Marcho Partners LLP trimmed its holdings in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 10.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 384,723 shares of the company's stock after selling 46,949 shares during the quarter. GitLab makes up approximately 5.8% of Marcho Partners LLP's investment portfolio, making the stock its 7th biggest holding. Marcho Partners LLP owned about 0.24% of GitLab worth $21,679,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Hel Ved Capital Management Ltd lifted its position in shares of GitLab by 293.9% during the fourth quarter. Hel Ved Capital Management Ltd now owns 62,980 shares of the company's stock valued at $3,549,000 after buying an additional 46,990 shares during the last quarter. ExodusPoint Capital Management LP boosted its stake in GitLab by 101.7% in the fourth quarter. ExodusPoint Capital Management LP now owns 103,559 shares of the company's stock valued at $5,836,000 after acquiring an additional 52,215 shares in the last quarter. Bryce Point Capital LLC purchased a new position in GitLab in the fourth quarter worth $473,000. Huntington National Bank increased its position in shares of GitLab by 84.2% during the fourth quarter. Huntington National Bank now owns 117,383 shares of the company's stock worth $6,615,000 after purchasing an additional 53,651 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of GitLab by 3.2% during the 4th quarter. Geode Capital Management LLC now owns 2,091,780 shares of the company's stock valued at $117,908,000 after purchasing an additional 65,213 shares during the last quarter. Hedge funds and other institutional investors own 95.04% of the company's stock.
Insider Activity
In other news, Director Susan L. Bostrom sold 40,000 shares of the stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $51.88, for a total transaction of $2,075,200.00. Following the transaction, the director now owns 144,913 shares in the company, valued at $7,518,086.44. This trade represents a 21.63 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Matthew Jacobson sold 152,884 shares of the business's 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 completion of the sale, the director now directly owns 493,554 shares of the company's stock, valued at approximately $25,832,616.36. The trade was a 23.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 311,886 shares of company stock worth $17,736,229 in the last ninety days. Company insiders own 21.36% of the company's stock.
Analyst Ratings Changes
Several research analysts recently weighed in on the company. Barclays dropped their target price on GitLab from $70.00 to $58.00 and set an "equal weight" rating on the stock in a research note on Tuesday, March 4th. Truist Financial cut their price objective 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. DA Davidson lowered their target price on shares of GitLab from $70.00 to $60.00 and set a "neutral" rating for the company in a research note on Friday, February 28th. Robert W. Baird cut their price target on shares of GitLab from $80.00 to $76.00 and set an "outperform" rating on the stock in a research note on Monday, March 3rd. Finally, Needham & Company LLC reiterated a "buy" rating and set a $85.00 price objective 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 assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $75.09.
Read Our Latest Research Report on GitLab
GitLab Price Performance
GTLB stock traded down $2.85 during midday trading on Thursday, hitting $43.45. 1,998,964 shares of the stock traded hands, compared to its average volume of 2,478,913. The stock's fifty day simple moving average is $57.15 and its 200-day simple moving average is $58.53. The firm has a market cap of $7.05 billion, a P/E ratio of -135.55 and a beta of 0.79. GitLab Inc. has a 1-year low of $37.90 and a 1-year high of $74.18.
About GitLab
(
Free Report)
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.
Further Reading
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