GitLab (NASDAQ:GTLB) Stock Price Down 1.1% - Time to Sell?

GitLab Inc. (NASDAQ:GTLB - Get Free Report) shares fell 1.1% on Monday . The company traded as low as $45.10 and last traded at $45.87. 1,009,106 shares changed hands during trading, a decline of 64% from the average session volume of 2,817,990 shares. The stock had previously closed at $46.37.

Analyst Ratings Changes

A number of brokerages recently weighed in on GTLB. The Goldman Sachs Group restated a "neutral" rating and set a $50.00 target price on shares of GitLab in a report on Tuesday, June 24th. Macquarie reiterated an "outperform" rating and issued a $75.00 price objective on shares of GitLab in a report on Wednesday, June 25th. JPMorgan Chase & Co. reduced their target price on shares of GitLab from $58.00 to $52.00 and set a "neutral" rating for the company in a research report on Wednesday, June 11th. Piper Sandler reissued an "overweight" rating and issued a $85.00 target price on shares of GitLab in a research report on Wednesday, June 11th. Finally, KeyCorp reduced their target price on shares of GitLab from $80.00 to $60.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Four investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, GitLab has an average rating of "Moderate Buy" and an average price target of $63.59.

GitLab Price Performance

The stock has a market cap of $7.55 billion, a P/E ratio of 456.12 and a beta of 0.74. The business's fifty day moving average price is $46.49 and its 200 day moving average price is $53.34.

GitLab (NASDAQ:GTLB - Get Free Report) last released its quarterly earnings data on Tuesday, June 10th. The company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.02. GitLab had a negative return on equity of 4.07% and a net margin of 2.17%. The company had revenue of $214.51 million during the quarter, compared to the consensus estimate of $213.21 million. During the same quarter in the prior year, the firm posted $0.03 earnings per share. The firm's revenue was up 26.8% compared to the same quarter last year. On average, analysts predict that GitLab Inc. will post -0.31 earnings per share for the current fiscal year.

Insider Activity

In other GitLab news, CFO Brian G. Robins sold 45,000 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $53.04, for a total transaction of $2,386,800.00. Following the completion of the sale, the chief financial officer owned 344,105 shares of the company's stock, valued at approximately $18,251,329.20. This represents a 11.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Sytse Sijbrandij sold 108,600 shares of the stock in a transaction that occurred 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. Over the last quarter, insiders sold 509,950 shares of company stock worth $23,238,267. 21.36% of the stock is owned by company insiders.

Hedge Funds Weigh In On GitLab

Large investors have recently modified their holdings of the company. GAMMA Investing LLC lifted its holdings in shares of GitLab by 9,968.3% in the 1st quarter. GAMMA Investing LLC now owns 43,193 shares of the company's stock worth $2,030,000 after purchasing an additional 42,764 shares in the last quarter. Swiss National Bank lifted its holdings in shares of GitLab by 3.7% in the 4th quarter. Swiss National Bank now owns 215,000 shares of the company's stock worth $12,115,000 after purchasing an additional 7,700 shares in the last quarter. Park Avenue Securities LLC lifted its holdings in shares of GitLab by 5.3% in the 1st quarter. Park Avenue Securities LLC now owns 7,601 shares of the company's stock worth $357,000 after purchasing an additional 381 shares in the last quarter. Smartleaf Asset Management LLC lifted its holdings in shares of GitLab by 1,067.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company's stock worth $71,000 after purchasing an additional 1,153 shares in the last quarter. Finally, Wealthcare Advisory Partners LLC lifted its holdings in shares of GitLab by 19.3% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 6,578 shares of the company's stock worth $309,000 after purchasing an additional 1,065 shares in the last quarter. 95.04% of the stock is currently owned by institutional investors.

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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