Glynn Capital Management LLC Decreases Stock Holdings in GitLab Inc. (NASDAQ:GTLB)

Glynn Capital Management LLC cut its stake in GitLab Inc. (NASDAQ:GTLB - Free Report) by 36.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 308,300 shares of the company's stock after selling 177,615 shares during the quarter. GitLab makes up approximately 4.1% of Glynn Capital Management LLC's investment portfolio, making the stock its 14th largest holding. Glynn Capital Management LLC owned approximately 0.19% of GitLab worth $17,373,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of GTLB. EverSource Wealth Advisors LLC lifted its position 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 worth $29,000 after buying an additional 513 shares during the last quarter. IMG Wealth Management Inc. acquired a new position in GitLab during the 4th quarter worth approximately $46,000. True Wealth Design LLC bought a new position in GitLab in the 3rd quarter valued at approximately $56,000. Raleigh Capital Management Inc. acquired a new stake in GitLab in the fourth quarter valued at approximately $66,000. Finally, Smartleaf Asset Management LLC grew its stake 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 buying an additional 1,153 shares during the last quarter. 95.04% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at GitLab

In related news, Director Matthew Jacobson sold 547,679 shares of GitLab stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $59.72, for a total transaction of $32,707,389.88. Following the transaction, the director now owns 58,471 shares of the company's stock, valued at $3,491,888.12. The trade was a 90.35 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Susan L. Bostrom sold 40,000 shares of the stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $51.88, for a total value of $2,075,200.00. Following the completion of the sale, the director now directly owns 144,913 shares of the company's stock, valued at $7,518,086.44. The trade was a 21.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 764,011 shares of company stock valued at $45,750,733 over the last three months. Corporate insiders own 21.36% of the company's stock.

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GitLab Stock Down 0.4 %

GTLB stock traded down $0.21 during midday trading on Friday, reaching $50.95. 2,472,987 shares of the company's stock traded hands, compared to its average volume of 2,411,756. The firm's fifty day moving average price is $62.77 and its 200-day moving average price is $59.31. GitLab Inc. has a 52 week low of $40.72 and a 52 week high of $74.18. The company has a market cap of $8.27 billion, a price-to-earnings ratio of -159.22 and a beta of 0.67.

Analysts Set New Price Targets

Several research firms recently weighed in on GTLB. JPMorgan Chase & Co. cut their price objective on GitLab from $65.00 to $62.00 and set a "neutral" rating on the stock in a report on Tuesday, March 4th. Mizuho reduced their price target on GitLab from $80.00 to $72.00 and set an "outperform" rating on the stock in a report on Tuesday, March 4th. Piper Sandler raised their price objective on shares of GitLab from $75.00 to $85.00 and gave the company an "overweight" rating in a report on Friday, December 6th. KeyCorp boosted their target price on shares of GitLab from $74.00 to $80.00 and gave the stock an "overweight" rating in a report on Friday, December 6th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $85.00 price target on shares of GitLab in a research note on Tuesday, March 4th. Three equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, GitLab currently has an average rating of "Moderate Buy" and an average price target of $75.52.

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.