GitLab (NASDAQ:GTLB) Stock Price Down 4.6% - Here's Why

GitLab Inc. (NASDAQ:GTLB - Get Free Report) was down 4.6% during mid-day trading on Thursday . The stock traded as low as $65.71 and last traded at $66.61. Approximately 833,770 shares traded hands during trading, a decline of 69% from the average daily volume of 2,726,030 shares. The stock had previously closed at $69.82.

Analysts Set New Price Targets

Several research analysts recently issued reports on GTLB shares. Macquarie reiterated an "outperform" rating and set a $90.00 price target on shares of GitLab in a research report on Wednesday, January 15th. Morgan Stanley upped their price target on GitLab from $70.00 to $77.00 and gave the company an "overweight" rating in a research note on Friday, December 6th. TD Cowen upped their price target on GitLab from $63.00 to $70.00 and gave the company a "buy" rating in a research note on Thursday, November 21st. The Goldman Sachs Group raised their price target on shares of GitLab from $80.00 to $88.00 and gave the stock a "buy" rating in a research note on Friday, December 6th. Finally, Barclays increased their price objective on GitLab from $55.00 to $70.00 and gave the company an "equal weight" rating in a report on Monday, December 9th. Three analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, GitLab has a consensus rating of "Moderate Buy" and an average target price of $76.62.

GitLab Price Performance

The company has a fifty day moving average of $64.00 and a 200 day moving average of $57.61. The firm has a market capitalization of $10.41 billion, a P/E ratio of -200.38 and a beta of 0.63.

Insider Activity at GitLab

In other GitLab 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 transaction of $675,900.00. Following the transaction, the chief financial officer now directly owns 242,803 shares in the company, valued at approximately $16,411,054.77. This represents a 3.96 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Robin Schulman sold 2,996 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $55.98, for a total value of $167,716.08. Following the transaction, the insider now owns 129,223 shares in the company, valued at $7,233,903.54. The trade was a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 740,257 shares of company stock worth $44,710,867 over the last ninety days. Insiders own 21.36% of the company's stock.

Institutional Investors Weigh In On GitLab

A number of institutional investors and hedge funds have recently bought and sold shares of GTLB. EverSource Wealth Advisors LLC raised its position in GitLab by 5,700.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock valued at $29,000 after buying an additional 513 shares during the last quarter. CoreCap Advisors LLC raised its position in 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 buying an additional 452 shares during the last quarter. IMG Wealth Management Inc. purchased a new stake in GitLab in the 4th quarter valued at $46,000. True Wealth Design LLC purchased a new stake in GitLab in the 3rd quarter valued at $56,000. Finally, Raleigh Capital Management Inc. purchased a new stake in GitLab in the 4th quarter valued at $66,000. 95.04% of the stock is owned by hedge funds and other institutional investors.

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.