GitLab Inc. (NASDAQ:GTLB) is HMI Capital Management L.P.'s 3rd Largest Position

HMI Capital Management L.P. lowered its position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 7.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,466,115 shares of the company's stock after selling 366,913 shares during the period. GitLab comprises about 12.6% of HMI Capital Management L.P.'s holdings, making the stock its 3rd largest holding. HMI Capital Management L.P. owned approximately 2.75% of GitLab worth $251,666,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Barclays PLC boosted its stake 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 purchased a new position in GitLab during the 3rd quarter valued at about $6,865,000. Swiss National Bank raised its position in GitLab by 3.7% during the 4th quarter. Swiss National Bank now owns 215,000 shares of the company's stock valued at $12,115,000 after purchasing an additional 7,700 shares during the last quarter. Barton Investment Management lifted its holdings in GitLab by 99.4% in the 4th quarter. Barton Investment Management now owns 335,648 shares of the company's stock worth $18,914,000 after buying an additional 167,290 shares during the period. Finally, Jackson Square Capital LLC increased its stake in shares of GitLab by 328.1% during the fourth quarter. Jackson Square Capital LLC now owns 36,600 shares of the company's stock valued at $2,062,000 after buying an additional 28,050 shares during the period. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on GTLB shares. Truist Financial cut their price target on shares of GitLab from $90.00 to $80.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Cantor Fitzgerald reiterated an "overweight" rating and set a $80.00 target price on shares of GitLab 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 research note on Tuesday, March 4th. Robert W. Baird lowered their price objective on GitLab from $80.00 to $76.00 and set an "outperform" rating for the company in a research report on Monday, March 3rd. Finally, Wells Fargo & Company reduced their target price on shares of GitLab from $85.00 to $65.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Three research 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 stock. According to MarketBeat, GitLab currently has a consensus rating of "Moderate Buy" and an average target price of $71.73.

GitLab Trading Up 0.4 %

GTLB traded up $0.19 during trading on Tuesday, hitting $47.15. 1,654,917 shares of the company's stock traded hands, compared to its average volume of 2,536,448. The stock has a market capitalization of $7.65 billion, a price-to-earnings ratio of -147.34 and a beta of 0.79. The company'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.

Insider Activity

In related news, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $70.83, for a total transaction of $708,300.00. Following 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Sytse Sijbrandij sold 108,600 shares of the firm's stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $42.87, for a total transaction of $4,655,682.00. The disclosure for this sale can be found here. Insiders have sold a total of 314,734 shares of company stock valued at $15,587,381 over the last ninety days. 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.