GitLab (NASDAQ:GTLB) Shares Down 2.6% - Here's Why

GitLab Inc. (NASDAQ:GTLB - Get Free Report) shares traded down 2.6% during trading on Thursday . The company traded as low as $45.05 and last traded at $45.64. 1,173,191 shares traded hands during mid-day trading, a decline of 59% from the average session volume of 2,830,979 shares. The stock had previously closed at $46.88.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Cantor Fitzgerald dropped their price target on GitLab from $70.00 to $60.00 and set an "overweight" rating on the stock in a research report on Wednesday, June 11th. Mizuho dropped their price target on GitLab from $72.00 to $60.00 and set an "outperform" rating on the stock in a research report on Wednesday, June 11th. Wells Fargo & Company dropped their price target on GitLab from $65.00 to $60.00 and set an "overweight" rating on the stock in a research report on Wednesday, June 11th. UBS Group dropped their price target on GitLab from $85.00 to $73.00 and set a "buy" rating on the stock in a research report on Wednesday, June 11th. Finally, DA Davidson dropped their price target on GitLab from $60.00 to $45.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Four investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $63.59.

GitLab Trading Down 3.8%

The firm has a market capitalization of $7.45 billion, a PE ratio of 450.90 and a beta of 0.74. The business's 50 day simple moving average is $46.44 and its two-hundred day simple moving average is $53.05.

GitLab (NASDAQ:GTLB - Get Free Report) last announced its earnings results on Tuesday, June 10th. The company reported $0.17 earnings per share for the quarter, beating analysts' consensus estimates of $0.15 by $0.02. The business had revenue of $214.51 million during the quarter, compared to analyst estimates of $213.21 million. GitLab had a net margin of 2.17% and a negative return on equity of 4.07%. The company's quarterly revenue was up 26.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.03 EPS. As a group, equities research analysts anticipate that GitLab Inc. will post -0.31 earnings per share for the current year.

Insider Buying and Selling at GitLab

In other news, Director Karen Blasing sold 3,250 shares of the business's stock in a transaction on Friday, June 27th. The shares were sold at an average price of $45.00, for a total transaction of $146,250.00. Following the completion of the sale, the director owned 110,389 shares of the company's stock, valued at $4,967,505. The trade was a 2.86% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Sytse Sijbrandij sold 108,600 shares of the business's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $41.44, for a total transaction of $4,500,384.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 509,950 shares of company stock worth $23,238,267. 16.37% of the stock is currently owned by insiders.

Institutional Investors Weigh In On GitLab

A number of hedge funds have recently modified their holdings of GTLB. Norges Bank bought a new stake in shares of GitLab during the 4th quarter valued at $279,089,000. 1832 Asset Management L.P. boosted its holdings in GitLab by 2,456.8% in the 1st quarter. 1832 Asset Management L.P. now owns 2,295,000 shares of the company's stock worth $107,865,000 after buying an additional 2,205,238 shares during the period. Ameriprise Financial Inc. boosted its holdings in GitLab by 276.9% in the 4th quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company's stock worth $121,435,000 after buying an additional 1,583,221 shares during the period. Artisan Partners Limited Partnership boosted its holdings in GitLab by 55.7% in the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company's stock worth $227,318,000 after buying an additional 1,443,160 shares during the period. Finally, Alliancebernstein L.P. boosted its holdings in GitLab by 4,042.0% in the 4th quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company's stock worth $82,011,000 after buying an additional 1,420,248 shares during the period. Institutional investors own 95.04% of the company's stock.

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.