Capital Research Global Investors Sells 1,457,763 Shares of GitLab Inc. (NASDAQ:GTLB)

Capital Research Global Investors lowered its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 38.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,292,823 shares of the company’s stock after selling 1,457,763 shares during the quarter. Capital Research Global Investors owned about 1.41% of GitLab worth $129,201,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. increased its position in GitLab by 7.2% during the fourth quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company’s stock worth $740,585,000 after buying an additional 885,955 shares during the last quarter. Norges Bank acquired a new position in shares of GitLab during the 4th quarter valued at about $279,089,000. Artisan Partners Limited Partnership increased its holdings in shares of GitLab by 55.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock valued at $227,318,000 after acquiring an additional 1,443,160 shares during the last quarter. Franklin Resources Inc. raised its stake in shares of GitLab by 17.6% in the 4th quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company’s stock valued at $176,954,000 after acquiring an additional 470,192 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in GitLab by 3.2% in the 4th quarter. Geode Capital Management LLC now owns 2,091,780 shares of the company’s stock worth $117,908,000 after purchasing an additional 65,213 shares during the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

GitLab Price Performance

Shares of GTLB stock opened at $42.90 on Monday. The stock’s fifty day simple moving average is $53.18 and its 200 day simple moving average is $58.18. GitLab Inc. has a one year low of $37.90 and a one year high of $74.18. The firm has a market cap of $6.96 billion, a price-to-earnings ratio of -134.06 and a beta of 0.79.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Robert W. Baird lowered their price target on GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a report on Monday, March 3rd. Needham & Company LLC reiterated a “buy” rating and issued a $85.00 target price on shares of GitLab in a report on Tuesday, March 4th. Wells Fargo & Company boosted their target price on shares of GitLab from $80.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. Morgan Stanley lowered their price target on GitLab from $77.00 to $53.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Finally, Mizuho cut their price objective on GitLab from $80.00 to $72.00 and set an “outperform” rating for the company in a research report on Tuesday, March 4th. Three investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $72.64.

Insider Buying and Selling at GitLab

In other news, insider Sytse Sijbrandij sold 108,600 shares of GitLab stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $42.87, for a total value of $4,655,682.00. The transaction 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 stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $70.83, for a total value of $708,300.00. Following the sale, the chief financial officer now owns 267,380 shares in the company, valued at approximately $18,938,525.40. This trade represents a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 320,735 shares of company stock valued at $16,088,701. 21.36% of the stock is currently owned by company insiders.

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.