GitLab Inc. (NASDAQ:GTLB - Get Free Report) fell 1.8% during trading on Monday . The stock traded as low as $62.67 and last traded at $63.02. 1,730,922 shares changed hands during trading, a decline of 25% from the average session volume of 2,298,061 shares. The stock had previously closed at $64.20.
Analyst Ratings Changes
Several research firms have recently weighed in on GTLB. Robert W. Baird lifted their target price on shares of GitLab from $62.00 to $75.00 and gave the stock an "outperform" rating in a research note on Friday, December 6th. Truist Financial reissued a "buy" rating and set a $90.00 target price (up previously from $80.00) on shares of GitLab in a report on Friday, December 6th. DA Davidson raised their price target on GitLab from $50.00 to $70.00 and gave the stock a "neutral" rating in a report on Friday, December 6th. Needham & Company LLC reiterated a "buy" rating and set a $85.00 price objective on shares of GitLab in a research note on Tuesday, January 7th. Finally, Wells Fargo & Company raised their target price on GitLab from $75.00 to $80.00 and gave the stock an "overweight" rating in a research note on Friday, December 6th. Three analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, GitLab currently has a consensus rating of "Moderate Buy" and a consensus price target of $76.42.
Get Our Latest Report on GTLB
GitLab Stock Down 1.8 %
The stock has a market cap of $10.23 billion, a P/E ratio of -196.94 and a beta of 0.57. The firm's fifty day moving average price is $61.30 and its 200-day moving average price is $54.82.
Insider Buying and Selling at GitLab
In related news, CFO Brian G. Robins sold 10,000 shares of the firm's stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $67.59, for a total transaction of $675,900.00. Following the completion of the transaction, the chief financial officer now owns 242,803 shares of the company's stock, valued at $16,411,054.77. This trade represents a 3.96 % decrease in their position. The transaction was disclosed in a 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 completion of the transaction, the director now directly owns 128,233 shares of the company's stock, valued at approximately $8,103,043.27. This represents a 4.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 816,447 shares of company stock valued at $48,948,434 in the last 90 days. Insiders own 21.36% of the company's stock.
Institutional Trading of GitLab
Several institutional investors have recently added to or reduced their stakes in GTLB. Y Intercept Hong Kong Ltd bought a new position in shares of GitLab during the 3rd quarter valued at $678,000. State Street Corp increased its stake in shares of GitLab by 5.8% in the third quarter. State Street Corp now owns 2,032,206 shares of the company's stock worth $104,740,000 after purchasing an additional 111,997 shares in the last quarter. Barclays PLC grew its position in shares of GitLab by 189.1% during the third quarter. Barclays PLC now owns 61,419 shares of the company's stock worth $3,164,000 after purchasing an additional 40,171 shares in the last quarter. Oddo BHF Asset Management Sas bought a new stake in GitLab during the 3rd quarter valued at approximately $6,865,000. Finally, ARK Investment Management LLC purchased a new position in GitLab in the 3rd quarter worth approximately $13,435,000. 95.04% of the stock is currently owned by hedge funds and other institutional investors.
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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