AMI Asset Management Corp Reduces Position in GitLab Inc. $GTLB

Key Points

• AMI Asset Management Corp reduced its shares in GitLab Inc. by 31.5% during the second quarter, leaving the fund with approximately $860,000 in holdings.
• Several institutional investors, including 1832 Asset Management L.P. and ARK Investment Management LLC, significantly increased their positions in GitLab, highlighting strong interest from hedge funds.
• Wall Street analysts have shifted their ratings on GitLab, with Zacks Research upgrading the stock from "strong sell" to "hold," and an average price target of $58.67 suggests potential for growth.

AMI Asset Management Corp cut its holdings in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 31.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,068 shares of the company's stock after selling 8,779 shares during the period. AMI Asset Management Corp's holdings in GitLab were worth $860,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of GTLB. 1832 Asset Management L.P. boosted its position in shares of GitLab by 2,456.8% during the first quarter. 1832 Asset Management L.P. now owns 2,295,000 shares of the company's stock valued at $107,865,000 after buying an additional 2,205,238 shares during the last quarter. Champlain Investment Partners LLC bought a new position in GitLab in the first quarter valued at about $60,371,000. ARK Investment Management LLC lifted its holdings in GitLab by 109.1% in the first quarter. ARK Investment Management LLC now owns 2,426,332 shares of the company's stock valued at $114,038,000 after acquiring an additional 1,265,830 shares during the period. Nikko Asset Management Americas Inc. lifted its holdings in GitLab by 175.1% in the first quarter. Nikko Asset Management Americas Inc. now owns 1,396,613 shares of the company's stock valued at $65,529,000 after acquiring an additional 888,900 shares during the period. Finally, Driehaus Capital Management LLC bought a new position in GitLab in the first quarter valued at about $39,976,000. 95.04% of the stock is owned by hedge funds and other institutional investors.

GitLab Trading Down 2.2%

NASDAQ:GTLB opened at $44.11 on Thursday. GitLab Inc. has a 12-month low of $37.90 and a 12-month high of $74.18. The stock has a 50-day moving average price of $46.01 and a 200 day moving average price of $46.06. The stock has a market capitalization of $7.35 billion, a P/E ratio of -1,102.75 and a beta of 0.73.

Insider Buying and Selling

In related news, Director Matthew Jacobson sold 63,587 shares of the stock in a transaction dated Tuesday, September 23rd. The stock was sold at an average price of $50.16, for a total transaction of $3,189,523.92. Following the completion of the sale, the director owned 820 shares in the company, valued at approximately $41,131.20. This trade represents a 98.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Sytse Sijbrandij sold 108,600 shares of the stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $50.14, for a total value of $5,445,204.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,219,171 shares of company stock worth $59,495,444. 16.37% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Zacks Research raised GitLab from a "strong sell" rating to a "hold" rating in a report on Tuesday, September 9th. UBS Group lowered their target price on GitLab from $73.00 to $60.00 and set a "buy" rating on the stock in a report on Thursday, September 4th. Raymond James Financial lowered their target price on GitLab from $60.00 to $55.00 and set an "outperform" rating on the stock in a report on Thursday, September 4th. Scotiabank decreased their price objective on GitLab from $80.00 to $67.00 and set a "sector outperform" rating on the stock in a research note on Friday, June 6th. Finally, Mizuho decreased their price objective on GitLab from $55.00 to $52.00 and set an "outperform" rating on the stock in a research note on Friday, September 5th. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $58.67.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.