GitLab (NASDAQ:GTLB) Stock Price Down 1.2% After Analyst Downgrade

GitLab Inc. (NASDAQ:GTLB)’s share price traded down 1.2% during mid-day trading on Monday after Robert W. Baird lowered their price target on the stock from $80.00 to $76.00. Robert W. Baird currently has an outperform rating on the stock. GitLab traded as low as $58.67 and last traded at $59.46. 1,422,460 shares were traded during trading, a decline of 47% from the average session volume of 2,694,118 shares. The stock had previously closed at $60.21.

Other analysts also recently issued reports about the stock. Truist Financial reissued 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. TD Cowen raised their target price on GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, November 21st. Scotiabank lifted their price target on GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a research note on Wednesday, December 4th. JPMorgan Chase & Co. increased their price target on GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Finally, Cantor Fitzgerald boosted their price objective on GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Three investment 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 data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $76.27.

Insiders Place Their Bets

In other news, 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 completion of the sale, the director now directly owns 134,733 shares of the company’s stock, valued at approximately $7,947,899.67. The trade was a 2.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $70.83, for a total value of $708,300.00. Following the completion of the transaction, the chief financial officer now directly owns 267,380 shares of the company’s stock, valued at approximately $18,938,525.40. This represents a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 740,257 shares of company stock valued at $44,710,867 over the last quarter. 21.36% of the stock is owned by insiders.

Institutional Investors Weigh In On GitLab

A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in shares of GitLab by 7.2% in the 4th quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company’s stock valued at $740,585,000 after purchasing an additional 885,955 shares during the last quarter. Norges Bank purchased a new stake in shares of GitLab during the 4th quarter worth approximately $279,089,000. Artisan Partners Limited Partnership boosted its holdings in shares of GitLab by 55.7% in the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock valued at $227,318,000 after buying an additional 1,443,160 shares in the last quarter. Franklin Resources Inc. raised its stake in GitLab by 17.6% during the 4th quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company’s stock worth $176,954,000 after acquiring an additional 470,192 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its position in GitLab by 276.9% in the fourth quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company’s stock valued at $121,435,000 after acquiring an additional 1,583,221 shares during the last quarter. 95.04% of the stock is currently owned by institutional investors and hedge funds.

GitLab Stock Down 6.6 %

The company has a market cap of $9.13 billion, a PE ratio of -175.78 and a beta of 0.63. The firm has a fifty day simple moving average of $64.30 and a 200-day simple moving average of $58.69.

GitLab Company Profile

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.