Two Sigma Investments LP Decreases Stock Position in GitLab Inc. (NASDAQ:GTLB)

Two Sigma Investments LP reduced its stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 89.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 37,070 shares of the company's stock after selling 300,142 shares during the quarter. Two Sigma Investments LP's holdings in GitLab were worth $2,089,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. EverSource Wealth Advisors LLC boosted its holdings in GitLab by 5,700.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock valued at $29,000 after acquiring an additional 513 shares during the last quarter. CoreCap Advisors LLC boosted its stake in GitLab by 327.5% during the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company's stock valued at $33,000 after purchasing an additional 452 shares during the last quarter. IMG Wealth Management Inc. bought a new position in GitLab during the 4th quarter valued at $46,000. Smartleaf Asset Management LLC boosted its holdings in GitLab by 1,067.6% during 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, True Wealth Design LLC grew its holdings in shares of GitLab by 20.0% in the fourth quarter. True Wealth Design LLC now owns 1,297 shares of the company's stock valued at $73,000 after acquiring an additional 216 shares in the last quarter. 95.04% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other GitLab news, CFO Brian G. Robins sold 45,000 shares of the firm's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $53.04, for a total value of $2,386,800.00. Following the transaction, the chief financial officer now owns 344,105 shares in the company, valued at approximately $18,251,329.20. This trade represents a 11.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Karen Blasing sold 3,250 shares of the stock in a transaction dated 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 $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 a total of 461,584 shares of company stock worth $23,192,574 over the last quarter. 16.37% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on GTLB shares. Mizuho cut their price target on GitLab from $80.00 to $72.00 and set an "outperform" rating for the company in a research note on Tuesday, March 4th. JPMorgan Chase & Co. dropped their price target on GitLab from $65.00 to $62.00 and set a "neutral" rating for the company in a research report on Tuesday, March 4th. Needham & Company LLC reissued a "buy" rating and issued a $85.00 target price on shares of GitLab in a research note on Tuesday, March 4th. Royal Bank of Canada reissued an "outperform" rating and set a $80.00 price target on shares of GitLab in a research note on Tuesday, March 4th. Finally, Barclays lowered their target price on GitLab from $70.00 to $58.00 and set an "equal weight" rating for the company in a research note on Tuesday, March 4th. Three research 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 stock. According to data from MarketBeat.com, GitLab presently has an average rating of "Moderate Buy" and an average target price of $71.73.

GitLab Price Performance

GTLB stock traded up $1.12 during midday trading on Tuesday, hitting $46.67. 4,168,278 shares of the stock traded hands, compared to its average volume of 2,605,101. The stock's fifty day simple moving average is $46.28 and its 200-day simple moving average is $56.38. GitLab Inc. has a 1-year low of $37.90 and a 1-year high of $74.18. The firm has a market cap of $7.65 billion, a P/E ratio of -145.84 and a beta of 0.79.

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.