GitLab (NASDAQ:GTLB) Shares Down 1.8% – Time to Sell?

GitLab Inc. (NASDAQ:GTLB)’s share price traded down 1.8% during trading on Monday . The stock traded as low as $69.34 and last traded at $71.43. 1,000,010 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 2,936,728 shares. The stock had previously closed at $72.76.

Analyst Ratings Changes

GTLB has been the subject of a number of recent research reports. DA Davidson raised their target price on GitLab from $50.00 to $70.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Cantor Fitzgerald lifted their price objective on GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Piper Sandler upped their price objective on shares of GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Needham & Company LLC restated a “buy” rating and set a $85.00 target price on shares of GitLab in a research report on Tuesday, January 7th. Finally, Scotiabank raised their price objective on shares of GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a research report on Wednesday, December 4th. Three analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $76.42.

GitLab Stock Up 2.4 %

The stock has a market capitalization of $11.87 billion, a P/E ratio of -228.56 and a beta of 0.63. The firm has a fifty day moving average price of $62.56 and a two-hundred day moving average price of $56.15.

Insider Activity

In other news, CEO Sytse Sijbrandij sold 84,776 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $59.64, for a total transaction of $5,056,040.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Karen Blasing sold 3,250 shares of the firm’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $59.41, for a total value of $193,082.50. Following the completion of the transaction, the director now directly owns 137,983 shares in the company, valued at approximately $8,197,570.03. This represents a 2.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 828,283 shares of company stock valued at $49,959,990 over the last ninety days. 21.36% of the stock is currently owned by corporate insiders.

Institutional Trading of GitLab

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Future Financial Wealth Managment LLC purchased a new position in shares of GitLab during the 3rd quarter valued at $52,000. True Wealth Design LLC bought a new stake in GitLab during the third quarter valued at about $56,000. Raleigh Capital Management Inc. purchased a new stake in GitLab during the 4th quarter valued at approximately $66,000. Smartleaf Asset Management LLC grew its holdings in GitLab by 1,067.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock valued at $71,000 after buying an additional 1,153 shares in the last quarter. Finally, Rakuten Securities Inc. raised its position in shares of GitLab by 268.1% during the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after buying an additional 1,032 shares during the last quarter. Hedge funds and other institutional investors 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.