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

GitLab Inc. (NASDAQ:GTLB)’s stock price was down 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.

GTLB has been the topic of several other research reports. KeyCorp lifted their price target on GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Needham & Company LLC reissued a “buy” rating and issued a $85.00 target price on shares of GitLab in a research report on Tuesday, January 7th. Barclays upped their price target on GitLab from $55.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Monday, December 9th. TD Cowen raised their price target on shares of GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, November 21st. Finally, JPMorgan Chase & Co. boosted their price objective 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. Three investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $76.23.

Insider Buying and Selling

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 transaction of $191,717.50. Following the completion of the sale, the director now owns 134,733 shares of the company’s stock, valued at approximately $7,947,899.67. This trade represents a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Brian G. Robins sold 10,000 shares of the business’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $67.59, for a total transaction of $675,900.00. Following the completion of the sale, the chief financial officer now directly owns 242,803 shares of the company’s stock, valued at approximately $16,411,054.77. The trade was a 3.96 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 740,257 shares of company stock valued at $44,710,867. Company insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

A number of institutional investors have recently bought and sold shares of GTLB. EverSource Wealth Advisors LLC increased its holdings in shares of GitLab by 5,700.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after purchasing an additional 513 shares during the period. CoreCap Advisors LLC increased its stake in GitLab by 327.5% during the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock worth $33,000 after acquiring an additional 452 shares during the period. IMG Wealth Management Inc. acquired a new position in GitLab in the 4th quarter valued at $46,000. True Wealth Design LLC acquired a new position in GitLab in the 3rd quarter valued at $56,000. Finally, Raleigh Capital Management Inc. bought a new stake in shares of GitLab during the 4th quarter valued at $66,000. Institutional investors own 95.04% of the company’s stock.

GitLab Stock Performance

The company has a market capitalization 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 price of $64.38 and a 200-day moving average price of $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.