GitLab (NASDAQ:GTLB) Trading Down 4% - Time to Sell?

GitLab Inc. (NASDAQ:GTLB - Get Free Report)'s stock price was down 4% on Friday . The stock traded as low as $66.62 and last traded at $67.75. Approximately 985,969 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 2,742,351 shares. The stock had previously closed at $70.56.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on GTLB shares. DA Davidson raised their price target on shares of GitLab from $50.00 to $70.00 and gave the stock a "neutral" rating in a report on Friday, December 6th. Needham & Company LLC reissued a "buy" rating and set a $85.00 target price on shares of GitLab in a research note on Tuesday, January 7th. Truist Financial reaffirmed a "buy" rating and issued a $90.00 price target (up previously from $80.00) on shares of GitLab in a research note on Friday, December 6th. Mizuho raised their price objective on GitLab from $67.00 to $80.00 and gave the stock an "outperform" rating in a research report on Monday, December 9th. Finally, Scotiabank upped their target price on shares of GitLab from $65.00 to $75.00 and gave the company a "sector outperform" rating in a research report on Wednesday, December 4th. Three investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $76.42.

GitLab Price Performance

The stock has a market cap of $11.01 billion, a price-to-earnings ratio of -211.97 and a beta of 0.63. The business's 50 day moving average is $63.47 and its 200 day moving average is $57.15.

Insider Activity

In other news, insider Robin Schulman sold 2,996 shares of the company's stock in a transaction on Friday, December 20th. The shares were sold at an average price of $55.98, for a total value of $167,716.08. Following the completion of the transaction, the insider now owns 129,223 shares in the company, valued at approximately $7,233,903.54. This represents a 2.27 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $70.83, for a total transaction of $708,300.00. Following the completion of the transaction, the chief financial officer now directly owns 267,380 shares in the company, valued at $18,938,525.40. This trade represents a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 740,257 shares of company stock worth $44,710,867. 21.36% of the stock is currently owned by insiders.

Institutional Trading of GitLab

Large investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC increased its position in GitLab by 5,700.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock worth $29,000 after buying an additional 513 shares during the period. CoreCap Advisors LLC increased its holdings in shares of GitLab by 327.5% in the 4th 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 period. IMG Wealth Management Inc. purchased a new stake in GitLab in the 4th quarter valued at $46,000. True Wealth Design LLC acquired a new stake in GitLab during the 3rd quarter worth $56,000. Finally, Raleigh Capital Management Inc. acquired a new stake in GitLab during the 4th quarter worth $66,000. 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.