Stevens Capital Management LP Buys Shares of 4,854 GitLab Inc. (NASDAQ:GTLB)

Stevens Capital Management LP bought a new position in GitLab Inc. (NASDAQ:GTLB - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 4,854 shares of the company's stock, valued at approximately $274,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in GTLB. Charles Schwab Investment Management Inc. raised its stake in shares of GitLab by 8.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 751,415 shares of the company's stock worth $38,728,000 after purchasing an additional 57,381 shares during the last quarter. Cerity Partners LLC raised its position in GitLab by 772.3% in the 3rd quarter. Cerity Partners LLC now owns 56,307 shares of the company's stock worth $2,902,000 after buying an additional 49,852 shares during the last quarter. Whetstone Capital Advisors LLC raised its position in GitLab by 60.8% in the 3rd quarter. Whetstone Capital Advisors LLC now owns 110,544 shares of the company's stock worth $5,697,000 after buying an additional 41,804 shares during the last quarter. Bank of Montreal Can lifted its stake in GitLab by 360.4% during the 3rd quarter. Bank of Montreal Can now owns 59,200 shares of the company's stock valued at $3,058,000 after acquiring an additional 46,343 shares during the period. Finally, Qsemble Capital Management LP boosted its holdings in shares of GitLab by 41.7% during the 3rd quarter. Qsemble Capital Management LP now owns 23,256 shares of the company's stock valued at $1,199,000 after acquiring an additional 6,846 shares during the last quarter. Institutional investors own 95.04% of the company's stock.

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Insider Transactions at GitLab

In related news, Director Matthew Jacobson sold 152,884 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $52.34, for a total transaction of $8,001,948.56. Following the completion of the sale, the director now directly owns 493,554 shares of the company's stock, valued at approximately $25,832,616.36. This trade represents a 23.65 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Brian G. Robins sold 10,000 shares of the business's stock in a transaction on 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 ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 349,216 shares of company stock worth $19,841,492. 21.36% of the stock is currently owned by insiders.

GitLab Stock Down 3.6 %

GTLB traded down $1.80 during trading on Friday, reaching $48.38. The company had a trading volume of 1,851,502 shares, compared to its average volume of 2,426,611. The business has a 50 day simple moving average of $61.70 and a 200-day simple moving average of $59.16. The stock has a market cap of $7.85 billion, a P/E ratio of -151.19 and a beta of 0.67. GitLab Inc. has a 52 week low of $40.72 and a 52 week high of $74.18.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. The Goldman Sachs Group raised their target price on shares of GitLab from $80.00 to $88.00 and gave the stock a "buy" rating in a report on Friday, December 6th. Mizuho dropped their price target 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 GitLab from $70.00 to $58.00 and set an "equal weight" rating for the company in a report on Tuesday, March 4th. Morgan Stanley increased their target price on GitLab from $70.00 to $77.00 and gave the company an "overweight" rating in a report on Friday, December 6th. Finally, Truist Financial restated a "buy" rating and set a $90.00 price target (up from $80.00) on shares of GitLab in a research note on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $75.52.

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.