GitLab (NASDAQ:GTLB) Trading Down 0.1% Following Analyst Downgrade

GitLab Inc. (NASDAQ:GTLB) was down 0.1% during mid-day 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 mid-day trading, a decline of 81% from the average daily volume of 2,668,611 shares. The stock had previously closed at $60.04.

GTLB has been the topic of a number of other reports. Piper Sandler increased their price objective on GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Wells Fargo & Company increased their price target on shares of GitLab from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, February 20th. JPMorgan Chase & Co. raised 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. Morgan Stanley upped their price objective on shares of GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Finally, Truist Financial reissued a “buy” rating and set a $90.00 target price (up previously from $80.00) on shares of GitLab in a 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.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $76.23.

Insider Activity at GitLab

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $67.59, for a total transaction of $675,900.00. Following the completion of the transaction, the chief financial officer now owns 242,803 shares of the company’s stock, valued at $16,411,054.77. This represents a 3.96 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Robin Schulman sold 2,996 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $55.98, for a total value of $167,716.08. Following the completion of the transaction, the insider now owns 129,223 shares in the company, valued at approximately $7,233,903.54. This trade represents a 2.27 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 740,257 shares of company stock valued at $44,710,867. 21.36% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On GitLab

Several institutional investors and hedge funds have recently added to or reduced their stakes in GTLB. Y Intercept Hong Kong Ltd purchased a new position in shares of GitLab in the third quarter worth about $678,000. State Street Corp lifted its stake in GitLab by 5.8% in the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company’s stock worth $104,740,000 after purchasing an additional 111,997 shares in the last quarter. Barclays PLC boosted its holdings in shares of GitLab by 189.1% during the 3rd 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 last quarter. Oddo BHF Asset Management Sas purchased a new stake in shares of GitLab in the third quarter valued at approximately $6,865,000. Finally, Barton Investment Management increased its holdings in shares of GitLab by 99.4% in the fourth 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 last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

GitLab Price Performance

The stock has a market cap of $9.77 billion, a price-to-earnings ratio of -188.16 and a beta of 0.63. The firm has a fifty day moving average of $64.38 and a 200 day moving average of $58.50.

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.