GitLab (NASDAQ:GTLB) Trading Down 4.6% – Should You Sell?

Shares of GitLab Inc. (NASDAQ:GTLB) dropped 4.6% during mid-day trading on Thursday . The company traded as low as $65.71 and last traded at $66.61. Approximately 833,770 shares were traded during trading, a decline of 69% from the average daily volume of 2,726,030 shares. The stock had previously closed at $69.82.

Analyst Ratings Changes

GTLB has been the topic of a number of analyst reports. Wells Fargo & Company boosted their target price on shares of GitLab from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday. Canaccord Genuity Group boosted their target price on shares of GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a report on Friday, December 6th. DA Davidson boosted their target price on shares of GitLab from $50.00 to $70.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Barclays upped their price target on shares of GitLab from $55.00 to $70.00 and gave the stock an “equal weight” rating in a report on Monday, December 9th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $85.00 price target on shares of GitLab in a report on Tuesday, January 7th. Three equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $76.62.

GitLab Stock Down 4.9 %

The stock’s fifty day moving average price is $64.00 and its two-hundred day moving average price is $57.61. The company has a market capitalization of $10.41 billion, a PE ratio of -200.38 and a beta of 0.63.

Insider Buying and Selling

In related news, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction dated Monday, February 3rd. The shares were 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 directly owns 267,380 shares of the company’s stock, valued at $18,938,525.40. This represents a 3.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Robin Schulman sold 9,251 shares of the stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $70.00, for a total transaction of $647,570.00. Following the completion of the transaction, the insider now directly owns 121,893 shares of the company’s stock, valued at approximately $8,532,510. The trade was a 7.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 740,257 shares of company stock valued at $44,710,867 over the last three months. Corporate insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

A number of institutional investors have recently bought and sold shares of the stock. Norges Bank bought a new position in shares of GitLab during the fourth quarter valued at approximately $279,089,000. Ameriprise Financial Inc. increased its position in shares of GitLab by 276.9% during the fourth quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company’s stock valued at $121,435,000 after acquiring an additional 1,583,221 shares in the last quarter. Artisan Partners Limited Partnership increased its position in shares of GitLab by 55.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock valued at $227,318,000 after acquiring an additional 1,443,160 shares in the last quarter. Alliancebernstein L.P. increased its position in shares of GitLab by 4,042.0% during the fourth quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company’s stock valued at $82,011,000 after acquiring an additional 1,420,248 shares in the last quarter. Finally, Marshall Wace LLP increased its position in shares of GitLab by 572.3% during the fourth quarter. Marshall Wace LLP now owns 1,094,128 shares of the company’s stock valued at $61,654,000 after acquiring an additional 931,396 shares in the last quarter. 95.04% of the stock is owned by institutional investors.

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.