River Global Investors LLP Sells 7,049 Shares of GitLab Inc. (NASDAQ:GTLB)

River Global Investors LLP cut its holdings in GitLab Inc. (NASDAQ:GTLB) by 37.1% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 11,970 shares of the company’s stock after selling 7,049 shares during the quarter. River Global Investors LLP’s holdings in GitLab were worth $674,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of GTLB. ARK Investment Management LLC increased its holdings in shares of GitLab by 345.2% during the fourth 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. Los Angeles Capital Management LLC bought a new position in GitLab in the third quarter valued at about $30,827,000. Atreides Management LP acquired a new stake in shares of GitLab during the third quarter valued at about $25,605,000. Thrivent Financial for Lutherans boosted its stake in shares of GitLab by 128.8% during the third quarter. Thrivent Financial for Lutherans now owns 554,455 shares of the company’s stock valued at $28,577,000 after purchasing an additional 312,119 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of GitLab by 6,821.7% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 297,632 shares of the company’s stock worth $15,340,000 after purchasing an additional 293,332 shares during the last quarter. Institutional investors own 95.04% of the company’s stock.

Wall Street Analyst Weigh In

GTLB has been the topic of a number of recent research reports. KeyCorp lifted their price target on shares of GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. JPMorgan Chase & Co. cut their target price on shares of GitLab from $65.00 to $62.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 4th. Needham & Company LLC reissued a “buy” rating and issued a $85.00 price objective on shares of GitLab in a research note on Tuesday, March 4th. Macquarie reiterated an “outperform” rating and set a $90.00 price objective on shares of GitLab in a report on Tuesday, March 4th. Finally, The Goldman Sachs Group upped their price target on GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $75.38.

Insiders Place Their Bets

In other news, insider Robin Schulman sold 2,996 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $55.98, for a total value of $167,716.08. Following the sale, the insider now directly owns 129,223 shares of the company’s stock, valued at approximately $7,233,903.54. This represents a 2.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 10,000 shares of the business’s stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 267,380 shares of the company’s stock, valued at approximately $15,037,451.20. This represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 740,257 shares of company stock worth $44,710,867 in the last quarter. 21.36% of the stock is owned by company insiders.

GitLab Price Performance

Shares of GTLB stock opened at $56.38 on Friday. GitLab Inc. has a 1 year low of $40.72 and a 1 year high of $74.18. The stock has a market capitalization of $9.15 billion, a price-to-earnings ratio of -176.19 and a beta of 0.67. The company’s fifty day simple moving average is $64.31 and its two-hundred day simple moving average is $58.99.

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.