GitLab (NASDAQ:GTLB) Reaches New 52-Week Low - Should You Sell?

GitLab Inc. (NASDAQ:GTLB - Get Free Report) shares reached a new 52-week low on Friday . The company traded as low as $37.90 and last traded at $39.60, with a volume of 1775050 shares trading hands. The stock had previously closed at $42.53.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on GTLB. Robert W. Baird cut their target price on shares of GitLab from $80.00 to $76.00 and set an "outperform" rating on the stock in a report on Monday, March 3rd. Barclays decreased their price target on shares of GitLab from $70.00 to $58.00 and set an "equal weight" rating for the company in a report on Tuesday, March 4th. Cantor Fitzgerald reissued an "overweight" rating and set a $80.00 price objective on shares of GitLab in a report on Tuesday, March 4th. DA Davidson cut their price objective on shares of GitLab from $70.00 to $60.00 and set a "neutral" rating for the company in a research report on Friday, February 28th. Finally, Royal Bank of Canada restated an "outperform" rating and set a $80.00 target price on shares of GitLab in a research report on Tuesday, March 4th. Three analysts have rated the stock with a hold rating, twenty 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 stock has a consensus rating of "Moderate Buy" and a consensus price target of $75.09.

GitLab Price Performance

The firm has a market capitalization of $7.51 billion, a price-to-earnings ratio of -144.69 and a beta of 0.79. The business's 50 day moving average price is $58.14 and its 200-day moving average price is $58.67.

Remove Ads

Insider Activity

In other GitLab news, Director Matthew Jacobson sold 152,884 shares of GitLab stock in a transaction on Monday, March 24th. The stock was sold at an average price of $52.34, for a total transaction of $8,001,948.56. Following the sale, the director now owns 493,554 shares of the company's stock, valued at $25,832,616.36. The trade was a 23.65 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Karen Blasing sold 6,500 shares of GitLab stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $63.19, for a total value of $410,735.00. Following the transaction, the director now directly owns 128,233 shares in the company, valued at approximately $8,103,043.27. The trade was a 4.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 311,886 shares of company stock valued at $17,736,229 over the last quarter. Company insiders own 21.36% of the company's stock.

Institutional Investors Weigh In On GitLab

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of GitLab by 7.2% in the fourth quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company's stock valued at $740,585,000 after buying an additional 885,955 shares in the last quarter. Norges Bank bought a new position in shares of GitLab in the 4th quarter valued at $279,089,000. Artisan Partners Limited Partnership raised its stake 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 during the last quarter. Franklin Resources Inc. boosted its position in GitLab by 17.6% during the fourth quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company's stock valued at $176,954,000 after acquiring an additional 470,192 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its stake in shares of GitLab by 276.9% in the 4th quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company's stock valued at $121,435,000 after buying an additional 1,583,221 shares during the period. Institutional investors and hedge funds 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.