GitLab (NASDAQ:GTLB) Shares Down 1.1% - What's Next?

Key Points

• GitLab's stock fell by 1.1% to $46.72, with trading volume decreasing by 10% from average levels.
• Brokerage analysts generally have a positive outlook on GitLab, with a consensus rating of "Moderate Buy" and a price target of $58.88.
• Recent insider trading included significant sales from directors, with over 1.15 million shares sold in the last three months, reflecting a decrease in their ownership stakes.

GitLab Inc. (NASDAQ:GTLB - Get Free Report)'s share price fell 1.1% on Thursday . The company traded as low as $45.61 and last traded at $46.72. 3,465,106 shares traded hands during trading, a decline of 10% from the average session volume of 3,843,969 shares. The stock had previously closed at $47.23.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on GTLB. Royal Bank Of Canada reiterated an "outperform" rating and set a $62.00 price target on shares of GitLab in a research report on Wednesday, June 25th. UBS Group decreased their price objective on GitLab from $73.00 to $60.00 and set a "buy" rating for the company in a report on Thursday, September 4th. Raymond James Financial decreased their price objective on GitLab from $60.00 to $55.00 and set an "outperform" rating for the company in a report on Thursday, September 4th. Scotiabank cut their price objective on GitLab from $80.00 to $67.00 and set a "sector outperform" rating for the company in a report on Friday, June 6th. Finally, Guggenheim initiated coverage on GitLab in a report on Thursday, September 11th. They issued a "buy" rating and a $70.00 price objective for the company. One equities 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 data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $58.88.

GitLab Price Performance

The company has a fifty day moving average of $45.95 and a 200-day moving average of $46.25. The firm has a market capitalization of $7.79 billion, a PE ratio of -1,168.00 and a beta of 0.75.

Insider Buying and Selling at GitLab

In other GitLab news, Director Karen Blasing sold 3,250 shares of the firm's stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $50.08, for a total transaction of $162,760.00. Following the transaction, the director directly owned 100,639 shares in the company, valued at $5,040,001.12. This trade represents a 3.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Matthew Jacobson sold 396,147 shares of the firm's stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $50.53, for a total value of $20,017,307.91. Following the completion of the sale, the director directly owned 73,299 shares in the company, valued at approximately $3,703,798.47. This represents a 84.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,158,834 shares of company stock worth $56,452,170 over the last three months. Corporate insiders own 16.37% of the company's stock.

Institutional Investors Weigh In On GitLab

Hedge funds and other institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC grew its position in shares of GitLab by 9,968.3% in the first quarter. GAMMA Investing LLC now owns 43,193 shares of the company's stock valued at $2,030,000 after purchasing an additional 42,764 shares during the last quarter. Park Avenue Securities LLC grew its position in shares of GitLab by 5.3% in the first quarter. Park Avenue Securities LLC now owns 7,601 shares of the company's stock valued at $357,000 after purchasing an additional 381 shares during the last quarter. Focus Partners Wealth grew its position in shares of GitLab by 42.5% in the first quarter. Focus Partners Wealth now owns 252,586 shares of the company's stock valued at $11,871,000 after purchasing an additional 75,331 shares during the last quarter. Wealthcare Advisory Partners LLC grew its position in shares of GitLab by 19.3% in the first quarter. Wealthcare Advisory Partners LLC now owns 6,578 shares of the company's stock valued at $309,000 after purchasing an additional 1,065 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. acquired a new stake in shares of GitLab in the first quarter valued at about $200,000. 95.04% of the stock is owned by institutional investors and hedge funds.

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.

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