GitLab (NASDAQ:GTLB) Sets New 1-Year Low – Should You Sell?

GitLab Inc. (NASDAQ:GTLB)’s stock price hit a new 52-week low during trading on Friday . The company traded as low as $37.90 and last traded at $39.60, with a volume of 1775050 shares changing hands. The stock had previously closed at $42.53.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on GTLB shares. Barclays dropped their target price on GitLab from $70.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 4th. Macquarie reaffirmed an “outperform” rating and set a $90.00 price objective on shares of GitLab in a report on Tuesday, March 4th. Needham & Company LLC reissued a “buy” rating and issued a $85.00 target price on shares of GitLab in a report on Tuesday, March 4th. Robert W. Baird decreased their target price on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a research report on Monday, March 3rd. Finally, DA Davidson cut their price target on shares of GitLab from $70.00 to $60.00 and set a “neutral” rating for the company in a report on Friday, February 28th. Three equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, GitLab has an average rating of “Moderate Buy” and an average target price of $75.09.

GitLab Stock Performance

The business’s fifty day simple moving average is $59.82 and its 200 day simple moving average is $58.89. The stock has a market cap of $6.67 billion, a price-to-earnings ratio of -128.41 and a beta of 0.79.

Insider Transactions at GitLab

In other GitLab news, insider Sytse Sijbrandij sold 84,000 shares of the stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $62.99, for a total transaction of $5,291,160.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Karen Blasing sold 6,500 shares of the stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $63.19, for a total transaction of $410,735.00. Following the sale, the director now owns 128,233 shares in the company, valued at approximately $8,103,043.27. This trade represents a 4.82 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 311,886 shares of company stock valued at $17,736,229. Insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of GTLB. Y Intercept Hong Kong Ltd acquired a new stake in shares of GitLab in the third quarter valued at approximately $678,000. State Street Corp increased its position in 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 acquiring an additional 111,997 shares during the period. Barclays PLC raised its stake in GitLab by 189.1% during the 3rd quarter. Barclays PLC now owns 61,419 shares of the company’s stock valued at $3,164,000 after acquiring an additional 40,171 shares in the last quarter. Oddo BHF Asset Management Sas acquired a new position in GitLab during the 3rd quarter worth $6,865,000. Finally, Swiss National Bank grew its stake in shares of GitLab by 3.7% in the fourth quarter. Swiss National Bank now owns 215,000 shares of the company’s stock worth $12,115,000 after purchasing an additional 7,700 shares in the last quarter. 95.04% of the stock is owned by institutional investors and hedge funds.

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.