a report on Tuesday, March 4th. Finally, Wells Fargo & Company reduced their price target on GitLab from $85.00 to $65.00 and set an “overweight” rating for the company in a report on Tuesday, April 22nd. Three equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, GitLab currently has an average rating of “Moderate Buy” and a consensus price target of $71.73.

GitLab Price Performance

The stock’s 50 day moving average is $47.20 and its two-hundred day moving average is $57.31. The stock has a market capitalization of $7.94 billion, a PE ratio of -152.97 and a beta of 0.79.

Insider Activity

In related news, Director Susan L. Bostrom sold 40,000 shares of the stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $51.88, for a total value of $2,075,200.00. Following the sale, the director now directly owns 144,913 shares of the company’s stock, valued at approximately $7,518,086.44. This represents a 21.63% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Sytse Sijbrandij sold 108,600 shares of the firm’s stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $42.87, for a total transaction of $4,655,682.00. The disclosure for this sale can be found here. Insiders sold 461,584 shares of company stock worth $23,192,574 in the last 90 days. 16.37% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On GitLab

Hedge funds and other institutional investors have recently modified their holdings of the company. Barclays PLC raised its position in GitLab by 189.1% in the third quarter. Barclays PLC now owns 61,419 shares of the company’s stock worth $3,164,000 after acquiring an additional 40,171 shares in the last quarter. Swiss National Bank grew its stake in shares of GitLab by 3.7% in the 4th quarter. Swiss National Bank now owns 215,000 shares of the company’s stock valued at $12,115,000 after buying an additional 7,700 shares in the last quarter. Barton Investment Management boosted its position in GitLab by 99.4% during the fourth quarter. Barton Investment Management now owns 335,648 shares of the company’s stock worth $18,914,000 after purchasing an additional 167,290 shares during the period. Jackson Square Capital LLC boosted its position in GitLab by 328.1% during the fourth quarter. Jackson Square Capital LLC now owns 36,600 shares of the company’s stock worth $2,062,000 after purchasing an additional 28,050 shares during the period. Finally, Smith Group Asset Management LLC lifted its holdings in shares of GitLab by 70.9% during the fourth quarter. Smith Group Asset Management LLC now owns 17,020 shares of the company’s stock worth $959,000 after buying an additional 7,060 shares during the last quarter. Institutional investors and hedge funds 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.