GitLab (NASDAQ:GTLB) Stock Price Down 3.8% After Analyst Downgrade

GitLab Inc. (NASDAQ:GTLB)’s stock price fell 3.8% during mid-day trading on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $65.00 to $62.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. GitLab traded as low as $60.56 and last traded at $60.39. 826,285 shares changed hands during trading, a decline of 72% from the average session volume of 2,976,167 shares. The stock had previously closed at $62.80.

A number of other analysts have also commented on the company. Canaccord Genuity Group lifted their price target on GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Mizuho decreased their price target on shares of GitLab from $80.00 to $72.00 and set an “outperform” rating for the company in a research report on Tuesday. Wells Fargo & Company lifted 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. Morgan Stanley increased their price objective on GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Finally, DA Davidson decreased their price target on GitLab from $70.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday, February 28th. Three research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, GitLab has an average rating of “Moderate Buy” and a consensus target price of $75.36.

Insiders Place Their Bets

In other news, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $67.59, for a total value of $675,900.00. Following the sale, the chief financial officer now directly owns 242,803 shares of the company’s stock, valued at approximately $16,411,054.77. This represents a 3.96 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Robin Schulman sold 2,996 shares of the business’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 transaction of $167,716.08. Following the transaction, the insider now directly owns 129,223 shares of the company’s stock, valued at approximately $7,233,903.54. This represents a 2.27 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 740,257 shares of company stock worth $44,710,867. Insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in GTLB. Creative Planning purchased a new stake in shares of GitLab in the third quarter worth $208,000. US Bancorp DE raised its holdings in shares of GitLab by 18.6% in the 3rd quarter. US Bancorp DE now owns 11,553 shares of the company’s stock valued at $595,000 after acquiring an additional 1,808 shares in the last quarter. Janney Montgomery Scott LLC boosted its position in shares of GitLab by 4.0% during the 3rd quarter. Janney Montgomery Scott LLC now owns 36,451 shares of the company’s stock valued at $1,879,000 after acquiring an additional 1,388 shares during the last quarter. NorthRock Partners LLC purchased a new position in shares of GitLab during the third quarter worth about $252,000. Finally, M&G PLC grew its holdings in shares of GitLab by 2.9% during the third quarter. M&G PLC now owns 211,361 shares of the company’s stock worth $10,991,000 after purchasing an additional 6,039 shares in the last quarter. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

GitLab Stock Down 1.6 %

The company has a market capitalization of $10.03 billion, a P/E ratio of -193.09 and a beta of 0.63. The company’s 50-day moving average is $64.38 and its two-hundred day moving average is $58.84.

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.