GitLab (NASDAQ:GTLB) Stock Price Down 1.3% – Should You Sell?

Shares of GitLab Inc. (NASDAQ:GTLB) dropped 1.3% during mid-day trading on Monday . The stock traded as low as $46.57 and last traded at $46.85. Approximately 3,177,630 shares traded hands during mid-day trading, a decline of 17% from the average daily volume of 3,833,319 shares. The stock had previously closed at $47.47.

Wall Street Analyst Weigh In

GTLB has been the subject of several analyst reports. Cantor Fitzgerald reissued an “overweight” rating and issued a $60.00 price objective on shares of GitLab in a report on Thursday, September 4th. Capital One Financial cut GitLab from an “overweight” rating to an “equal weight” rating and set a $46.00 price target for the company. in a report on Wednesday, July 16th. Canaccord Genuity Group reduced their price target on GitLab from $76.00 to $70.00 and set a “buy” rating for the company in a report on Thursday, September 4th. Barclays reduced their price target on GitLab from $47.00 to $44.00 and set an “equal weight” rating for the company in a report on Friday, September 5th. Finally, Morgan Stanley upped their price target on GitLab from $53.00 to $56.00 and gave the stock an “overweight” rating in a report on Wednesday, June 11th. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, GitLab has a consensus rating of “Moderate Buy” and an average price target of $58.88.

GitLab Stock Down 1.3%

The company has a market capitalization of $7.81 billion, a PE ratio of -1,171.25 and a beta of 0.74. The firm has a 50-day moving average of $46.09 and a two-hundred day moving average of $46.08.

Insider Activity

In other news, Director Matthew Jacobson sold 63,587 shares of GitLab stock in a transaction on Tuesday, September 23rd. The stock was sold at an average price of $50.16, for a total value of $3,189,523.92. Following the completion of the sale, the director directly owned 820 shares of the company’s stock, valued at approximately $41,131.20. The trade was a 98.73% 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, Director Sytse Sijbrandij sold 108,600 shares of GitLab stock in a transaction on Monday, September 15th. The shares were sold at an average price of $50.14, for a total value of $5,445,204.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,219,171 shares of company stock valued at $59,495,444. 21.36% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC raised its holdings in shares of GitLab by 15.5% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 105,307 shares of the company’s stock valued at $5,934,000 after buying an additional 14,143 shares during the last quarter. California State Teachers Retirement System increased its position in GitLab by 1.8% in the 4th quarter. California State Teachers Retirement System now owns 103,225 shares of the company’s stock valued at $5,817,000 after acquiring an additional 1,842 shares during the period. GAMMA Investing LLC raised its stake in GitLab by 9,968.3% during the 1st quarter. GAMMA Investing LLC now owns 43,193 shares of the company’s stock valued at $2,030,000 after acquiring an additional 42,764 shares during the last quarter. Summit Global Investments lifted its position in GitLab by 183.5% during the 1st quarter. Summit Global Investments now owns 14,862 shares of the company’s stock worth $699,000 after acquiring an additional 9,620 shares during the period. Finally, Parallel Advisors LLC lifted its position in GitLab by 30.9% during the 1st quarter. Parallel Advisors LLC now owns 5,142 shares of the company’s stock worth $242,000 after acquiring an additional 1,214 shares during the period. 95.04% of the stock is owned by hedge funds and other institutional investors.

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.