California Public Employees Retirement System trimmed its holdings in GitLab Inc. (NASDAQ:GTLB - Free Report) by 27.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 138,748 shares of the company's stock after selling 53,502 shares during the quarter. California Public Employees Retirement System owned approximately 0.09% of GitLab worth $7,818,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. The Manufacturers Life Insurance Company raised its position in GitLab by 5.1% during the third quarter. The Manufacturers Life Insurance Company now owns 29,377 shares of the company's stock valued at $1,514,000 after purchasing an additional 1,417 shares during the period. Captrust Financial Advisors boosted its stake in GitLab by 233.1% during the third quarter. Captrust Financial Advisors now owns 14,200 shares of the company's stock worth $732,000 after buying an additional 9,937 shares during the period. State Street Corp increased its position in GitLab by 5.8% during the third quarter. State Street Corp now owns 2,032,206 shares of the company's stock valued at $104,740,000 after acquiring an additional 111,997 shares during the last quarter. Worldquant Millennium Advisors LLC raised its stake in shares of GitLab by 309.4% in the third quarter. Worldquant Millennium Advisors LLC now owns 39,434 shares of the company's stock valued at $2,032,000 after acquiring an additional 29,803 shares during the period. Finally, Zacks Investment Management bought a new stake in shares of GitLab in the 3rd quarter worth about $2,865,000. Institutional investors own 95.04% of the company's stock.
Wall Street Analyst Weigh In
Several research analysts have issued reports on GTLB shares. Royal Bank of Canada restated an "outperform" rating and set a $80.00 target price on shares of GitLab in a research report on Tuesday, March 4th. Barclays reduced their target price on GitLab from $70.00 to $58.00 and set an "equal weight" rating on the stock in a research note on Tuesday, March 4th. JPMorgan Chase & Co. lowered their target price on shares of GitLab from $65.00 to $62.00 and set a "neutral" rating for the company in a research note on Tuesday, March 4th. Wells Fargo & Company boosted their price target on GitLab from $80.00 to $85.00 and gave the company an "overweight" rating in a report on Thursday, February 20th. Finally, Macquarie reaffirmed an "outperform" rating and set a $90.00 target price on shares of GitLab in a research report on Tuesday, March 4th. Three equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $75.09.
Read Our Latest Stock Analysis on GitLab
GitLab Stock Down 2.5 %
GitLab stock traded down $1.06 during mid-day trading on Friday, hitting $41.92. 5,089,820 shares of the company's stock traded hands, compared to its average volume of 2,502,380. GitLab Inc. has a one year low of $37.90 and a one year high of $74.18. The firm has a 50 day moving average price of $56.00 and a 200 day moving average price of $58.40. The company has a market cap of $6.80 billion, a PE ratio of -131.00 and a beta of 0.79.
Insider Activity
In other news, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $70.83, for a total transaction of $708,300.00. Following the transaction, the chief financial officer now owns 267,380 shares in the company, valued at approximately $18,938,525.40. The trade was a 3.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Sytse Sijbrandij sold 84,000 shares of the firm's stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $62.99, for a total transaction of $5,291,160.00. The disclosure for this sale can be found here. Insiders sold 311,886 shares of company stock worth $17,736,229 over the last three months. Corporate insiders own 21.36% of the company's stock.
About GitLab
(
Free Report)
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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