GitLab (NASDAQ:GTLB) Stock Price Down 0.1% on Analyst Downgrade

GitLab Inc. (NASDAQ:GTLB) shares dropped 0.1% during trading on Friday after DA Davidson lowered their price target on the stock from $70.00 to $60.00. DA Davidson currently has a neutral rating on the stock. GitLab traded as low as $58.88 and last traded at $59.95. Approximately 499,733 shares changed hands during trading, a decline of 81% from the average daily volume of 2,668,611 shares. The stock had previously closed at $60.04.

Other equities analysts have also recently issued research reports about the company. Canaccord Genuity Group boosted their price target on GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a report on Friday, December 6th. KeyCorp boosted their target price on GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. TD Cowen raised their price target on shares of GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Wells Fargo & Company lifted their price target on shares of GitLab from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Finally, The Goldman Sachs Group increased their price objective on shares of GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Three analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $76.23.

Insider Buying and Selling

In other GitLab news, insider Robin Schulman sold 2,996 shares of GitLab stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $55.98, for a total value of $167,716.08. Following the completion of the sale, the insider now directly 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Sytse Sijbrandij sold 84,000 shares of the stock in a transaction that occurred 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 disclosure for this sale can be found here. Insiders sold 740,257 shares of company stock valued at $44,710,867 over the last quarter. Insiders own 21.36% of the company’s stock.

Institutional Investors Weigh In On GitLab

Several hedge funds and other institutional investors have recently bought and sold shares of GTLB. Y Intercept Hong Kong Ltd bought a new stake in GitLab in the 3rd quarter valued at about $678,000. State Street Corp increased its holdings in shares of 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 in the last quarter. Barclays PLC raised its position in shares of 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 purchasing an additional 40,171 shares during the period. Oddo BHF Asset Management Sas bought a new position in shares of GitLab in the 3rd quarter worth $6,865,000. Finally, Barton Investment Management grew its position in 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 during the period. 95.04% of the stock is owned by institutional investors.

GitLab Stock Performance

The firm has a market cap of $9.77 billion, a P/E ratio of -188.16 and a beta of 0.63. The stock’s 50 day simple moving average is $64.38 and its 200 day simple moving average is $58.40.

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.