Russell Investments Group Ltd. Sells 45,300 Shares of GitLab Inc. (NASDAQ:GTLB)

Russell Investments Group Ltd. cut its holdings in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 89.0% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,623 shares of the company's stock after selling 45,300 shares during the quarter. Russell Investments Group Ltd.'s holdings in GitLab were worth $317,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of GitLab by 7.2% in the 4th quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company's stock valued at $740,585,000 after acquiring an additional 885,955 shares during the last quarter. Norges Bank acquired a new stake in shares of GitLab during the fourth quarter worth $279,089,000. Artisan Partners Limited Partnership boosted its holdings in shares of GitLab by 55.7% in the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company's stock valued at $227,318,000 after buying an additional 1,443,160 shares during the period. Franklin Resources Inc. grew its position in shares of GitLab by 17.6% during the 4th quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company's stock valued at $176,954,000 after buying an additional 470,192 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in GitLab by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 2,091,780 shares of the company's stock worth $117,908,000 after acquiring an additional 65,213 shares during the period. 95.04% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

GTLB has been the topic of several recent research reports. Wells Fargo & Company cut their price target on GitLab from $85.00 to $65.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Truist Financial lowered their price target on shares of GitLab from $90.00 to $80.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Mizuho cut their price objective on shares of GitLab from $80.00 to $72.00 and set an "outperform" rating on the stock in a research report on Tuesday, March 4th. Robert W. Baird lowered their target price 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, DA Davidson decreased their target price on GitLab from $60.00 to $45.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Three equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $71.73.

GitLab Trading Up 0.1 %

NASDAQ GTLB traded up $0.05 on Tuesday, hitting $47.01. 715,818 shares of the company's stock were exchanged, compared to its average volume of 2,532,781. GitLab Inc. has a 52 week low of $37.90 and a 52 week high of $74.18. The stock has a market cap of $7.63 billion, a price-to-earnings ratio of -147.00 and a beta of 0.79. The stock has a 50-day moving average of $50.14 and a 200-day moving average of $57.85.

Insider Activity at GitLab

In other news, CFO Brian G. Robins sold 10,000 shares of the business's stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $70.83, for a total transaction of $708,300.00. Following the sale, the chief financial officer now directly owns 267,380 shares in the company, valued at approximately $18,938,525.40. The trade was a 3.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Matthew Jacobson sold 152,884 shares of the firm's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $52.34, for a total transaction of $8,001,948.56. Following the transaction, the director now directly owns 493,554 shares of the company's stock, valued at $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 314,734 shares of company stock valued at $15,587,381 over the last ninety days. 21.36% of the stock is owned by corporate insiders.

GitLab Company 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.