GitLab (NASDAQ:GTLB) Trading Down 0.9% - Should You Sell?

GitLab Inc. (NASDAQ:GTLB - Get Free Report) shares fell 0.9% during trading on Friday . The company traded as low as $70.50 and last traded at $70.84. 509,536 shares traded hands during trading, a decline of 82% from the average session volume of 2,862,665 shares. The stock had previously closed at $71.45.

Analyst Upgrades and Downgrades

A number of research firms have commented on GTLB. Canaccord Genuity Group lifted their target price on shares of GitLab from $65.00 to $78.00 and gave the stock a "buy" rating in a report on Friday, December 6th. Morgan Stanley lifted their price target on shares of GitLab from $70.00 to $77.00 and gave the stock an "overweight" rating in a research report on Friday, December 6th. Barclays lifted their price target on shares of GitLab from $55.00 to $70.00 and gave the stock an "equal weight" rating in a research report on Monday, December 9th. Cantor Fitzgerald lifted their price target on shares of GitLab from $75.00 to $80.00 and gave the stock an "overweight" rating in a research report on Friday, December 6th. Finally, Royal Bank of Canada lifted their price target on shares of GitLab from $73.00 to $80.00 and gave the stock an "outperform" rating in a research report on Friday, December 6th. Three equities research 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. Based on data from MarketBeat, GitLab currently has an average rating of "Moderate Buy" and an average target price of $76.42.

GitLab Trading Up 1.0 %

The company has a market capitalization of $11.57 billion, a price-to-earnings ratio of -222.75 and a beta of 0.63. The firm's 50 day moving average price is $63.04 and its two-hundred day moving average price is $56.53.

Insider Transactions at GitLab

In other GitLab news, Director Karen Blasing sold 3,250 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $59.41, for a total value of $193,082.50. Following the transaction, the director now directly owns 137,983 shares of the company's stock, valued at $8,197,570.03. This represents a 2.30 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Robin Schulman sold 2,996 shares of the 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 approximately $7,233,903.54. This represents a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 828,283 shares of company stock worth $49,959,990 in the last ninety days. Insiders own 21.36% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Franklin Resources Inc. grew its holdings in GitLab by 0.8% in the 3rd quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company's stock valued at $146,774,000 after buying an additional 21,976 shares in the last quarter. State Street Corp grew its holdings in GitLab by 5.8% in the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company's stock valued at $104,740,000 after buying an additional 111,997 shares in the last quarter. Geode Capital Management LLC grew its holdings in GitLab by 7.0% in the 3rd quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company's stock valued at $104,476,000 after buying an additional 132,548 shares in the last quarter. Fiera Capital Corp grew its holdings in GitLab by 1.4% in the 3rd quarter. Fiera Capital Corp now owns 1,259,429 shares of the company's stock valued at $64,911,000 after buying an additional 16,961 shares in the last quarter. Finally, Bamco Inc. NY grew its holdings in GitLab by 0.4% in the 3rd quarter. Bamco Inc. NY now owns 1,253,244 shares of the company's stock valued at $64,592,000 after buying an additional 4,874 shares in the last quarter. 95.04% of the stock is owned by institutional investors.

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.