GitLab (NASDAQ:GTLB) Shares Down 5.3% – Here’s What Happened

Shares of GitLab Inc. (NASDAQ:GTLB) were down 5.3% during mid-day trading on Thursday . The stock traded as low as $48.69 and last traded at $49.97. Approximately 1,000,556 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 2,975,668 shares. The stock had previously closed at $52.79.

Analyst Ratings Changes

A number of equities analysts have commented on GTLB shares. Macquarie reissued an “outperform” rating and set a $90.00 target price on shares of GitLab in a report on Tuesday, March 4th. Royal Bank of Canada restated an “outperform” rating and set a $80.00 price target on shares of GitLab in a research report on Tuesday, March 4th. Morgan Stanley increased their price objective on shares of GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Needham & Company LLC restated a “buy” rating and set a $85.00 target price on shares of GitLab in a report on Tuesday, March 4th. Finally, The Goldman Sachs Group upped their price target on GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $75.38.

GitLab Stock Down 5.3 %

The stock has a market capitalization of $8.12 billion, a PE ratio of -156.54 and a beta of 0.67. The stock has a fifty day moving average of $64.04 and a 200-day moving average of $59.10.

Insider Transactions at GitLab

In other news, insider Robin Schulman sold 9,251 shares of GitLab stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $70.00, for a total transaction of $647,570.00. Following the completion of the sale, the insider now directly owns 121,893 shares of the company’s stock, valued at approximately $8,532,510. The trade was a 7.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $56.24, for a total value of $562,400.00. Following the completion of the transaction, the chief financial officer now directly owns 267,380 shares in the company, valued at $15,037,451.20. This trade represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 730,257 shares of company stock valued at $44,034,967. 21.36% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Y Intercept Hong Kong Ltd acquired a new position in GitLab in the third quarter valued at approximately $678,000. State Street Corp lifted its position in shares of GitLab by 5.8% during the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company’s stock worth $104,740,000 after buying an additional 111,997 shares during the last quarter. Barclays PLC boosted its holdings in shares of GitLab by 189.1% in the 3rd quarter. Barclays PLC now owns 61,419 shares of the company’s stock valued at $3,164,000 after buying an additional 40,171 shares in the last quarter. Oddo BHF Asset Management Sas purchased a new position in shares of GitLab in the 3rd quarter valued at $6,865,000. Finally, Barton Investment Management raised its stake in GitLab by 99.4% during the 4th quarter. Barton Investment Management now owns 335,648 shares of the company’s stock worth $18,914,000 after acquiring an additional 167,290 shares in the last quarter. 95.04% of the stock is owned by institutional investors and hedge funds.

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.