GitLab (NASDAQ:GTLB) Shares Down 7.8% - Here's Why

GitLab Inc. (NASDAQ:GTLB - Get Free Report) fell 7.8% during trading on Monday . The stock traded as low as $50.98 and last traded at $51.96. 1,293,630 shares changed hands during trading, a decline of 57% from the average session volume of 2,997,273 shares. The stock had previously closed at $56.38.

Analyst Upgrades and Downgrades

GTLB has been the topic of a number of research reports. TD Cowen increased their price objective on shares of GitLab from $63.00 to $70.00 and gave the stock a "buy" rating in a research note on Thursday, November 21st. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $80.00 price target on shares of GitLab in a research report on Tuesday, March 4th. Needham & Company LLC reissued a "buy" rating and issued a $85.00 price objective on shares of GitLab in a report on Tuesday, March 4th. Morgan Stanley upped their target price on GitLab from $70.00 to $77.00 and gave the stock an "overweight" rating in a research note on Friday, December 6th. Finally, Royal Bank of Canada reiterated an "outperform" rating and set a $80.00 price target on shares of GitLab in a research report on Tuesday, March 4th. Three equities research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, GitLab presently has a consensus rating of "Moderate Buy" and an average price target of $75.38.

GitLab Stock Performance

The firm's 50 day moving average is $64.12 and its 200-day moving average is $59.14. The company has a market cap of $8.57 billion, a PE ratio of -164.97 and a beta of 0.67.

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Insider Activity at GitLab

In other GitLab news, insider Sytse Sijbrandij sold 84,000 shares of the firm's stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $62.99, for a total value of $5,291,160.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Karen Blasing sold 3,250 shares of GitLab stock in a transaction on Monday, December 16th. The stock was sold at an average price of $58.99, for a total value of $191,717.50. Following the transaction, the director now owns 134,733 shares in the company, valued at approximately $7,947,899.67. This represents a 2.36 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 730,257 shares of company stock valued at $44,034,967. 21.36% of the stock is currently owned by insiders.

Institutional Trading of GitLab

A number of hedge funds and other institutional investors have recently made changes to their positions in GTLB. M&T Bank Corp grew its position in GitLab by 3.1% in the fourth quarter. M&T Bank Corp now owns 4,965 shares of the company's stock worth $280,000 after acquiring an additional 148 shares during the period. Wilmington Savings Fund Society FSB raised its holdings in shares of GitLab by 7.9% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company's stock valued at $116,000 after buying an additional 150 shares during the period. OneDigital Investment Advisors LLC lifted its stake in GitLab by 4.3% during the 4th quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company's stock worth $228,000 after acquiring an additional 166 shares in the last quarter. Bank of Marin boosted its holdings in GitLab by 3.0% during the 3rd quarter. Bank of Marin now owns 5,856 shares of the company's stock valued at $302,000 after acquiring an additional 171 shares during the period. Finally, Utah Retirement Systems grew its position in GitLab by 3.1% in the 4th quarter. Utah Retirement Systems now owns 6,600 shares of the company's stock valued at $372,000 after acquiring an additional 200 shares in the last quarter. Institutional investors and hedge funds 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.