GitLab (NASDAQ:GTLB) Trading Down 5.7% – Here’s What Happened

GitLab Inc. (NASDAQ:GTLB)’s share price dropped 5.7% during mid-day trading on Wednesday . The company traded as low as $62.02 and last traded at $62.57. Approximately 703,901 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 2,328,378 shares. The stock had previously closed at $66.37.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Barclays upped their target price on shares of GitLab from $50.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 5th. Scotiabank boosted their price target on shares of GitLab from $59.00 to $65.00 and gave the stock a “sector outperform” rating in a report on Wednesday, September 4th. Robert W. Baird boosted their price target on shares of GitLab from $59.00 to $62.00 and gave the stock an “outperform” rating in a report on Wednesday, September 4th. TD Cowen boosted their price target on shares of GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. Finally, Baird R W upgraded shares of GitLab to a “strong-buy” rating in a report on Tuesday, August 27th. Three research analysts have rated the stock with a hold rating, twenty have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $67.17.

GitLab Stock Performance

The stock’s 50-day simple moving average is $55.89 and its 200 day simple moving average is $51.73. The company has a market cap of $10.10 billion, a PE ratio of -26.91 and a beta of 0.45.

GitLab (NASDAQ:GTLB) last announced its quarterly earnings results on Tuesday, September 3rd. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.05. The business had revenue of $182.58 million during the quarter, compared to the consensus estimate of $176.86 million. GitLab had a negative net margin of 54.62% and a negative return on equity of 15.40%. The business’s revenue was up 30.8% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.29) EPS. On average, sell-side analysts predict that GitLab Inc. will post -0.41 EPS for the current fiscal year.

Insider Activity

In other GitLab news, CEO Sytse Sijbrandij sold 56,000 shares of GitLab stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total transaction of $3,062,080.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Brian G. Robins sold 16,668 shares of GitLab stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $53.67, for a total transaction of $894,571.56. Following the sale, the chief financial officer now owns 250,109 shares of the company’s stock, valued at approximately $13,423,350.03. This trade represents a 6.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 185,033 shares of company stock worth $10,569,356 in the last 90 days. 21.36% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On GitLab

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Bank of Marin grew its holdings in GitLab by 3.0% in the third quarter. Bank of Marin now owns 5,856 shares of the company’s stock valued at $302,000 after purchasing an additional 171 shares during the period. Moloney Securities Asset Management LLC lifted its position in shares of GitLab by 4.9% during the second quarter. Moloney Securities Asset Management LLC now owns 6,400 shares of the company’s stock worth $318,000 after purchasing an additional 300 shares in the last quarter. Glenmede Trust Co. NA lifted its position in shares of GitLab by 3.0% during the third quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company’s stock worth $596,000 after purchasing an additional 334 shares in the last quarter. Canton Hathaway LLC lifted its position in shares of GitLab by 26.3% during the second quarter. Canton Hathaway LLC now owns 2,086 shares of the company’s stock worth $104,000 after purchasing an additional 435 shares in the last quarter. Finally, Blue Trust Inc. raised its holdings in GitLab by 18.2% in the third quarter. Blue Trust Inc. now owns 3,166 shares of the company’s stock valued at $157,000 after acquiring an additional 488 shares in the last quarter. 91.72% of the stock is currently owned by hedge funds and other institutional investors.

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.