Prudential Financial Inc. decreased its holdings in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 70.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 224,422 shares of the company's stock after selling 547,537 shares during the quarter. Prudential Financial Inc. owned approximately 0.14% of GitLab worth $13,426,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in GTLB. EverSource Wealth Advisors LLC boosted its holdings in shares of GitLab by 5,700.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock valued at $29,000 after buying an additional 513 shares in the last quarter. IMG Wealth Management Inc. purchased a new stake in GitLab in the fourth quarter valued at $46,000. True Wealth Design LLC acquired a new position in GitLab in the third quarter valued at $56,000. Raleigh Capital Management Inc. purchased a new position in shares of GitLab during the fourth quarter worth about $66,000. Finally, Smartleaf Asset Management LLC increased its position 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 purchasing an additional 1,153 shares in the last quarter. 95.04% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
GTLB has been the topic of a number of research reports. KeyCorp raised their price target on GitLab from $74.00 to $80.00 and gave the stock an "overweight" rating in a research note on Friday, December 6th. Royal Bank of Canada restated an "outperform" rating and set a $80.00 target price on shares of GitLab in a research report on Tuesday, March 4th. Barclays reduced their price target on shares of GitLab from $70.00 to $58.00 and set an "equal weight" rating for the company in a research report on Tuesday, March 4th. Piper Sandler raised their price objective on shares of GitLab from $75.00 to $85.00 and gave the stock an "overweight" rating in a research report on Friday, December 6th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $80.00 target price on shares of GitLab in a report on Tuesday, March 4th. Three analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $75.09.
Get Our Latest Stock Analysis on GitLab
GitLab Price Performance
Shares of GTLB stock traded up $0.65 during midday trading on Tuesday, reaching $47.65. 1,902,709 shares of the company traded hands, compared to its average volume of 2,429,782. The firm's 50 day simple moving average is $61.03 and its two-hundred day simple moving average is $59.11. The firm has a market cap of $7.73 billion, a PE ratio of -148.91 and a beta of 0.67. GitLab Inc. has a 1-year low of $40.72 and a 1-year high of $74.18.
Insider Activity at GitLab
In other news, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $56.24, for a total value of $562,400.00. Following the sale, the chief financial officer now directly owns 267,380 shares in the company, valued at $15,037,451.20. This represents a 3.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Robin Schulman sold 7,330 shares of GitLab stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $56.98, for a total value of $417,663.40. Following the transaction, the insider now owns 121,893 shares of the company's stock, valued at $6,945,463.14. This represents a 5.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 329,216 shares of company stock valued at $18,716,292 in the last ninety days. Corporate insiders own 21.36% of the company's stock.
GitLab Profile
(
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.
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