UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 9,932 Shares of GitLab Inc. (NASDAQ:GTLB)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC reduced its stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 1.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 614,871 shares of the company's stock after selling 9,932 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.38% of GitLab worth $34,648,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in GTLB. EverSource Wealth Advisors LLC raised its stake 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 buying an additional 513 shares during the last quarter. CoreCap Advisors LLC increased its holdings in shares of GitLab by 327.5% in the fourth 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 period. IMG Wealth Management Inc. acquired a new position in shares of GitLab in the fourth quarter valued at about $46,000. Smartleaf Asset Management LLC increased 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 period. Finally, True Wealth Design LLC increased 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 purchasing an additional 216 shares during the period. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on GTLB. KeyCorp cut their price objective on GitLab from $80.00 to $60.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Needham & Company LLC restated a "buy" rating and issued a $85.00 target price on shares of GitLab in a research report on Tuesday, March 4th. Mizuho decreased their target price on GitLab from $80.00 to $72.00 and set an "outperform" rating on the stock in a research report on Tuesday, March 4th. DA Davidson decreased their target price on GitLab from $60.00 to $45.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Finally, Morgan Stanley reduced their price objective on GitLab from $77.00 to $53.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Three research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $71.73.

Insider Activity at GitLab

In related news, Director Susan L. Bostrom sold 40,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $51.88, for a total value of $2,075,200.00. Following the completion of the sale, the director now owns 144,913 shares of the company's stock, valued at $7,518,086.44. This trade represents a 21.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Karen Blasing sold 3,250 shares of GitLab stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $51.58, for a total transaction of $167,635.00. Following the sale, the director now directly owns 108,733 shares of the company's stock, valued at $5,608,448.14. This represents a 2.90% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 461,584 shares of company stock worth $23,192,574. Company insiders own 16.37% of the company's stock.

GitLab Price Performance

NASDAQ:GTLB traded up $0.08 during trading hours on Friday, reaching $45.76. The company's stock had a trading volume of 4,473,736 shares, compared to its average volume of 2,592,217. GitLab Inc. has a one year low of $37.90 and a one year high of $74.18. The business's 50-day moving average is $46.39 and its 200-day moving average is $56.52. The company has a market cap of $7.50 billion, a price-to-earnings ratio of -143.00 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.