GitLab (NASDAQ:GTLB) Shares Down 6%

GitLab Inc. (NASDAQ:GTLB) shares were down 6% on Monday . The company traded as low as $47.66 and last traded at $47.91. Approximately 200,338 shares traded hands during trading, a decline of 92% from the average daily volume of 2,590,510 shares. The stock had previously closed at $50.95.

Analyst Ratings Changes

Several brokerages have weighed in on GTLB. Needham & Company LLC reissued a “hold” rating on shares of GitLab in a report on Tuesday, June 4th. Royal Bank of Canada reiterated an “outperform” rating and issued a $65.00 price objective on shares of GitLab in a research report on Friday, June 28th. Barclays cut their price objective on shares of GitLab from $55.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Tuesday, June 4th. JPMorgan Chase & Co. reduced their price target on shares of GitLab from $55.00 to $50.00 and set a “neutral” rating for the company in a research note on Tuesday, June 4th. Finally, Bank of America dropped their target price on shares of GitLab from $85.00 to $80.00 and set a “buy” rating on the stock in a report on Tuesday, June 4th. Four research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $67.30.

GitLab Trading Down 3.0 %

The business’s 50-day moving average is $50.15 and its 200-day moving average is $58.25.

GitLab (NASDAQ:GTLB) last announced its earnings results on Monday, June 3rd. The company reported ($0.24) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.09. The business had revenue of $169.19 million during the quarter, compared to analysts’ expectations of $165.66 million. GitLab had a negative net margin of 68.52% and a negative return on equity of 19.14%. Analysts expect that GitLab Inc. will post -0.5 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other GitLab news, Director Merline Saintil sold 1,182 shares of the stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $51.51, for a total transaction of $60,884.82. Following the sale, the director now owns 9,902 shares of the company’s stock, valued at approximately $510,052.02. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, Director Merline Saintil sold 1,182 shares of the firm’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $51.51, for a total value of $60,884.82. Following the transaction, the director now owns 9,902 shares of the company’s stock, valued at approximately $510,052.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 23,334 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $50.24, for a total transaction of $1,172,300.16. Following the completion of the transaction, the chief financial officer now directly owns 282,441 shares in the company, valued at approximately $14,189,835.84. The disclosure for this sale can be found here. Insiders have sold a total of 50,611 shares of company stock valued at $2,398,115 in the last 90 days. 21.36% of the stock is currently owned by insiders.

Institutional Trading of GitLab

A number of hedge funds have recently modified their holdings of the company. Renaissance Capital LLC raised its position in shares of GitLab by 78.0% in the 2nd quarter. Renaissance Capital LLC now owns 106,451 shares of the company’s stock valued at $5,293,000 after acquiring an additional 46,656 shares during the period. CWM LLC raised its holdings in GitLab by 24.9% during the 2nd quarter. CWM LLC now owns 46,501 shares of the company’s stock worth $2,312,000 after buying an additional 9,272 shares during the period. Harbor Capital Advisors Inc. raised its holdings in GitLab by 88.0% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 31,605 shares of the company’s stock worth $1,571,000 after buying an additional 14,798 shares during the period. DNB Asset Management AS acquired a new stake in GitLab during the 2nd quarter worth approximately $37,851,000. Finally, DekaBank Deutsche Girozentrale raised its holdings in GitLab by 69.6% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 220,227 shares of the company’s stock worth $12,899,000 after buying an additional 90,365 shares during the period. 91.72% of the stock is currently 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.