GitLab (NASDAQ:GTLB) Stock Price Down 5.3% – What’s Next?

GitLab Inc. (NASDAQ:GTLB)’s stock price was down 5.3% during trading on Thursday . The company traded as low as $48.69 and last traded at $49.97. Approximately 1,000,556 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 2,975,668 shares. The stock had previously closed at $52.79.

Wall Street Analysts Forecast Growth

GTLB has been the subject of several analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $80.00 price objective on shares of GitLab in a research note on Tuesday, March 4th. Truist Financial reaffirmed a “buy” rating and set a $90.00 price target (up from $80.00) on shares of GitLab in a report on Friday, December 6th. Canaccord Genuity Group upped their price objective on shares of GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Barclays reduced their target price on shares of GitLab from $70.00 to $58.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 4th. Finally, KeyCorp lifted their price objective on GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $75.38.

GitLab Trading Down 5.3 %

The company’s 50 day simple moving average is $64.04 and its 200-day simple moving average is $59.10. The company has a market capitalization of $8.12 billion, a price-to-earnings ratio of -156.54 and a beta of 0.67.

Insiders Place Their Bets

In other GitLab news, 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 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 filing with the Securities & Exchange Commission, which is available through this link. Also, insider Robin Schulman sold 2,996 shares of the stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $55.98, for a total transaction of $167,716.08. Following the transaction, the insider now owns 129,223 shares in the company, valued at approximately $7,233,903.54. The trade was a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 730,257 shares of company stock valued at $44,034,967. Company insiders own 21.36% of the company’s stock.

Hedge Funds Weigh In On GitLab

A number of hedge funds have recently made changes to their positions in the stock. Y Intercept Hong Kong Ltd purchased a new position in shares of GitLab in the 3rd quarter worth $678,000. State Street Corp grew its position in GitLab by 5.8% during the third quarter. State Street Corp now owns 2,032,206 shares of the company’s stock valued at $104,740,000 after acquiring an additional 111,997 shares during the period. Barclays PLC increased its stake in GitLab by 189.1% during the third quarter. Barclays PLC now owns 61,419 shares of the company’s stock worth $3,164,000 after acquiring an additional 40,171 shares during the last quarter. Oddo BHF Asset Management Sas purchased a new position in shares of GitLab in the 3rd quarter worth about $6,865,000. Finally, Barton Investment Management lifted its stake in shares of GitLab by 99.4% in the 4th quarter. Barton Investment Management now owns 335,648 shares of the company’s stock valued at $18,914,000 after purchasing an additional 167,290 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.