Future Fund LLC Has $827,000 Stock Position in GitLab Inc. (NASDAQ:GTLB)

Future Fund LLC trimmed its position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 32.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,682 shares of the company's stock after selling 7,000 shares during the period. GitLab makes up 2.4% of Future Fund LLC's portfolio, making the stock its 21st biggest position. Future Fund LLC's holdings in GitLab were worth $827,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Y Intercept Hong Kong Ltd bought a new position in GitLab during the third quarter worth $678,000. State Street Corp grew its holdings in GitLab by 5.8% in the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company's stock worth $104,740,000 after buying an additional 111,997 shares in the last quarter. Barclays PLC increased its holdings in shares of GitLab by 189.1% during the third quarter. Barclays PLC now owns 61,419 shares of the company's stock valued at $3,164,000 after purchasing an additional 40,171 shares during the period. Oddo BHF Asset Management Sas bought a new stake in shares of GitLab during the 3rd quarter worth about $6,865,000. Finally, Barton Investment Management lifted its position in GitLab by 99.4% in the fourth quarter. Barton Investment Management now owns 335,648 shares of the company's stock worth $18,914,000 after purchasing an additional 167,290 shares during the period. 95.04% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on GTLB. Truist Financial reaffirmed a "buy" rating and issued a $90.00 price objective (up previously from $80.00) on shares of GitLab in a research note on Friday, December 6th. JPMorgan Chase & Co. reduced 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. Piper Sandler lifted their target price on shares of GitLab from $75.00 to $85.00 and gave the company an "overweight" rating in a research note on Friday, December 6th. Scotiabank increased their price objective on GitLab from $65.00 to $75.00 and gave the stock a "sector outperform" rating in a report on Wednesday, December 4th. Finally, Needham & Company LLC restated a "buy" rating and issued a $85.00 target price on shares of GitLab in a report on Tuesday, March 4th. Three research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $75.38.

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GitLab Stock Up 1.5 %

GitLab stock traded up $0.79 during mid-day trading on Wednesday, hitting $52.73. 714,539 shares of the company were exchanged, compared to its average volume of 2,987,510. The company has a market capitalization of $8.56 billion, a PE ratio of -164.63 and a beta of 0.67. GitLab Inc. has a 1-year low of $40.72 and a 1-year high of $74.18. The business has a fifty day moving average of $64.12 and a 200 day moving average of $59.14.

Insider Transactions at GitLab

In other news, Director Karen Blasing sold 3,250 shares of GitLab stock in a transaction on Monday, December 16th. The shares were sold at an average price of $58.99, for a total transaction of $191,717.50. Following the transaction, the director now directly owns 134,733 shares of the company's stock, valued at $7,947,899.67. This trade represents a 2.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Robin Schulman sold 2,996 shares of the business's stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $55.98, for a total value of $167,716.08. Following the completion of the transaction, the insider now owns 129,223 shares of the company's stock, valued at $7,233,903.54. This represents a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 730,257 shares of company stock valued at $44,034,967 in the last three months. 21.36% of the stock is 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.