GitLab Inc. (NASDAQ:GTLB) Position Trimmed by Man Group plc

Man Group plc lowered its holdings in GitLab Inc. (NASDAQ:GTLB - Free Report) by 53.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 35,102 shares of the company's stock after selling 39,740 shares during the period. Man Group plc's holdings in GitLab were worth $1,978,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Norges Bank acquired a new stake in GitLab in the 4th quarter valued at $279,089,000. Ameriprise Financial Inc. grew its stake in shares of GitLab by 276.9% in the fourth quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company's stock valued at $121,435,000 after buying an additional 1,583,221 shares in the last quarter. Artisan Partners Limited Partnership raised its holdings in shares of GitLab by 55.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company's stock valued at $227,318,000 after buying an additional 1,443,160 shares during the period. Alliancebernstein L.P. lifted its position in GitLab by 4,042.0% during the 4th quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company's stock worth $82,011,000 after acquiring an additional 1,420,248 shares in the last quarter. Finally, Marshall Wace LLP lifted its position in GitLab by 572.3% during the 4th quarter. Marshall Wace LLP now owns 1,094,128 shares of the company's stock worth $61,654,000 after acquiring an additional 931,396 shares in the last quarter. Hedge funds and other institutional investors own 95.04% of the company's stock.

Insider Transactions at GitLab

In other news, Director Susan L. Bostrom sold 40,000 shares of the business'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 transaction of $2,075,200.00. Following the sale, the director now owns 144,913 shares in the company, valued at $7,518,086.44. The trade was a 21.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Sytse Sijbrandij sold 108,600 shares of the firm's stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $42.87, for a total transaction of $4,655,682.00. The disclosure for this sale can be found here. Insiders have sold 461,584 shares of company stock valued at $23,192,574 over the last three months. Company insiders own 16.37% of the company's stock.

GitLab Price Performance

Shares of NASDAQ:GTLB traded up $0.50 on Tuesday, reaching $48.00. 2,452,566 shares of the company traded hands, compared to its average volume of 2,594,956. The stock has a market capitalization of $7.87 billion, a PE ratio of -150.00 and a beta of 0.79. The company's 50 day moving average is $46.83 and its 200-day moving average is $56.88. GitLab Inc. has a fifty-two week low of $37.90 and a fifty-two week high of $74.18.

Wall Street Analyst Weigh In

A number of research firms have recently commented on GTLB. Needham & Company LLC reissued a "buy" rating and set a $85.00 target price on shares of GitLab in a research report on Tuesday, March 4th. JPMorgan Chase & Co. cut their price target on GitLab from $65.00 to $62.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 4th. Wells Fargo & Company reduced their price target on GitLab from $85.00 to $65.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Royal Bank of Canada restated an "outperform" rating and set a $80.00 price objective on shares of GitLab in a research note on Tuesday, March 4th. Finally, Barclays decreased 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 investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $71.73.

GitLab Company 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.