Clearbridge Investments LLC Sells 246,761 Shares of GitLab Inc. (NASDAQ:GTLB)

Clearbridge Investments LLC decreased its stake in GitLab Inc. (NASDAQ:GTLB - Free Report) by 50.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 239,732 shares of the company's stock after selling 246,761 shares during the period. Clearbridge Investments LLC owned 0.15% of GitLab worth $13,509,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. EverSource Wealth Advisors LLC raised its position in 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 acquiring an additional 513 shares in the last quarter. IMG Wealth Management Inc. acquired a new position in shares of GitLab during the 4th quarter worth about $46,000. Raleigh Capital Management Inc. bought a new stake in shares of GitLab in the 4th quarter valued at about $66,000. Smartleaf Asset Management LLC raised its holdings in shares of GitLab by 1,067.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company's stock valued at $71,000 after purchasing an additional 1,153 shares during the period. Finally, Steward Partners Investment Advisory LLC lifted its stake 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 purchasing an additional 1,282 shares during the last quarter. Institutional investors and hedge funds own 95.04% of the company's stock.

Insider Buying and Selling at GitLab

In other news, Director Matthew Jacobson sold 152,884 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $52.34, for a total value of $8,001,948.56. Following the completion of the transaction, the director now owns 493,554 shares of the company's stock, valued at approximately $25,832,616.36. This represents a 23.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Karen Blasing sold 6,500 shares of GitLab stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $63.19, for a total transaction of $410,735.00. Following the sale, the director now directly owns 128,233 shares in the company, valued at $8,103,043.27. This trade represents a 4.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 311,886 shares of company stock valued at $17,736,229. 21.36% of the stock is currently owned by corporate insiders.

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GitLab Price Performance

NASDAQ:GTLB traded up $1.71 during mid-day trading on Monday, reaching $42.80. The stock had a trading volume of 5,034,452 shares, compared to its average volume of 2,457,240. GitLab Inc. has a 12 month low of $37.90 and a 12 month high of $74.18. The stock has a market capitalization of $6.95 billion, a PE ratio of -133.75 and a beta of 0.79. The stock has a 50-day simple moving average of $59.38 and a two-hundred day simple moving average of $58.88.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on GTLB shares. DA Davidson dropped their price objective on GitLab from $70.00 to $60.00 and set a "neutral" rating on the stock in a research note on Friday, February 28th. Barclays reduced their price objective on shares of GitLab from $70.00 to $58.00 and set an "equal weight" rating for the company in a research report on Tuesday, March 4th. JPMorgan Chase & Co. dropped their price objective on shares of GitLab from $65.00 to $62.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 4th. Cantor Fitzgerald restated an "overweight" rating and set a $80.00 target price on shares of GitLab in a research note on Tuesday, March 4th. Finally, Royal Bank of Canada reiterated an "outperform" rating and issued a $80.00 price target on shares of GitLab in a research note on Tuesday, March 4th. Three investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, GitLab has a consensus rating of "Moderate Buy" and an average price target of $75.09.

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.