Alight Capital Management LP Grows Stock Holdings in GitLab Inc. (NASDAQ:GTLB)

Alight Capital Management LP increased its stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 29.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 70,000 shares of the company's stock after buying an additional 16,000 shares during the quarter. GitLab accounts for about 1.3% of Alight Capital Management LP's investment portfolio, making the stock its 25th largest position. Alight Capital Management LP's holdings in GitLab were worth $3,944,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also modified their holdings of the stock. EverSource Wealth Advisors LLC lifted its position in GitLab by 5,700.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock valued at $29,000 after acquiring an additional 513 shares in the last quarter. IMG Wealth Management Inc. acquired a new stake in GitLab in the 4th quarter valued at approximately $46,000. Raleigh Capital Management Inc. acquired a new position in GitLab during the 4th quarter worth approximately $66,000. Smartleaf Asset Management LLC raised its holdings in shares of GitLab by 1,067.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company's stock valued at $71,000 after purchasing an additional 1,153 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC boosted its holdings in GitLab by 4,273.3% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,312 shares of the company's stock worth $74,000 after purchasing an additional 1,282 shares during the last quarter. Institutional investors own 95.04% of the company's stock.

Wall Street Analysts Forecast Growth

GTLB has been the topic of several research analyst reports. Barclays dropped their price objective on shares of GitLab from $70.00 to $58.00 and set an "equal weight" rating on the stock in a research report on Tuesday, March 4th. Macquarie reaffirmed an "outperform" rating and set a $90.00 price target on shares of GitLab in a research report on Tuesday, March 4th. Truist Financial lowered their target price on shares of GitLab from $90.00 to $80.00 and set a "buy" rating on the stock in a report on Monday, March 31st. DA Davidson dropped their target price on shares of GitLab from $60.00 to $45.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Finally, Robert W. Baird cut their price target on shares of GitLab from $80.00 to $76.00 and set an "outperform" rating for the company in a report on Monday, March 3rd. Three research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, GitLab currently has a consensus rating of "Moderate Buy" and an average price target of $71.73.

GitLab Price Performance

Shares of GitLab stock traded down $1.07 during trading on Monday, hitting $45.48. The stock had a trading volume of 2,130,367 shares, compared to its average volume of 2,548,732. The firm's fifty day simple moving average is $48.80 and its 200-day simple moving average is $57.63. GitLab Inc. has a 12 month low of $37.90 and a 12 month high of $74.18. The stock has a market cap of $7.38 billion, a PE ratio of -142.13 and a beta of 0.79.

Insider Buying and Selling

In other GitLab news, insider Sytse Sijbrandij sold 108,600 shares of the stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $42.87, for a total transaction of $4,655,682.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Karen Blasing sold 3,250 shares of the firm's stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $45.00, for a total transaction of $146,250.00. Following the completion of the sale, the director now owns 111,983 shares of the company's stock, valued at approximately $5,039,235. This trade represents a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 304,734 shares of company stock valued at $14,879,081 in the last 90 days. Company insiders own 21.36% of the company's stock.

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.