GitLab (NASDAQ:GTLB) Trading Down 2.4% - What's Next?

GitLab Inc. (NASDAQ:GTLB - Get Free Report) dropped 2.4% during trading on Tuesday . The company traded as low as $68.80 and last traded at $69.55. Approximately 662,739 shares changed hands during trading, a decline of 76% from the average daily volume of 2,817,923 shares. The stock had previously closed at $71.28.

Analyst Upgrades and Downgrades

GTLB has been the topic of a number of research analyst reports. Morgan Stanley increased their price objective on shares of GitLab from $70.00 to $77.00 and gave the company an "overweight" rating in a research note on Friday, December 6th. Robert W. Baird raised their price target on shares of GitLab from $62.00 to $75.00 and gave the stock an "outperform" rating in a research report on Friday, December 6th. Cantor Fitzgerald raised 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. Wells Fargo & Company raised 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, Piper Sandler raised their price target on shares of GitLab from $75.00 to $85.00 and gave the stock an "overweight" rating in a research report on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $76.42.

GitLab Stock Performance

The company's 50 day moving average price is $63.45 and its 200-day moving average price is $56.95. The company has a market cap of $11.01 billion, a price-to-earnings ratio of -211.97 and a beta of 0.63.

Insiders Place Their Bets

In other GitLab news, insider Robin Schulman sold 2,996 shares of the firm's stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $55.98, for a total value 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. This trade represents a 2.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Sytse Sijbrandij sold 84,776 shares of the firm's stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $59.64, for a total transaction of $5,056,040.64. The disclosure for this sale can be found here. Insiders sold a total of 825,033 shares of company stock worth $49,766,908 over the last ninety days. 21.36% of the stock is currently owned by company insiders.

Institutional Trading of GitLab

Several institutional investors have recently made changes to their positions in GTLB. Norges Bank acquired a new stake in shares of GitLab during the fourth quarter worth approximately $279,089,000. Artisan Partners Limited Partnership boosted its holdings 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 during the period. Alliancebernstein L.P. boosted its holdings 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 during the period. Marshall Wace LLP boosted its holdings 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 during the period. Finally, ARK Investment Management LLC boosted its holdings in shares of GitLab by 345.2% during the fourth quarter. ARK Investment Management LLC now owns 1,160,502 shares of the company's stock worth $65,394,000 after purchasing an additional 899,823 shares during the period. 95.04% of the stock is currently owned by institutional investors and hedge funds.

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.