GitLab (NASDAQ:GTLB) Trading Down 4.4% – Time to Sell?

GitLab Inc. (NASDAQ:GTLB)’s stock price was down 4.4% during trading on Tuesday . The company traded as low as $58.58 and last traded at $59.57. Approximately 597,646 shares were traded during 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

A number of analysts recently weighed in on GTLB shares. Piper Sandler increased their price objective on GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Morgan Stanley increased their price target on GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. DA Davidson lifted their price objective on GitLab from $50.00 to $70.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. TD Cowen upped their target price on GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Finally, Cantor Fitzgerald raised their price target on shares of GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $76.62.

GitLab Stock Down 3.2 %

The business’s 50 day simple moving average is $64.17 and its two-hundred day simple moving average is $58.11. The stock has a market capitalization of $9.78 billion, a P/E ratio of -188.67 and a beta of 0.63.

Insider Activity at GitLab

In other news, CFO Brian G. Robins sold 10,000 shares of the firm’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 value of $675,900.00. Following the transaction, the chief financial officer now owns 242,803 shares in the company, valued at $16,411,054.77. This trade represents a 3.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Karen Blasing sold 3,250 shares of GitLab stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $58.99, for a total value of $191,717.50. Following the transaction, the director now directly owns 134,733 shares in the company, valued at approximately $7,947,899.67. The trade was a 2.36 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 740,257 shares of company stock valued at $44,710,867. 21.36% of the stock is owned by corporate insiders.

Institutional Trading of GitLab

Several institutional investors have recently made changes to their positions in GTLB. EverSource Wealth Advisors LLC boosted its holdings in GitLab by 5,700.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after purchasing an additional 513 shares during the last quarter. CoreCap Advisors LLC lifted its position in shares of GitLab by 327.5% during the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock worth $33,000 after buying an additional 452 shares in the last quarter. IMG Wealth Management Inc. bought a new stake in GitLab during the fourth quarter worth $46,000. True Wealth Design LLC purchased a new position in GitLab in the third quarter worth $56,000. Finally, Raleigh Capital Management Inc. bought a new position in GitLab in the 4th quarter valued at $66,000. 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.