River Global Investors LLP Lowers Stock Holdings in GitLab Inc. (NASDAQ:GTLB)

River Global Investors LLP trimmed its position in GitLab Inc. (NASDAQ:GTLB - Free Report) by 37.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,970 shares of the company's stock after selling 7,049 shares during the quarter. River Global Investors LLP's holdings in GitLab were worth $674,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. True Wealth Design LLC purchased a new position in GitLab during the 3rd quarter valued at about $56,000. Raleigh Capital Management Inc. bought a new position in shares of GitLab during the 4th quarter valued at $66,000. Smartleaf Asset Management LLC boosted its position in GitLab by 1,067.6% in 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 during the last quarter. Steward Partners Investment Advisory LLC boosted its holdings in shares of GitLab by 4,273.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,312 shares of the company's stock worth $74,000 after buying an additional 1,282 shares during the last quarter. Finally, Rakuten Securities Inc. boosted its stake in shares of GitLab by 268.1% during the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company's stock worth $73,000 after acquiring an additional 1,032 shares during the last quarter. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

GTLB has been the subject of a number of recent analyst reports. DA Davidson dropped their price target on shares of GitLab from $70.00 to $60.00 and set a "neutral" rating for the company in a research report on Friday, February 28th. Mizuho reduced their price objective on GitLab from $80.00 to $72.00 and set an "outperform" rating on the stock in a research note on Tuesday, March 4th. Barclays cut their price objective on shares of GitLab from $70.00 to $58.00 and set an "equal weight" rating on the stock in a research report on Tuesday, March 4th. JPMorgan Chase & Co. decreased their price target on GitLab from $65.00 to $62.00 and set a "neutral" rating for the company in a research note on Tuesday, March 4th. Finally, KeyCorp lifted their price objective on shares of GitLab from $74.00 to $80.00 and gave the company an "overweight" rating in a report on Friday, December 6th. Three analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $75.38.

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GitLab Trading Up 1.6 %

Shares of GTLB stock traded up $0.85 during trading hours on Wednesday, reaching $52.79. 2,221,678 shares of the company's stock were exchanged, compared to its average volume of 3,021,334. The stock's fifty day moving average price is $64.12 and its two-hundred day moving average price is $59.14. The stock has a market cap of $8.57 billion, a PE ratio of -164.97 and a beta of 0.67. GitLab Inc. has a 1 year low of $40.72 and a 1 year high of $74.18.

Insiders Place Their Bets

In other news, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $56.24, for a total transaction of $562,400.00. Following the sale, the chief financial officer now directly owns 267,380 shares of the company's stock, valued at $15,037,451.20. This represents a 3.61 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Robin Schulman sold 9,251 shares of the stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $70.00, for a total value of $647,570.00. Following the transaction, the insider now owns 121,893 shares in the company, valued at $8,532,510. This trade represents a 7.05 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 730,257 shares of company stock valued at $44,034,967. 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.