William Blair Investment Management LLC Sells 334 Shares of GitLab Inc. (NASDAQ:GTLB)

William Blair Investment Management LLC reduced its position in GitLab Inc. (NASDAQ:GTLB) by 0.1% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 434,061 shares of the company’s stock after selling 334 shares during the period. William Blair Investment Management LLC’s holdings in GitLab were worth $24,459,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. EverSource Wealth Advisors LLC increased its position in GitLab by 5,700.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after buying an additional 513 shares during the last quarter. IMG Wealth Management Inc. purchased a new stake in GitLab in the fourth quarter worth $46,000. True Wealth Design LLC purchased a new stake in GitLab in the third quarter worth $56,000. Raleigh Capital Management Inc. purchased a new stake in GitLab in the fourth quarter worth $66,000. Finally, Smartleaf Asset Management LLC increased its position in GitLab by 1,067.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock worth $71,000 after buying an additional 1,153 shares during the last quarter. 95.04% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Robin Schulman sold 2,996 shares of the business’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $55.98, for a total value of $167,716.08. Following the completion of the sale, the insider now owns 129,223 shares of the company’s stock, valued at approximately $7,233,903.54. The trade was a 2.27 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Brian G. Robins sold 10,000 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $56.24, for a total value of $562,400.00. Following the completion of the sale, the chief financial officer now directly owns 267,380 shares of the company’s stock, valued at approximately $15,037,451.20. This trade represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 727,007 shares of company stock valued at $43,843,249 over the last 90 days. Insiders own 21.36% of the company’s stock.

GitLab Stock Down 3.9 %

Shares of GTLB stock opened at $49.89 on Wednesday. The business has a 50-day moving average price of $63.36 and a two-hundred day moving average price of $59.29. GitLab Inc. has a 12-month low of $40.72 and a 12-month high of $74.18. The firm has a market cap of $8.10 billion, a P/E ratio of -155.91 and a beta of 0.67.

Analysts Set New Price Targets

A number of research firms have issued reports on GTLB. Barclays decreased their target price on GitLab from $70.00 to $58.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 4th. Wells Fargo & Company raised their target price on GitLab from $80.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. JPMorgan Chase & Co. reduced their price target on GitLab from $65.00 to $62.00 and set a “neutral” rating for the company in a research report on Tuesday, March 4th. Robert W. Baird reduced their price target on GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a research report on Monday, March 3rd. Finally, KeyCorp lifted their price target on GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research 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 issued a strong buy rating to the company. According to data from MarketBeat, GitLab has an average rating of “Moderate Buy” and a consensus price target of $75.38.

About GitLab

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.