GitLab (NASDAQ:GTLB) Shares Down 1.9% - Here's Why

GitLab Inc. (NASDAQ:GTLB - Get Free Report)'s stock price traded down 1.9% on Friday . The company traded as low as $56.63 and last traded at $57.12. 476,293 shares were traded during mid-day trading, a decline of 84% from the average session volume of 2,986,813 shares. The stock had previously closed at $58.25.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. TD Cowen lifted their price objective on shares of GitLab from $63.00 to $70.00 and gave the company a "buy" rating in a research report on Thursday, November 21st. Macquarie reiterated an "outperform" rating and issued a $90.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. Morgan Stanley lifted their price objective on shares of GitLab from $70.00 to $77.00 and gave the company an "overweight" rating in a research report on Friday, December 6th. Wells Fargo & Company lifted their price objective on shares of GitLab from $80.00 to $85.00 and gave the company an "overweight" rating in a research report on Thursday, February 20th. Finally, Royal Bank of Canada reiterated an "outperform" rating and issued a $80.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. Three research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, GitLab has a consensus rating of "Moderate Buy" and an average price target of $75.38.

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GitLab Trading Down 9.6 %

The firm has a market cap of $8.28 billion, a price-to-earnings ratio of -159.34 and a beta of 0.67. The firm has a 50 day moving average price of $64.20 and a 200-day moving average price of $59.11.

Insider Buying and Selling

In related news, Director Matthew Jacobson sold 547,679 shares of GitLab stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $59.72, for a total transaction of $32,707,389.88. Following the completion of the sale, the director now owns 58,471 shares in the company, valued at approximately $3,491,888.12. This trade represents a 90.35 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $70.83, for a total value of $708,300.00. Following the sale, the chief financial officer now owns 267,380 shares of the company's stock, valued at approximately $18,938,525.40. This represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 730,257 shares of company stock worth $44,034,967. 21.36% of the stock is owned by corporate insiders.

Institutional Trading of GitLab

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GTLB. Norges Bank purchased a new stake in GitLab during the 4th quarter worth about $279,089,000. Ameriprise Financial Inc. grew its holdings in GitLab by 276.9% in the 4th quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company's stock valued at $121,435,000 after buying an additional 1,583,221 shares during the period. Artisan Partners Limited Partnership grew its holdings in GitLab by 55.7% in the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company's stock valued at $227,318,000 after buying an additional 1,443,160 shares during the period. Alliancebernstein L.P. grew its holdings in GitLab by 4,042.0% in the 4th quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company's stock valued at $82,011,000 after buying an additional 1,420,248 shares during the period. Finally, Marshall Wace LLP grew its holdings in GitLab by 572.3% in the 4th quarter. Marshall Wace LLP now owns 1,094,128 shares of the company's stock valued at $61,654,000 after buying an additional 931,396 shares during the period. Hedge funds and other institutional investors own 95.04% of the company's stock.

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.