GitLab Inc. (NASDAQ:GTLB - Get Free Report)'s share price dropped 3.1% during trading on Thursday . The company traded as low as $58.42 and last traded at $59.89. Approximately 876,835 shares changed hands during trading, a decline of 71% from the average daily volume of 2,994,362 shares. The stock had previously closed at $61.79.
Wall Street Analysts Forecast Growth
GTLB has been the subject of a number of research analyst reports. Robert W. Baird reduced their price target on GitLab from $80.00 to $76.00 and set an "outperform" rating for the company in a report on Monday, March 3rd. Truist Financial restated a "buy" rating and set a $90.00 price objective (up from $80.00) on shares of GitLab in a research report on Friday, December 6th. Barclays cut their price objective on shares of GitLab from $70.00 to $58.00 and set an "equal weight" rating for the company in a research report on Tuesday, March 4th. Scotiabank raised their price objective on shares of GitLab from $65.00 to $75.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, December 4th. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $80.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. Three equities research analysts have rated the stock with a hold rating, twenty-one have assigned 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 target price of $75.38.
Get Our Latest Stock Report on GitLab
GitLab Price Performance
The firm has a market capitalization of $9.15 billion, a price-to-earnings ratio of -176.19 and a beta of 0.67. The firm's 50-day simple moving average is $64.31 and its 200 day simple moving average is $59.07.
Insider Buying and Selling at GitLab
In other GitLab news, CFO Brian G. Robins sold 10,000 shares of the business's stock in a transaction on Monday, December 9th. The shares were sold at an average price of $67.59, for a total transaction of $675,900.00. Following the sale, the chief financial officer now owns 242,803 shares of the company's stock, valued at approximately $16,411,054.77. The trade was a 3.96 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Robin Schulman sold 2,996 shares of the business's stock in a transaction on Friday, December 20th. The stock was sold at an average price of $55.98, for a total transaction of $167,716.08. Following the sale, the insider now directly owns 129,223 shares in the company, valued at approximately $7,233,903.54. The trade was a 2.27 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 740,257 shares of company stock worth $44,710,867 over the last three months. Corporate insiders own 21.36% of the company's stock.
Institutional Trading of GitLab
A number of hedge funds and other institutional investors have recently modified their holdings of GTLB. EverSource Wealth Advisors LLC grew its stake in shares of GitLab by 5,700.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock worth $29,000 after purchasing an additional 513 shares during the last quarter. CoreCap Advisors LLC boosted its position in GitLab by 327.5% during the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company's stock valued at $33,000 after acquiring an additional 452 shares during the last quarter. IMG Wealth Management Inc. bought a new stake in GitLab during the fourth quarter valued at $46,000. True Wealth Design LLC bought a new stake in GitLab during the third quarter valued at $56,000. Finally, Raleigh Capital Management Inc. bought a new stake in GitLab during the fourth quarter valued at $66,000. Institutional investors own 95.04% of the company's stock.
About GitLab
(
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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.
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