Cinctive Capital Management LP Sells 362,907 Shares of GitLab Inc. (NASDAQ:GTLB)

Cinctive Capital Management LP trimmed its stake in GitLab Inc. (NASDAQ:GTLB - Free Report) by 94.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 22,641 shares of the company's stock after selling 362,907 shares during the quarter. Cinctive Capital Management LP's holdings in GitLab were worth $1,276,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in GTLB. M&T Bank Corp raised its stake in GitLab by 3.1% in the 4th quarter. M&T Bank Corp now owns 4,965 shares of the company's stock valued at $280,000 after purchasing an additional 148 shares during the last quarter. Wilmington Savings Fund Society FSB grew its holdings in shares of GitLab by 7.9% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company's stock worth $116,000 after buying an additional 150 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of GitLab by 0.3% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 91,445 shares of the company's stock valued at $4,713,000 after buying an additional 281 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of GitLab by 17.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,263 shares of the company's stock valued at $128,000 after buying an additional 328 shares during the period. Finally, IFP Advisors Inc boosted its position in GitLab by 9.3% during the fourth quarter. IFP Advisors Inc now owns 4,949 shares of the company's stock worth $279,000 after acquiring an additional 423 shares during the last quarter. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

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Analyst Upgrades and Downgrades

GTLB has been the topic of a number of recent analyst reports. Mizuho reduced their price target on GitLab from $80.00 to $72.00 and set an "outperform" rating on the stock in a research note on Tuesday, March 4th. Macquarie reissued an "outperform" rating and issued a $90.00 price target on shares of GitLab in a research note on Tuesday, March 4th. Robert W. Baird dropped their price objective on shares of GitLab from $80.00 to $76.00 and set an "outperform" rating for the company in a research note on Monday, March 3rd. Barclays decreased their target price on shares of GitLab from $70.00 to $58.00 and set an "equal weight" rating on the stock in a research report on Tuesday, March 4th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $85.00 price target on shares of GitLab in a research report on Tuesday, March 4th. Three 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 MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $75.09.

GitLab Trading Up 14.3 %

GTLB traded up $5.78 on Wednesday, reaching $46.30. The company had a trading volume of 5,184,369 shares, compared to its average volume of 2,480,525. The company has a market capitalization of $7.51 billion, a P/E ratio of -144.69 and a beta of 0.79. The company has a fifty day moving average of $57.15 and a 200-day moving average of $58.53. GitLab Inc. has a one year low of $37.90 and a one year high of $74.18.

Insider Buying and Selling

In other news, Director Matthew Jacobson sold 152,884 shares of GitLab stock in a transaction on Monday, March 24th. The stock was sold at an average price of $52.34, for a total transaction of $8,001,948.56. Following the transaction, the director now owns 493,554 shares in the company, valued at approximately $25,832,616.36. The trade was a 23.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 10,000 shares of the company's stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $70.83, for a total value of $708,300.00. Following the completion of the transaction, the chief financial officer now owns 267,380 shares in the company, valued at $18,938,525.40. This represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 311,886 shares of company stock valued at $17,736,229 over the last three months. Company insiders own 21.36% of the company's stock.

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.