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

GitLab Inc. (NASDAQ:GTLB) shares were down 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. Approximately 826,285 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 2,976,167 shares. The stock had previously closed at $62.80.

Other research analysts have also recently issued reports about the stock. Truist Financial reiterated a “buy” rating and set a $90.00 price target (up from $80.00) on shares of GitLab in a research report on Friday, December 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $85.00 target price on shares of GitLab in a report on Tuesday. Piper Sandler lifted their target price on shares of GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. TD Cowen upped their price target on shares of GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, November 21st. Finally, Mizuho decreased their price objective on GitLab from $80.00 to $72.00 and set an “outperform” rating on the stock in a report on Tuesday. Three equities 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’s stock. According to data from MarketBeat, GitLab presently has a consensus rating of “Moderate Buy” and a consensus price target of $75.36.

Insider Buying and Selling

In other news, CFO Brian G. Robins sold 10,000 shares of the company’s 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 $16,411,054.77. This represents a 3.96 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Karen Blasing sold 3,250 shares of GitLab stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $58.99, for a total transaction of $191,717.50. Following the transaction, the director now directly 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 disclosure for this sale can be found here. Insiders have sold a total of 740,257 shares of company stock valued at $44,710,867 over the last ninety days. Company insiders own 21.36% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. M&T Bank Corp lifted its position in GitLab by 3.1% in the 4th quarter. M&T Bank Corp now owns 4,965 shares of the company’s stock valued at $280,000 after acquiring an additional 148 shares in the last quarter. Wilmington Savings Fund Society FSB lifted its holdings in shares of GitLab by 7.9% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock valued at $116,000 after purchasing an additional 150 shares in the last quarter. OneDigital Investment Advisors LLC boosted its position in shares of GitLab by 4.3% during the fourth quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock valued at $228,000 after buying an additional 166 shares during the last quarter. Bank of Marin raised its position in GitLab by 3.0% in the 3rd quarter. Bank of Marin now owns 5,856 shares of the company’s stock worth $302,000 after buying an additional 171 shares during the last quarter. Finally, Utah Retirement Systems raised its position in GitLab by 3.1% in the 4th quarter. Utah Retirement Systems now owns 6,600 shares of the company’s stock worth $372,000 after buying an additional 200 shares during the last quarter. Hedge funds and other institutional investors own 95.04% of the company’s stock.

GitLab Trading Down 1.6 %

The company’s 50 day simple moving average is $64.38 and its 200-day simple moving average is $58.84. The firm has a market cap of $10.03 billion, a P/E ratio of -193.09 and a beta of 0.63.

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.