Alphabet Inc. Has $343.24 Million Stock Holdings in GitLab Inc. (NASDAQ:GTLB)

Alphabet Inc. lowered its position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 37.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,091,238 shares of the company's stock after selling 3,667,095 shares during the quarter. GitLab comprises approximately 20.0% of Alphabet Inc.'s portfolio, making the stock its biggest position. Alphabet Inc. owned 3.75% of GitLab worth $343,241,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. M&T Bank Corp raised its holdings in GitLab by 3.1% in the fourth quarter. M&T Bank Corp now owns 4,965 shares of the company's stock worth $280,000 after buying an additional 148 shares during the last quarter. Wilmington Savings Fund Society FSB raised its holdings in GitLab by 7.9% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company's stock worth $116,000 after acquiring an additional 150 shares during the last quarter. Bank of Marin raised its holdings in GitLab by 3.0% in the 3rd quarter. Bank of Marin now owns 5,856 shares of the company's stock worth $302,000 after acquiring an additional 171 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in GitLab by 0.3% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 91,445 shares of the company's stock valued at $4,713,000 after purchasing an additional 281 shares during the last quarter. Finally, Glenmede Trust Co. NA boosted its stake in GitLab by 3.0% during the 3rd quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company's stock valued at $596,000 after purchasing an additional 334 shares during the last quarter. Hedge funds and other institutional investors own 95.04% of the company's stock.

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Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Truist Financial reaffirmed a "buy" rating and set a $90.00 price target (up from $80.00) on shares of GitLab in a report on Friday, December 6th. TD Cowen raised their price target on shares of GitLab from $63.00 to $70.00 and gave the company a "buy" rating in a report on Thursday, November 21st. Robert W. Baird decreased their price objective on shares of GitLab from $80.00 to $76.00 and set an "outperform" rating for the company in a report on Monday, March 3rd. Morgan Stanley raised their target price on shares of GitLab from $70.00 to $77.00 and gave the stock an "overweight" rating in a report on Friday, December 6th. Finally, Mizuho decreased their target price on shares of GitLab from $80.00 to $72.00 and set an "outperform" rating for the company in a research note on Tuesday, March 4th. Three analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $75.38.

Insider Transactions at GitLab

In other GitLab news, insider Robin Schulman sold 2,996 shares of the company's stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $55.98, for a total value of $167,716.08. Following the completion of the transaction, the insider now directly owns 129,223 shares in the company, valued at $7,233,903.54. This represents a 2.27 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Matthew Jacobson sold 547,679 shares of the stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $59.72, for a total transaction of $32,707,389.88. Following the sale, the director now directly 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 730,257 shares of company stock valued at $44,034,967 over the last 90 days. Company insiders own 21.36% of the company's stock.

GitLab Stock Down 9.6 %

GTLB stock traded down $5.39 during trading on Monday, reaching $50.99. The company's stock had a trading volume of 3,389,026 shares, compared to its average volume of 3,048,235. The company's fifty day moving average is $64.31 and its 200-day moving average is $59.07. The company has a market capitalization of $8.28 billion, a P/E ratio of -159.34 and a beta of 0.67. GitLab Inc. has a 1 year low of $40.72 and a 1 year high of $74.18.

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.