GitLab (NASDAQ:GTLB) Trading Down 3% - Time to Sell?

GitLab Inc. (NASDAQ:GTLB - Get Free Report) was down 3% during trading on Friday . The company traded as low as $43.84 and last traded at $43.73. Approximately 940,235 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 2,837,642 shares. The stock had previously closed at $45.09.

Wall Street Analysts Forecast Growth

GTLB has been the subject of several research analyst reports. Macquarie reaffirmed an "outperform" rating and set a $75.00 target price on shares of GitLab in a research note on Wednesday, June 25th. Morgan Stanley increased their price objective on shares of GitLab from $53.00 to $56.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 11th. Cowen reissued a "buy" rating on shares of GitLab in a research report on Friday, June 6th. DA Davidson decreased their price target on GitLab from $60.00 to $45.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Finally, Raymond James Financial dropped their price objective on GitLab from $80.00 to $60.00 and set an "outperform" rating for the company in a research note on Wednesday, June 11th. Four equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $63.59.

GitLab Price Performance

The company has a market cap of $7.16 billion, a PE ratio of 434.79 and a beta of 0.74. The business's 50 day moving average is $46.44 and its 200-day moving average is $53.05.

GitLab (NASDAQ:GTLB - Get Free Report) last announced its quarterly earnings data 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 for 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 revenue was up 26.8% on a year-over-year basis. During the same period last year, the business earned $0.03 EPS. As a group, sell-side analysts predict that GitLab Inc. will post -0.31 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Karen Blasing sold 3,250 shares of the firm's stock in a transaction dated Friday, June 27th. The stock was sold at an average price of $45.00, for a total transaction of $146,250.00. Following the sale, the director owned 110,389 shares of the company's stock, valued at approximately $4,967,505. This trade represents a 2.86% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction, the chief financial officer owned 344,105 shares in the company, valued at $18,251,329.20. This represents a 11.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 509,950 shares of company stock valued at $23,238,267. 16.37% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of GTLB. Vanguard Group Inc. lifted its position in GitLab by 2.3% in the first quarter. Vanguard Group Inc. now owns 13,445,456 shares of the company's stock valued at $631,936,000 after acquiring an additional 302,864 shares during the last quarter. Norges Bank acquired a new stake in shares of GitLab during the fourth quarter worth about $279,089,000. Artisan Partners Limited Partnership lifted its holdings in shares of GitLab by 55.7% in the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company's stock valued at $227,318,000 after purchasing an additional 1,443,160 shares during the last quarter. Franklin Resources Inc. boosted its position in shares of GitLab by 17.6% in the 4th quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company's stock valued at $176,954,000 after purchasing an additional 470,192 shares during the period. Finally, Eminence Capital LP grew its stake in GitLab by 13.6% during the 1st quarter. Eminence Capital LP now owns 2,498,201 shares of the company's stock worth $117,415,000 after buying an additional 299,191 shares during the last quarter. 95.04% of the stock is owned by hedge funds and other 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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