GitLab (NASDAQ:GTLB) Shares Down 3.8% After Analyst Downgrade

GitLab Inc. (NASDAQ:GTLB - Get Free Report) fell 3.8% during mid-day trading on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $65.00 to $62.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. GitLab traded as low as $60.56 and last traded at $60.39. 826,285 shares changed hands during trading, a decline of 72% from the average session volume of 2,976,167 shares. The stock had previously closed at $62.80.

A number of other brokerages have also issued reports on GTLB. Macquarie reaffirmed an "outperform" rating and issued a $90.00 target price on shares of GitLab in a research report on Tuesday. Royal Bank of Canada restated an "outperform" rating and issued a $80.00 price target on shares of GitLab in a research note on Tuesday. Robert W. Baird reduced their price objective on shares of GitLab from $80.00 to $76.00 and set an "outperform" rating on the stock in a research note on Monday, March 3rd. Truist Financial reissued a "buy" rating and issued a $90.00 target price (up previously from $80.00) on shares of GitLab in a research report on Friday, December 6th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $80.00 price target on shares of GitLab in a research report on Tuesday. Three research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, GitLab has a consensus rating of "Moderate Buy" and a consensus price target of $75.38.

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Insider Buying and Selling at GitLab

In related news, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $67.59, for a total value of $675,900.00. Following the completion of the transaction, the chief financial officer now directly owns 242,803 shares of the company's stock, valued at $16,411,054.77. This represents a 3.96 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Karen Blasing sold 3,250 shares of GitLab stock in a transaction on Monday, December 16th. The shares were sold at an average price of $58.99, for a total value of $191,717.50. Following the sale, the director now directly owns 134,733 shares in the company, valued at $7,947,899.67. The trade was a 2.36 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 740,257 shares of company stock worth $44,710,867. 21.36% of the stock is owned by company insiders.

Institutional Investors Weigh In On GitLab

Several institutional investors have recently bought and sold shares of the stock. Infinitum Asset Management LLC acquired a new position in GitLab during the 4th quarter valued at about $6,762,000. Polar Asset Management Partners Inc. increased its stake in shares of GitLab by 120.1% during the fourth quarter. Polar Asset Management Partners Inc. now owns 209,500 shares of the company's stock valued at $11,805,000 after acquiring an additional 114,300 shares during the period. Public Employees Retirement System of Ohio increased its stake in shares of GitLab by 63.8% during the fourth quarter. Public Employees Retirement System of Ohio now owns 70,485 shares of the company's stock valued at $3,972,000 after acquiring an additional 27,455 shares during the period. JT Stratford LLC bought a new stake in GitLab during the fourth quarter worth approximately $284,000. Finally, Sone Capital Management LLC acquired a new stake in GitLab in the fourth quarter worth approximately $7,917,000. Institutional investors and hedge funds own 95.04% of the company's stock.

GitLab Stock Performance

The stock has a market capitalization of $9.15 billion, a P/E ratio of -176.19 and a beta of 0.67. The business has a 50 day simple moving average of $64.31 and a 200-day simple moving average of $58.90.

GitLab Company Profile

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.