Nordea Investment Management AB Reduces Position in GitLab Inc. (NASDAQ:GTLB)

Nordea Investment Management AB decreased its stake in shares of GitLab Inc. (NASDAQ:GTLB) by 9.7% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 30,135 shares of the company’s stock after selling 3,238 shares during the period. Nordea Investment Management AB’s holdings in GitLab were worth $1,700,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Future Financial Wealth Managment LLC acquired a new stake in shares of GitLab during the third quarter worth $52,000. True Wealth Design LLC acquired a new stake in shares of GitLab during the third quarter worth $56,000. Rakuten Securities Inc. boosted its holdings in shares of GitLab by 268.1% during the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after purchasing an additional 1,032 shares during the last quarter. Quarry LP boosted its holdings in shares of GitLab by 527.0% during the second quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after purchasing an additional 1,502 shares during the last quarter. Finally, Capital Performance Advisors LLP acquired a new stake in shares of GitLab during the third quarter worth $96,000. Institutional investors and hedge funds own 95.04% of the company’s stock.

GitLab Stock Performance

Shares of NASDAQ GTLB opened at $59.94 on Friday. GitLab Inc. has a 1 year low of $40.72 and a 1 year high of $78.53. The firm has a market cap of $9.73 billion, a price-to-earnings ratio of -187.31 and a beta of 0.57. The stock’s 50-day simple moving average is $61.01 and its 200-day simple moving average is $54.40.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on GTLB shares. TD Cowen raised their price objective on GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. Cantor Fitzgerald lifted their target price on GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Royal Bank of Canada lifted their target price on GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Scotiabank lifted their target price on GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a report on Wednesday, December 4th. Finally, Wells Fargo & Company lifted their target price on GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, GitLab currently has an average rating of “Moderate Buy” and a consensus target price of $76.42.

Insider Transactions at GitLab

In related news, Director Karen Blasing sold 3,250 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $54.72, for a total value of $177,840.00. Following the completion of the sale, the director now directly owns 141,233 shares of the company’s stock, valued at $7,728,269.76. The trade was a 2.25 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Sytse Sijbrandij sold 56,000 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total value of $3,062,080.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 785,197 shares of company stock valued at $46,486,459. 21.36% of the stock is currently owned by insiders.

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.