AQR Capital Management LLC Decreases Stock Position in GitLab Inc. (NASDAQ:GTLB)

AQR Capital Management LLC decreased its position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 2.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,794,819 shares of the company's stock after selling 52,286 shares during the period. AQR Capital Management LLC owned approximately 1.11% of GitLab worth $100,653,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. EverSource Wealth Advisors LLC grew its holdings in GitLab by 5,700.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock valued at $29,000 after buying an additional 513 shares in the last quarter. IMG Wealth Management Inc. bought a new position in shares of GitLab during the 4th quarter valued at approximately $46,000. Raleigh Capital Management Inc. purchased a new position in shares of GitLab in the fourth quarter valued at $66,000. 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 purchasing an additional 1,153 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC increased its position in GitLab by 4,273.3% in 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. 95.04% of the stock is owned by institutional investors.

Insider Activity at GitLab

In other news, Director Karen Blasing sold 3,250 shares of the 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 transaction, the director now directly owns 111,983 shares in the company, valued at approximately $5,039,235. This trade represents a 2.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Matthew Jacobson sold 152,884 shares of GitLab stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $52.34, for a total transaction of $8,001,948.56. Following the transaction, the director now directly owns 493,554 shares in the company, valued at approximately $25,832,616.36. The trade was a 23.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 314,734 shares of company stock worth $15,587,381 over the last three months. 21.36% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on GTLB. Robert W. Baird dropped their price objective on shares of GitLab from $80.00 to $76.00 and set an "outperform" rating for the company in a research note on Monday, March 3rd. Mizuho dropped their price target on GitLab from $80.00 to $72.00 and set an "outperform" rating for the company in a research report on Tuesday, March 4th. Royal Bank of Canada restated an "outperform" rating and set a $80.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. Macquarie reiterated an "outperform" rating and issued a $90.00 target price on shares of GitLab in a report on Tuesday, March 4th. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $80.00 price target on shares of GitLab in a report on Tuesday, March 4th. Three analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $71.73.

GitLab Trading Up 0.4 %

Shares of GTLB stock opened at $47.15 on Wednesday. GitLab Inc. has a twelve month low of $37.90 and a twelve month high of $74.18. The stock has a fifty day simple moving average of $49.74 and a two-hundred day simple moving average of $57.78. The stock has a market capitalization of $7.65 billion, a price-to-earnings ratio of -147.34 and a beta of 0.79.

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.

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