Shares of GitLab Inc. (NASDAQ:GTLB - Get Free Report) traded down 4.6% on Thursday . The stock traded as low as $65.71 and last traded at $66.61. 833,770 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 2,726,030 shares. The stock had previously closed at $69.82.
A number of brokerages have issued reports on GTLB. Canaccord Genuity Group lifted their price objective on GitLab from $65.00 to $78.00 and gave the company a "buy" rating in a report on Friday, December 6th. JPMorgan Chase & Co. increased their target price on shares of GitLab from $60.00 to $65.00 and gave the stock a "neutral" rating in a research report on Friday, December 6th. Robert W. Baird boosted their price target on shares of GitLab from $62.00 to $75.00 and gave the company an "outperform" rating in a research report on Friday, December 6th. Needham & Company LLC reaffirmed a "buy" rating and set a $85.00 price objective on shares of GitLab in a report on Tuesday, January 7th. Finally, The Goldman Sachs Group boosted their target price on GitLab from $80.00 to $88.00 and gave the stock a "buy" rating in a report on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $76.62.
Read Our Latest Report on GTLB
The business has a 50 day moving average price of $63.87 and a 200 day moving average price of $57.54. The company has a market capitalization of $10.84 billion, a P/E ratio of -208.35 and a beta of 0.63.
In other GitLab news, CFO Brian G. Robins sold 10,000 shares of the firm's stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $67.59, for a total transaction of $675,900.00. Following the sale, the chief financial officer now directly owns 242,803 shares in the company, valued at approximately $16,411,054.77. This trade represents a 3.96 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Matthew Jacobson sold 547,679 shares of the stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $59.72, for a total value of $32,707,389.88. Following the transaction, the director now owns 58,471 shares of the company's stock, valued at approximately $3,491,888.12. This trade represents a 90.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 740,257 shares of company stock valued at $44,710,867 over the last three months. 21.36% of the stock is currently owned by corporate insiders.
Several hedge funds have recently made changes to their positions in the business. EverSource Wealth Advisors LLC increased its stake in GitLab by 5,700.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock valued at $29,000 after buying an additional 513 shares during the last quarter. CoreCap Advisors LLC grew its holdings in shares of GitLab by 327.5% in the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company's stock valued at $33,000 after acquiring an additional 452 shares in the last quarter. IMG Wealth Management Inc. acquired a new stake in shares of GitLab in the fourth quarter valued at about $46,000. True Wealth Design LLC bought a new stake in GitLab during the third quarter worth about $56,000. Finally, Raleigh Capital Management Inc. bought a new stake in GitLab during the fourth quarter worth about $66,000. 95.04% of the stock is owned by institutional investors.
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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