GitLab (NASDAQ:GTLB) Trading Down 5.3% - What's Next?

GitLab Inc. (NASDAQ:GTLB - Get Free Report) shares fell 5.3% during mid-day trading on Thursday . The stock traded as low as $48.69 and last traded at $49.97. 1,000,556 shares changed hands during mid-day trading, a decline of 66% from the average session volume of 2,975,668 shares. The stock had previously closed at $52.79.

Analysts Set New Price Targets

Several research firms recently issued reports on GTLB. JPMorgan Chase & Co. decreased their target price on shares of GitLab from $65.00 to $62.00 and set a "neutral" rating for the company in a research note on Tuesday, March 4th. Piper Sandler boosted their price target on shares of GitLab from $75.00 to $85.00 and gave the stock an "overweight" rating in a report on Friday, December 6th. Wells Fargo & Company boosted their price target on shares of GitLab from $80.00 to $85.00 and gave the stock an "overweight" rating in a report on Thursday, February 20th. Needham & Company LLC reissued a "buy" rating and issued a $85.00 price target on shares of GitLab in a report on Tuesday, March 4th. Finally, Truist Financial reissued a "buy" rating and issued a $90.00 price target (up previously from $80.00) on shares of GitLab in a report on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $75.38.

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GitLab Price Performance

The stock's fifty day moving average is $63.76 and its 200-day moving average is $59.07. The stock has a market cap of $8.45 billion, a PE ratio of -162.75 and a beta of 0.67.

Insider Activity at GitLab

In other GitLab news, insider Sytse Sijbrandij sold 84,000 shares of the company's stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $62.99, for a total value of $5,291,160.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Robin Schulman sold 2,996 shares of the company's stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $55.98, for a total transaction of $167,716.08. Following the completion of the transaction, the insider now directly owns 129,223 shares in the company, valued at $7,233,903.54. The trade was a 2.27 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 730,257 shares of company stock valued at $44,034,967. 21.36% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of GTLB. Norges Bank acquired a new position in GitLab in the fourth quarter valued at about $279,089,000. Ameriprise Financial Inc. lifted its position in shares of GitLab by 276.9% during the fourth quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company's stock worth $121,435,000 after purchasing an additional 1,583,221 shares in the last quarter. Artisan Partners Limited Partnership lifted its position 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 worth $227,318,000 after purchasing an additional 1,443,160 shares in the last quarter. Alliancebernstein L.P. lifted its position in shares of GitLab by 4,042.0% during the fourth quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company's stock worth $82,011,000 after purchasing an additional 1,420,248 shares in the last quarter. Finally, Marshall Wace LLP lifted its position in shares of GitLab by 572.3% during the fourth quarter. Marshall Wace LLP now owns 1,094,128 shares of the company's stock worth $61,654,000 after purchasing an additional 931,396 shares in the last quarter. Institutional investors and hedge funds own 95.04% of the company's stock.

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.