Stephens Investment Management Group LLC Sells 12,556 Shares of GitLab Inc. (NASDAQ:GTLB)

Stephens Investment Management Group LLC lessened its holdings in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 1.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 711,709 shares of the company's stock after selling 12,556 shares during the quarter. Stephens Investment Management Group LLC owned approximately 0.44% of GitLab worth $40,105,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Franklin Resources Inc. raised its holdings in GitLab by 0.8% in the 3rd quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company's stock worth $146,774,000 after purchasing an additional 21,976 shares in the last quarter. State Street Corp raised its stake in 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 in the last quarter. Geode Capital Management LLC lifted its holdings in GitLab by 7.0% in the third quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company's stock worth $104,476,000 after buying an additional 132,548 shares during the period. Fiera Capital Corp boosted its position in GitLab by 1.4% during the 3rd quarter. Fiera Capital Corp now owns 1,259,429 shares of the company's stock valued at $64,911,000 after acquiring an additional 16,961 shares in the last quarter. Finally, Bamco Inc. NY grew its holdings in shares of GitLab by 0.4% during the 3rd quarter. Bamco Inc. NY now owns 1,253,244 shares of the company's stock worth $64,592,000 after acquiring an additional 4,874 shares during the period. Hedge funds and other institutional investors own 95.04% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on GTLB. Piper Sandler raised their target price on GitLab from $75.00 to $85.00 and gave the company an "overweight" rating in a research note on Friday, December 6th. Mizuho raised their price objective on GitLab from $67.00 to $80.00 and gave the company an "outperform" rating in a research report on Monday, December 9th. TD Cowen upped their target price on shares of GitLab from $63.00 to $70.00 and gave the stock a "buy" rating in a research report on Thursday, November 21st. Wells Fargo & Company lifted their price target on shares of GitLab from $75.00 to $80.00 and gave the company an "overweight" rating in a research report on Friday, December 6th. Finally, Truist Financial reissued a "buy" rating and set a $90.00 price objective (up previously from $80.00) on shares of GitLab in a research note on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $76.42.

Insider Buying and Selling at GitLab

In other GitLab news, CEO Sytse Sijbrandij sold 84,776 shares of the company's stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $59.64, for a total transaction of $5,056,040.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Susan L. Bostrom sold 20,000 shares of the company's stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $60.19, for a total transaction of $1,203,800.00. Following the completion of the transaction, the director now owns 204,913 shares of the company's stock, valued at approximately $12,333,713.47. The trade was a 8.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 828,283 shares of company stock worth $49,959,990 in the last three months. 21.36% of the stock is currently owned by company insiders.

GitLab Stock Performance

Shares of NASDAQ GTLB traded up $1.29 during midday trading on Wednesday, hitting $69.79. 2,064,962 shares of the stock traded hands, compared to its average volume of 2,840,937. GitLab Inc. has a one year low of $40.72 and a one year high of $76.58. The firm has a 50-day moving average of $63.30 and a two-hundred day moving average of $56.77. The firm has a market capitalization of $11.33 billion, a P/E ratio of -218.09 and a beta of 0.63.

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.