GitLab Inc. (NASDAQ:GTLB) Stock Position Decreased by Nuveen Asset Management LLC

Nuveen Asset Management LLC decreased its holdings in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 5.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 380,409 shares of the company's stock after selling 21,835 shares during the period. Nuveen Asset Management LLC owned approximately 0.23% of GitLab worth $21,436,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in GitLab by 7.2% during the fourth quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company's stock valued at $740,585,000 after buying an additional 885,955 shares during the period. Norges Bank bought a new position in GitLab during the fourth quarter valued at about $279,089,000. Artisan Partners Limited Partnership grew its position in GitLab by 55.7% during the fourth 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. Franklin Resources Inc. grew its position in GitLab by 17.6% during the fourth quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company's stock valued at $176,954,000 after buying an additional 470,192 shares during the period. Finally, Ameriprise Financial Inc. grew its position in GitLab by 276.9% during 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 during the period. Institutional investors and hedge funds own 95.04% of the company's stock.

Insider Activity

In other news, insider Sytse Sijbrandij sold 108,600 shares of GitLab stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $42.87, for a total value of $4,655,682.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Susan L. Bostrom sold 40,000 shares of the business's stock in a transaction dated 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 sale, the director now directly owns 144,913 shares of the company's stock, valued at approximately $7,518,086.44. This trade represents a 21.63% decrease in their position. The disclosure for this sale can be found here. Insiders sold 461,584 shares of company stock valued at $23,192,574 in the last three months. 16.37% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on GTLB shares. Morgan Stanley reduced their price target on shares of GitLab from $77.00 to $53.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Robert W. Baird cut their target price on shares of GitLab from $80.00 to $76.00 and set an "outperform" rating for the company in a research report on Monday, March 3rd. DA Davidson cut their target price on shares of GitLab from $60.00 to $45.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Macquarie reiterated an "outperform" rating and set a $90.00 target price on shares of GitLab in a research report on Tuesday, March 4th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $85.00 price target on shares of GitLab in a report 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. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $71.73.

GitLab Stock Performance

GitLab stock traded up $0.50 during mid-day trading on Tuesday, reaching $48.00. 2,452,566 shares of the company were exchanged, compared to its average volume of 2,594,956. The firm's 50-day simple moving average is $46.83 and its two-hundred day simple moving average is $56.88. The firm has a market cap of $7.87 billion, a PE ratio of -150.00 and a beta of 0.79. GitLab Inc. has a twelve month low of $37.90 and a twelve month high of $74.18.

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.