Dark Forest Capital Management LP Trims Stake in GitLab Inc. (NASDAQ:GTLB)

Dark Forest Capital Management LP lowered its stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 28.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,228 shares of the company's stock after selling 6,879 shares during the quarter. Dark Forest Capital Management LP's holdings in GitLab were worth $971,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the stock. EverSource Wealth Advisors LLC grew its holdings in shares of GitLab by 5,700.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock valued at $29,000 after acquiring an additional 513 shares in the last quarter. IMG Wealth Management Inc. bought a new position in GitLab during the fourth quarter valued at $46,000. Raleigh Capital Management Inc. bought a new position in shares of GitLab during the 4th quarter worth $66,000. Smartleaf Asset Management LLC boosted its position in 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 purchasing an additional 1,153 shares during the period. Finally, Steward Partners Investment Advisory LLC raised its position in shares of GitLab by 4,273.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,312 shares of the company's stock valued at $74,000 after purchasing an additional 1,282 shares during the period. 95.04% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on GTLB shares. Barclays lowered their target price 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. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $80.00 target price on shares of GitLab in a report on Tuesday, March 4th. Wells Fargo & Company reduced their price target on shares of GitLab from $85.00 to $65.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. JPMorgan Chase & Co. dropped their price objective on GitLab from $65.00 to $62.00 and set a "neutral" rating for the company in a research note on Tuesday, March 4th. Finally, Royal Bank of Canada restated an "outperform" rating and issued a $80.00 target price on shares of GitLab in a research note on Tuesday, March 4th. Three analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $71.73.

GitLab Stock Down 0.2 %

Shares of NASDAQ GTLB traded down $0.09 on Tuesday, reaching $46.87. 402,842 shares of the company's stock traded hands, compared to its average volume of 2,531,560. The business's 50 day simple moving average is $50.14 and its two-hundred day simple moving average is $57.85. GitLab Inc. has a 12 month low of $37.90 and a 12 month high of $74.18. The company has a market cap of $7.61 billion, a price-to-earnings ratio of -146.05 and a beta of 0.79.

Insider Activity

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of the firm's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $70.83, for a total transaction of $708,300.00. Following the completion of the sale, the chief financial officer now directly owns 267,380 shares in the company, valued at approximately $18,938,525.40. This trade represents a 3.61 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Karen Blasing sold 3,250 shares of the stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $45.00, for a total transaction of $146,250.00. Following the sale, the director now owns 111,983 shares in the company, valued at approximately $5,039,235. The trade was a 2.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 314,734 shares of company stock worth $15,587,381 over the last three months. 21.36% of the stock is currently owned by corporate insiders.

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.