GitLab Inc. (NASDAQ:GTLB) Position Trimmed by Renaissance Technologies LLC

Renaissance Technologies LLC lowered its stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 54.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 460,870 shares of the company's stock after selling 546,900 shares during the period. Renaissance Technologies LLC owned approximately 0.28% of GitLab worth $25,970,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Y Intercept Hong Kong Ltd acquired a new stake in GitLab in the 3rd quarter valued at $678,000. State Street Corp boosted its position in shares of GitLab by 5.8% in the third quarter. State Street Corp now owns 2,032,206 shares of the company's stock worth $104,740,000 after buying an additional 111,997 shares during the period. Barclays PLC grew its stake in shares of GitLab by 189.1% in the third quarter. Barclays PLC now owns 61,419 shares of the company's stock valued at $3,164,000 after buying an additional 40,171 shares in the last quarter. Oddo BHF Asset Management Sas purchased a new stake in shares of GitLab during the 3rd quarter valued at about $6,865,000. Finally, Swiss National Bank boosted its holdings in GitLab by 3.7% in the 4th quarter. Swiss National Bank now owns 215,000 shares of the company's stock worth $12,115,000 after acquiring an additional 7,700 shares during the period. 95.04% of the stock is owned by hedge funds and other institutional investors.

GitLab Price Performance

Shares of NASDAQ GTLB traded down $1.48 during mid-day trading on Wednesday, reaching $42.17. 3,647,892 shares of the company traded hands, compared to its average volume of 2,515,535. The firm has a market cap of $6.84 billion, a PE ratio of -131.78 and a beta of 0.79. GitLab Inc. has a fifty-two week low of $37.90 and a fifty-two week high of $74.18. The stock has a fifty day simple moving average of $54.83 and a 200-day simple moving average of $58.28.

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Insider Activity

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of the company's stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $70.83, for a total value of $708,300.00. Following the transaction, the chief financial officer now owns 267,380 shares of the company's stock, valued at approximately $18,938,525.40. This represents a 3.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Robin Schulman sold 9,251 shares of GitLab stock in a transaction on Friday, January 17th. The stock was sold at an average price of $65.00, for a total value of $601,315.00. Following the completion of the transaction, the insider now owns 121,893 shares in the company, valued at $7,923,045. The trade was a 7.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 221,386 shares of company stock worth $12,034,334. 21.36% of the stock is owned by company insiders.

Analyst Ratings Changes

Several brokerages have recently weighed in on GTLB. JPMorgan Chase & Co. decreased their target price on shares of GitLab from $65.00 to $62.00 and set a "neutral" rating for the company in a research note on Tuesday, March 4th. Robert W. Baird cut their price target on GitLab from $80.00 to $76.00 and set an "outperform" rating on the stock in a research note on Monday, March 3rd. Cantor Fitzgerald restated an "overweight" rating and set a $80.00 price objective on shares of GitLab in a report on Tuesday, March 4th. Needham & Company LLC reiterated a "buy" rating and set a $85.00 target price on shares of GitLab in a research note on Tuesday, March 4th. Finally, Wells Fargo & Company lifted their price target on shares of GitLab from $80.00 to $85.00 and gave the stock an "overweight" rating in a research note on Thursday, February 20th. Three research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, GitLab currently has an average rating of "Moderate Buy" and a consensus target price of $73.55.

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.