GitLab Inc. (NASDAQ:GTLB) Stock Holdings Trimmed by Two Sigma Advisers LP

Two Sigma Advisers LP lowered its holdings in GitLab Inc. (NASDAQ:GTLB - Free Report) by 57.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 208,200 shares of the company's stock after selling 283,300 shares during the quarter. Two Sigma Advisers LP owned 0.13% of GitLab worth $10,731,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of GTLB. Cetera Advisors LLC purchased a new stake in shares of GitLab in the 1st quarter worth about $368,000. M&G Plc purchased a new position in shares of GitLab during the 2nd quarter worth approximately $10,266,000. Wealth Enhancement Advisory Services LLC raised its position in shares of GitLab by 5.6% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 67,474 shares of the company's stock worth $3,355,000 after purchasing an additional 3,570 shares during the last quarter. Tran Capital Management L.P. lifted its stake in GitLab by 127.6% in the 2nd quarter. Tran Capital Management L.P. now owns 200,628 shares of the company's stock valued at $9,975,000 after buying an additional 112,490 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in GitLab during the 2nd quarter valued at $214,000. Institutional investors and hedge funds own 95.04% of the company's stock.

GitLab Trading Down 7.7 %

Shares of GTLB traded down $5.15 during midday trading on Tuesday, reaching $61.58. 5,357,127 shares of the company were exchanged, compared to its average volume of 2,415,747. The stock has a 50-day moving average price of $58.22 and a 200-day moving average price of $52.27. The company has a market cap of $9.88 billion, a price-to-earnings ratio of -192.44 and a beta of 0.54. GitLab Inc. has a 1-year low of $40.72 and a 1-year high of $78.53.

Insiders Place Their Bets

In related news, CAO Erin Mannix sold 1,433 shares of the business's stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $52.80, for a total value of $75,662.40. Following the transaction, the chief accounting officer now owns 72,448 shares in the company, valued at approximately $3,825,254.40. The trade was a 1.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Sytse Sijbrandij sold 84,776 shares of the business's stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $59.64, for a total value of $5,056,040.64. The disclosure for this sale can be found here. Insiders have sold a total of 168,365 shares of company stock worth $9,674,784 over the last quarter. 21.36% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on GTLB. Wells Fargo & Company boosted their price target on GitLab from $75.00 to $80.00 and gave the stock an "overweight" rating in a report on Friday. Needham & Company LLC boosted their target price on shares of GitLab from $70.00 to $85.00 and gave the company a "buy" rating in a research note on Friday. Robert W. Baird boosted their target price on shares of GitLab from $62.00 to $75.00 and gave the company an "outperform" rating in a research note on Friday. Royal Bank of Canada boosted their price objective on shares of GitLab from $73.00 to $80.00 and gave the company an "outperform" rating in a research report on Friday. Finally, Barclays boosted their price objective on shares of GitLab from $55.00 to $70.00 and gave the company an "equal weight" rating in a research report on Monday. Three analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $75.88.

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.