Capital Research Global Investors Lowers Stake in GitLab Inc. (NASDAQ:GTLB)

Capital Research Global Investors trimmed its position in GitLab Inc. (NASDAQ:GTLB - Free Report) by 38.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,292,823 shares of the company's stock after selling 1,457,763 shares during the period. Capital Research Global Investors owned approximately 1.41% of GitLab worth $129,201,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of GTLB. EverSource Wealth Advisors LLC raised its position in shares of GitLab by 5,700.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock worth $29,000 after purchasing an additional 513 shares during the period. IMG Wealth Management Inc. bought a new position in GitLab in the fourth quarter valued at approximately $46,000. Raleigh Capital Management Inc. acquired a new position in shares of GitLab in the fourth quarter valued at approximately $66,000. Smartleaf Asset Management LLC raised its holdings in shares of GitLab by 1,067.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company's stock worth $71,000 after acquiring an additional 1,153 shares during the period. Finally, Steward Partners Investment Advisory LLC lifted its position in GitLab by 4,273.3% in 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 in the last quarter. Institutional investors own 95.04% of the company's stock.

Insider Activity at GitLab

In other news, insider Sytse Sijbrandij sold 108,600 shares of the stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $42.87, for a total transaction of $4,655,682.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Brian G. Robins sold 10,000 shares of the company's stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $70.83, for a total value of $708,300.00. Following the transaction, the chief financial officer now directly owns 267,380 shares of the company's stock, valued at $18,938,525.40. The trade was a 3.61 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 323,985 shares of company stock worth $16,234,951 in the last three months. 21.36% of the stock is owned by insiders.

GitLab Stock Up 3.3 %

Shares of NASDAQ GTLB traded up $1.49 during midday trading on Friday, reaching $47.16. The company had a trading volume of 1,562,942 shares, compared to its average volume of 2,533,183. The firm's fifty day moving average price is $51.09 and its 200-day moving average price is $57.87. GitLab Inc. has a one year low of $37.90 and a one year high of $74.18. The stock has a market cap of $7.65 billion, a PE ratio of -147.38 and a beta of 0.79.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on GTLB. Mizuho lowered their price objective on shares of GitLab from $80.00 to $72.00 and set an "outperform" rating on the stock in a report on Tuesday, March 4th. DA Davidson cut their price target on shares of GitLab from $60.00 to $45.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Robert W. Baird lowered their target price on GitLab from $80.00 to $76.00 and set an "outperform" rating on the stock in a research report on Monday, March 3rd. Truist Financial decreased their price target on GitLab from $90.00 to $80.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Finally, Needham & Company LLC reissued a "buy" rating and issued a $85.00 price objective on shares of GitLab in a report on Tuesday, March 4th. Three analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $71.73.

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.