Fmr LLC Lowers Stock Position in GitLab Inc. (NASDAQ:GTLB)

Fmr LLC decreased its holdings in GitLab Inc. (NASDAQ:GTLB) by 96.1% in the 3rd quarter, Holdings Channel reports. The firm owned 7,481 shares of the company’s stock after selling 182,032 shares during the period. Fmr LLC’s holdings in GitLab were worth $386,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. The Manufacturers Life Insurance Company boosted its stake in shares of GitLab by 5.1% during the third quarter. The Manufacturers Life Insurance Company now owns 29,377 shares of the company’s stock worth $1,514,000 after buying an additional 1,417 shares during the period. Qsemble Capital Management LP raised its stake in GitLab by 41.7% during the 3rd quarter. Qsemble Capital Management LP now owns 23,256 shares of the company’s stock valued at $1,199,000 after acquiring an additional 6,846 shares during the last quarter. Bank of Montreal Can lifted its position in GitLab by 360.4% during the 3rd quarter. Bank of Montreal Can now owns 59,200 shares of the company’s stock worth $3,058,000 after acquiring an additional 46,343 shares during the period. Whetstone Capital Advisors LLC grew its stake in shares of GitLab by 60.8% in the 3rd quarter. Whetstone Capital Advisors LLC now owns 110,544 shares of the company’s stock valued at $5,697,000 after purchasing an additional 41,804 shares during the last quarter. Finally, Cerity Partners LLC increased its holdings in shares of GitLab by 772.3% in the third quarter. Cerity Partners LLC now owns 56,307 shares of the company’s stock valued at $2,902,000 after purchasing an additional 49,852 shares during the period. 95.04% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at GitLab

In related news, CEO Sytse Sijbrandij sold 56,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total transaction of $3,062,080.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Brian G. Robins sold 16,666 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $56.74, for a total value of $945,628.84. Following the completion of the transaction, the chief financial officer now owns 242,803 shares of the company’s stock, valued at $13,776,642.22. This trade represents a 6.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 180,182 shares of company stock valued at $10,466,739. 21.36% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages recently weighed in on GTLB. Barclays increased their price target on GitLab from $55.00 to $70.00 and gave the stock an “equal weight” rating in a report on Monday, December 9th. KeyCorp raised their target price on shares of GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. UBS Group boosted their price target on shares of GitLab from $62.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Robert W. Baird increased their price target on shares of GitLab from $62.00 to $75.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Finally, Needham & Company LLC lifted their price objective on GitLab from $70.00 to $85.00 and gave the company a “buy” rating in a report on Friday, December 6th. Three analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, GitLab currently has an average rating of “Moderate Buy” and an average target price of $76.42.

GitLab Stock Down 2.8 %

Shares of NASDAQ:GTLB opened at $55.66 on Friday. The company has a market capitalization of $9.03 billion, a P/E ratio of -173.94 and a beta of 0.54. GitLab Inc. has a 52-week low of $40.72 and a 52-week high of $78.53. The stock’s fifty day simple moving average is $59.55 and its 200-day simple moving average is $52.66.

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.