Man Group plc Reduces Stock Position in GitLab Inc. (NASDAQ:GTLB)

Man Group plc reduced its position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 53.1% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 35,102 shares of the company's stock after selling 39,740 shares during the quarter. Man Group plc's holdings in GitLab were worth $1,978,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC raised its holdings in GitLab by 5,700.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock worth $29,000 after purchasing an additional 513 shares in the last quarter. CoreCap Advisors LLC raised its holdings in GitLab by 327.5% in the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company's stock worth $33,000 after purchasing an additional 452 shares in the last quarter. IMG Wealth Management Inc. bought a new position in GitLab in the 4th quarter worth $46,000. Raleigh Capital Management Inc. bought a new position in GitLab in the 4th quarter worth $66,000. Finally, Smartleaf Asset Management LLC raised its holdings in GitLab by 1,067.6% in the 4th 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 in the last quarter. 95.04% of the stock is currently owned by institutional investors.

GitLab Price Performance

GTLB stock traded up $0.21 during trading on Thursday, hitting $46.46. 689,581 shares of the stock traded hands, compared to its average volume of 2,591,719. GitLab Inc. has a 1 year low of $37.90 and a 1 year high of $74.18. The firm's 50 day moving average is $46.67 and its two-hundred day moving average is $56.74. The stock has a market cap of $7.62 billion, a price-to-earnings ratio of -144.89 and a beta of 0.79.

Analyst Ratings Changes

Several brokerages have commented on GTLB. Barclays decreased their price objective on shares of GitLab from $70.00 to $58.00 and set an "equal weight" rating for the company in a report on Tuesday, March 4th. KeyCorp decreased their price objective on shares of GitLab from $80.00 to $60.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. DA Davidson decreased their price objective on shares of GitLab from $60.00 to $45.00 and set a "neutral" rating for the company in a report on Monday, April 14th. Needham & Company LLC restated a "buy" rating and issued a $85.00 price objective on shares of GitLab in a report on Tuesday, March 4th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $80.00 price target on shares of GitLab in a research note on Tuesday, March 4th. Three investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, GitLab has an average rating of "Moderate Buy" and a consensus price target of $71.73.

Insider Activity at GitLab

In related news, insider Sytse Sijbrandij sold 108,600 shares of the stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $42.87, for a total transaction of $4,655,682.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Karen Blasing sold 3,250 shares of the firm's 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 sale, the director now directly owns 111,983 shares in the company, valued at approximately $5,039,235. The trade was a 2.82% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 461,584 shares of company stock valued at $23,192,574. 16.37% of the stock is owned by insiders.

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.