GitLab (NASDAQ:GTLB) Trading Down 3.9% - Here's Why

Shares of GitLab Inc. (NASDAQ:GTLB - Get Free Report) traded down 3.9% during trading on Monday . The stock traded as low as $66.62 and last traded at $67.83. 3,041,041 shares traded hands during mid-day trading, an increase of 2% from the average session volume of 2,988,038 shares. The stock had previously closed at $70.56.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. 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 research note on Friday, December 6th. Scotiabank increased their price target on GitLab from $65.00 to $75.00 and gave the company a "sector outperform" rating in a report on Wednesday, December 4th. Truist Financial restated a "buy" rating and set a $90.00 target price (up from $80.00) on shares of GitLab in a research note on Friday, December 6th. Morgan Stanley raised their target price on GitLab from $70.00 to $77.00 and gave the company an "overweight" rating in a research note on Friday, December 6th. Finally, JPMorgan Chase & Co. increased their price target on shares of GitLab from $60.00 to $65.00 and gave the stock a "neutral" rating in a research report on Friday, December 6th. Three equities 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 stock. According to MarketBeat, GitLab has an average rating of "Moderate Buy" and an average price target of $76.62.

GitLab Trading Down 3.4 %

The business's 50 day moving average price is $63.87 and its two-hundred day moving average price is $57.54. The company has a market capitalization of $10.95 billion, a price-to-earnings ratio of -210.78 and a beta of 0.63.

Insider Buying and Selling

In other news, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $70.83, for a total value of $708,300.00. Following the completion of the sale, the chief financial officer now owns 267,380 shares in the company, valued at $18,938,525.40. The trade was a 3.61 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Robin Schulman sold 2,996 shares of GitLab stock in a transaction on 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 sale, the insider now owns 129,223 shares of the company's stock, valued at $7,233,903.54. This represents a 2.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 740,257 shares of company stock worth $44,710,867 in the last ninety days. Company insiders own 21.36% of the company's stock.

Hedge Funds Weigh In On GitLab

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of GitLab by 7.2% in the fourth quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company's stock worth $740,585,000 after buying an additional 885,955 shares in the last quarter. Norges Bank purchased a new stake in GitLab in the fourth quarter valued at approximately $279,089,000. Artisan Partners Limited Partnership raised its stake 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 acquiring an additional 1,443,160 shares in the last quarter. Franklin Resources Inc. raised its stake in shares of GitLab by 17.6% during the fourth quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company's stock worth $176,954,000 after acquiring an additional 470,192 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its stake in shares of GitLab by 276.9% during the fourth quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company's stock worth $121,435,000 after acquiring an additional 1,583,221 shares in the last quarter. 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.