Mitsubishi UFJ Asset Management Co. Ltd. Sells 35,900 Shares of GitLab Inc. (NASDAQ:GTLB)

Mitsubishi UFJ Asset Management Co. Ltd. decreased its holdings in GitLab Inc. (NASDAQ:GTLB - Free Report) by 30.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 83,604 shares of the company's stock after selling 35,900 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.05% of GitLab worth $4,996,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. M&T Bank Corp increased its holdings in shares of GitLab by 3.1% in the fourth 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 in the last quarter. Wilmington Savings Fund Society FSB boosted its stake in shares of GitLab by 7.9% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company's stock valued at $116,000 after purchasing an additional 150 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of GitLab by 0.3% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 91,445 shares of the company's stock worth $4,713,000 after buying an additional 281 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in GitLab by 17.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,263 shares of the company's stock valued at $128,000 after acquiring an additional 328 shares during the last quarter. Finally, Glenmede Trust Co. NA lifted its stake in shares of GitLab by 3.0% in the 3rd quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company's stock valued at $596,000 after purchasing an additional 334 shares during the period. Institutional investors own 95.04% of the company's stock.

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GitLab Stock Performance

NASDAQ:GTLB traded down $1.44 during mid-day trading on Friday, hitting $41.09. The stock had a trading volume of 4,117,280 shares, compared to its average volume of 2,446,922. The company's 50 day simple moving average is $59.82 and its 200 day simple moving average is $58.94. The stock has a market cap of $6.67 billion, a price-to-earnings ratio of -128.41 and a beta of 0.79. GitLab Inc. has a twelve month low of $37.90 and a twelve month high of $74.18.

Analyst Ratings Changes

Several equities analysts have weighed in on GTLB shares. Barclays cut 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. Needham & Company LLC reissued a "buy" rating and set a $85.00 price target on shares of GitLab in a research report on Tuesday, March 4th. DA Davidson dropped their price objective on GitLab from $70.00 to $60.00 and set a "neutral" rating on the stock in a research note on Friday, February 28th. Macquarie reissued an "outperform" rating and issued a $90.00 target price on shares of GitLab in a research note on Tuesday, March 4th. Finally, Robert W. Baird decreased 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. Three analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $75.09.

Insider Transactions at GitLab

In other news, Director Susan L. Bostrom sold 40,000 shares of the stock in a transaction dated 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 transaction, the director now directly owns 144,913 shares of the company's stock, valued at $7,518,086.44. This represents a 21.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Karen Blasing sold 6,500 shares of GitLab stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $63.19, for a total transaction of $410,735.00. Following the sale, the director now directly owns 128,233 shares of the company's stock, valued at $8,103,043.27. The trade was a 4.82 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 311,886 shares of company stock worth $17,736,229. 21.36% of the stock is owned by company insiders.

GitLab 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.