GitLab (NASDAQ:GTLB) Trading Down 0.5% – Time to Sell?

GitLab Inc. (NASDAQ:GTLB) traded down 0.5% on Wednesday . The company traded as low as $51.61 and last traded at $51.70. 560,487 shares changed hands during trading, a decline of 81% from the average session volume of 2,983,909 shares. The stock had previously closed at $51.94.

Analysts Set New Price Targets

Several research firms have recently weighed in on GTLB. Cantor Fitzgerald reiterated an “overweight” rating and issued a $80.00 price objective on shares of GitLab in a research note on Tuesday, March 4th. Barclays dropped their target price on shares of GitLab from $70.00 to $58.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 4th. KeyCorp boosted their price target on shares of GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Macquarie restated an “outperform” rating and set a $90.00 price target on shares of GitLab in a research report on Tuesday, March 4th. Finally, Robert W. Baird reduced their price objective on GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a research note on Monday, March 3rd. Three investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $75.38.

GitLab Trading Up 1.5 %

The company has a 50 day moving average of $64.12 and a 200 day moving average of $59.14. The firm has a market cap of $8.55 billion, a price-to-earnings ratio of -164.77 and a beta of 0.67.

Insider Transactions at GitLab

In related news, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $70.83, for a total transaction of $708,300.00. Following the completion of the transaction, the chief financial officer now directly owns 267,380 shares in the company, valued at approximately $18,938,525.40. This trade represents a 3.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Sytse Sijbrandij sold 84,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $62.99, for a total transaction of $5,291,160.00. The disclosure for this sale can be found here. Insiders have sold a total of 730,257 shares of company stock valued at $44,034,967 over the last 90 days. 21.36% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in GTLB. Infinitum Asset Management LLC acquired a new position in shares of GitLab during the 4th quarter worth about $6,762,000. Polar Asset Management Partners Inc. raised its stake in shares of GitLab by 120.1% during the 4th quarter. Polar Asset Management Partners Inc. now owns 209,500 shares of the company’s stock worth $11,805,000 after purchasing an additional 114,300 shares in the last quarter. Public Employees Retirement System of Ohio boosted its holdings in shares of GitLab by 63.8% in the 4th quarter. Public Employees Retirement System of Ohio now owns 70,485 shares of the company’s stock valued at $3,972,000 after buying an additional 27,455 shares during the last quarter. JT Stratford LLC bought a new position in shares of GitLab in the fourth quarter valued at $284,000. Finally, Sone Capital Management LLC acquired a new position in GitLab during the fourth quarter worth $7,917,000. 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.