Canada Pension Plan Investment Board Lowers Stock Holdings in GitLab Inc. (NASDAQ:GTLB)

Canada Pension Plan Investment Board cut its stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 61.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,300 shares of the company's stock after selling 8,300 shares during the quarter. Canada Pension Plan Investment Board's holdings in GitLab were worth $299,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. EverSource Wealth Advisors LLC grew its stake in shares of GitLab by 5,700.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock valued at $29,000 after acquiring an additional 513 shares during the period. IMG Wealth Management Inc. bought a new position in shares of GitLab during the 4th quarter valued at approximately $46,000. Raleigh Capital Management Inc. bought a new position in shares of GitLab during the 4th quarter valued at approximately $66,000. Smartleaf Asset Management LLC grew its stake in shares of GitLab by 1,067.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company's stock valued at $71,000 after acquiring an additional 1,153 shares during the period. Finally, Steward Partners Investment Advisory LLC grew its stake in shares of GitLab by 4,273.3% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,312 shares of the company's stock valued at $74,000 after acquiring an additional 1,282 shares during the period. 95.04% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on GTLB shares. Royal Bank of Canada restated an "outperform" rating and issued a $80.00 price target on shares of GitLab in a research note on Tuesday, March 4th. Robert W. Baird reduced their price target on shares of GitLab from $80.00 to $76.00 and set an "outperform" rating on the stock in a report on Monday, March 3rd. Barclays reduced their price target on shares of GitLab from $70.00 to $58.00 and set an "equal weight" rating on the stock in a report on Tuesday, March 4th. KeyCorp reduced their price target on shares of GitLab from $80.00 to $60.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $85.00 price target on shares of GitLab in a report on Tuesday, March 4th. Three equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, GitLab presently has an average rating of "Moderate Buy" and an average target price of $71.73.

GitLab Trading Up 0.4 %

Shares of GTLB stock traded up $0.19 during trading hours on Tuesday, reaching $47.15. 1,655,066 shares of the stock were exchanged, compared to its average volume of 2,536,453. GitLab Inc. has a 12-month low of $37.90 and a 12-month high of $74.18. The company's 50-day moving average price is $50.14 and its 200-day moving average price is $57.85. The firm has a market capitalization of $7.65 billion, a price-to-earnings ratio of -147.34 and a beta of 0.79.

Insider Buying and Selling

In other GitLab news, insider Sytse Sijbrandij sold 108,600 shares of the business's stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $42.87, for a total value of $4,655,682.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Karen Blasing sold 3,250 shares of the business's stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $45.00, for a total transaction of $146,250.00. Following the completion of the sale, the director now directly owns 111,983 shares of the company's stock, valued at approximately $5,039,235. This trade represents a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 314,734 shares of company stock valued at $15,587,381. Company insiders own 21.36% of the company's stock.

GitLab 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.