GitLab (NASDAQ:GTLB) Trading Down 7.8% – What’s Next?

GitLab Inc. (NASDAQ:GTLB) fell 7.8% on Monday . The company traded as low as $50.98 and last traded at $51.96. 1,293,630 shares changed hands during trading, a decline of 57% from the average session volume of 2,997,273 shares. The stock had previously closed at $56.38.

Analyst Upgrades and Downgrades

GTLB has been the subject of several research analyst reports. Wells Fargo & Company upped their price objective on shares of GitLab from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, February 20th. Robert W. Baird reduced their price target on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a research note on Monday, March 3rd. Mizuho lowered their price objective on shares of GitLab from $80.00 to $72.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 4th. KeyCorp upped their target price on GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Finally, TD Cowen increased their price target on GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Three research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $75.38.

GitLab Price Performance

The firm’s fifty day moving average is $64.12 and its 200 day moving average is $59.14. The firm has a market capitalization of $8.43 billion, a price-to-earnings ratio of -162.31 and a beta of 0.67.

Insiders Place Their Bets

In other GitLab news, insider Robin Schulman sold 9,251 shares of the business’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $70.00, for a total value of $647,570.00. Following the transaction, the insider now owns 121,893 shares in the company, valued at $8,532,510. The trade was a 7.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Brian G. Robins sold 10,000 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $70.83, for a total value of $708,300.00. Following the sale, the chief financial officer now directly owns 267,380 shares of the company’s stock, valued at $18,938,525.40. This trade represents a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 730,257 shares of company stock worth $44,034,967 in the last quarter. 21.36% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On GitLab

Several large investors have recently made changes to their positions in GTLB. Y Intercept Hong Kong Ltd bought a new stake in GitLab in the third quarter worth approximately $678,000. State Street Corp lifted its stake in shares of GitLab by 5.8% in the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company’s stock valued at $104,740,000 after purchasing an additional 111,997 shares during the last quarter. Barclays PLC boosted its holdings 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 purchasing an additional 40,171 shares in the last quarter. Oddo BHF Asset Management Sas acquired a new position in GitLab during the third quarter worth $6,865,000. Finally, Barton Investment Management raised its holdings in GitLab by 99.4% during the fourth quarter. Barton Investment Management now owns 335,648 shares of the company’s stock valued at $18,914,000 after buying an additional 167,290 shares in 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.