Thrivent Financial for Lutherans lowered its stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 8.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 508,700 shares of the company's stock after selling 45,755 shares during the period. Thrivent Financial for Lutherans owned about 0.31% of GitLab worth $28,665,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds have also recently modified their holdings of GTLB. ARK Investment Management LLC increased its stake in GitLab by 345.2% during the 4th quarter. ARK Investment Management LLC now owns 1,160,502 shares of the company's stock worth $65,394,000 after buying an additional 899,823 shares in the last quarter. Amundi increased its position in shares of GitLab by 613.0% during the fourth quarter. Amundi now owns 616,806 shares of the company's stock worth $38,020,000 after purchasing an additional 530,297 shares in the last quarter. Atreides Management LP acquired a new position in GitLab in the 3rd quarter valued at $25,605,000. Los Angeles Capital Management LLC lifted its holdings in GitLab by 67.7% in the 4th quarter. Los Angeles Capital Management LLC now owns 1,003,010 shares of the company's stock valued at $56,520,000 after purchasing an additional 404,895 shares in the last quarter. Finally, Keybank National Association OH boosted its stake in GitLab by 61.4% during the 4th quarter. Keybank National Association OH now owns 703,304 shares of the company's stock worth $39,631,000 after purchasing an additional 267,678 shares during the last quarter. Institutional investors and hedge funds own 95.04% of the company's stock.
Insider Buying and Selling at GitLab
In other news, CFO Brian G. Robins sold 10,000 shares of the firm's stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $70.83, for a total value of $708,300.00. Following the completion of the transaction, the chief financial officer now owns 267,380 shares of the company's stock, valued at approximately $18,938,525.40. This trade represents a 3.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Matthew Jacobson sold 547,679 shares of the company's stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $59.72, for a total transaction of $32,707,389.88. Following the sale, the director now directly owns 58,471 shares in the company, valued at approximately $3,491,888.12. The trade was a 90.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 744,011 shares of company stock valued at $44,546,933 in the last three months. 21.36% of the stock is owned by corporate insiders.
Analysts Set New Price Targets
GTLB has been the subject of a number of recent research reports. Mizuho reduced their target price on shares of GitLab from $80.00 to $72.00 and set an "outperform" rating for the company in a research report on Tuesday, March 4th. Needham & Company LLC reiterated a "buy" rating and issued a $85.00 price objective on shares of GitLab in a report on Tuesday, March 4th. Truist Financial reissued a "buy" rating and issued a $90.00 target price (up from $80.00) on shares of GitLab in a research note on Friday, December 6th. Morgan Stanley upped their price target on GitLab from $70.00 to $77.00 and gave the company an "overweight" rating in a research report on Friday, December 6th. Finally, Barclays reduced their price objective on GitLab from $70.00 to $58.00 and set an "equal weight" rating on the stock in a research report on Tuesday, March 4th. Three analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $75.52.
View Our Latest Stock Report on GTLB
GitLab Stock Performance
Shares of NASDAQ GTLB traded up $1.01 during trading on Tuesday, reaching $53.13. The stock had a trading volume of 1,788,748 shares, compared to its average volume of 2,409,714. The company has a market cap of $8.62 billion, a P/E ratio of -166.03 and a beta of 0.67. GitLab Inc. has a fifty-two week low of $40.72 and a fifty-two week high of $74.18. The business's 50-day moving average price is $62.66 and its 200-day moving average price is $59.31.
About GitLab
(
Free Report)
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.
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