GitLab (NASDAQ:GTLB) Trading Down 3.9% – Should You Sell?

GitLab Inc. (NASDAQ:GTLB)’s share price fell 3.9% during trading on Monday . The stock traded as low as $66.62 and last traded at $67.83. 3,041,041 shares were traded during trading, an increase of 2% from the average session volume of 2,988,038 shares. The stock had previously closed at $70.56.

Analyst Ratings Changes

Several research firms recently commented on GTLB. DA Davidson increased their price objective on GitLab from $50.00 to $70.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Canaccord Genuity Group raised their target price on GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Truist Financial reissued a “buy” rating and issued a $90.00 target price (up from $80.00) on shares of GitLab in a research report on Friday, December 6th. Robert W. Baird raised their target price on GitLab from $62.00 to $75.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Finally, Scotiabank raised their target price on GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, December 4th. Three research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $76.42.

GitLab Trading Down 3.9 %

The stock has a 50 day simple moving average of $63.47 and a 200-day simple moving average of $57.15. The firm has a market cap of $11.01 billion, a P/E ratio of -211.97 and a beta of 0.63.

Insiders Place Their Bets

In other news, Director Matthew Jacobson sold 547,679 shares of GitLab stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $59.72, for a total value of $32,707,389.88. Following the completion of the transaction, the director now owns 58,471 shares in the company, valued at approximately $3,491,888.12. The trade was a 90.35 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $70.83, for a total value of $708,300.00. Following the completion of the transaction, the chief financial officer now owns 267,380 shares of the company’s stock, valued at approximately $18,938,525.40. This trade represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 740,257 shares of company stock valued at $44,710,867 in the last quarter. 21.36% of the stock is currently owned by insiders.

Hedge Funds Weigh In On GitLab

A number of large investors have recently bought and sold shares of GTLB. Sanctuary Advisors LLC purchased a new position in GitLab during the 2nd quarter valued at $199,000. SG Americas Securities LLC purchased a new position in GitLab during the 3rd quarter valued at $119,000. Creative Planning purchased a new position in GitLab during the 3rd quarter valued at $208,000. Claro Advisors LLC purchased a new position in GitLab during the 3rd quarter valued at $304,000. Finally, Blue Trust Inc. boosted its holdings in GitLab by 18.2% during the 3rd quarter. Blue Trust Inc. now owns 3,166 shares of the company’s stock valued at $157,000 after acquiring an additional 488 shares during the period. Hedge funds and other 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.