GitLab (NASDAQ:GTLB) Trading Down 1.9% – Should You Sell?

Shares of GitLab Inc. (NASDAQ:GTLB) dropped 1.9% on Friday . The company traded as low as $56.63 and last traded at $57.12. Approximately 476,293 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 2,986,813 shares. The stock had previously closed at $58.25.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on GTLB shares. KeyCorp upped their price objective on GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Cantor Fitzgerald restated an “overweight” rating and issued a $80.00 price target on shares of GitLab in a research report on Tuesday. Wells Fargo & Company boosted their price objective on shares of GitLab from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. Barclays dropped their price target on shares of GitLab from $70.00 to $58.00 and set an “equal weight” rating for the company in a research note on Tuesday. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $80.00 price objective on shares of GitLab in a research report on Tuesday. Three analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $75.38.

GitLab Stock Down 1.8 %

The company has a market capitalization of $9.29 billion, a PE ratio of -178.14 and a beta of 0.67. The business has a 50 day simple moving average of $64.35 and a 200 day simple moving average of $58.83.

Insiders Place Their Bets

In other GitLab news, Director Karen Blasing sold 3,250 shares of the business’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $58.99, for a total transaction of $191,717.50. Following the sale, the director now owns 134,733 shares in the company, valued at approximately $7,947,899.67. The trade was a 2.36 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $70.83, for a total value of $708,300.00. Following the sale, the chief financial officer now directly owns 267,380 shares of the company’s stock, valued at $18,938,525.40. This trade represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 740,257 shares of company stock valued at $44,710,867. Insiders own 21.36% of the company’s stock.

Institutional Trading of GitLab

A number of hedge funds have recently modified their holdings of GTLB. EverSource Wealth Advisors LLC grew 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 buying an additional 513 shares in the last quarter. CoreCap Advisors LLC lifted its position in GitLab by 327.5% during the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock worth $33,000 after buying an additional 452 shares in the last quarter. IMG Wealth Management Inc. purchased a new stake in GitLab in the 4th quarter valued at $46,000. True Wealth Design LLC acquired a new stake in shares of GitLab in the 3rd quarter worth $56,000. Finally, Raleigh Capital Management Inc. acquired a new position in shares of GitLab during the 4th quarter valued at about $66,000. Hedge funds and other institutional investors own 95.04% of the company’s stock.

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.