Snowden Capital Advisors LLC Sells 4,912 Shares of GitLab Inc. (NASDAQ:GTLB)

Snowden Capital Advisors LLC lessened its stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 20.7% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 18,845 shares of the company's stock after selling 4,912 shares during the period. Snowden Capital Advisors LLC's holdings in GitLab were worth $1,062,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Point72 Asset Management L.P. grew its holdings in GitLab by 500.0% during the fourth quarter. Point72 Asset Management L.P. now owns 4,000 shares of the company's stock valued at $225,000 after purchasing an additional 5,000 shares during the period. Polar Asset Management Partners Inc. boosted its stake in shares of GitLab by 120.1% in the fourth quarter. Polar Asset Management Partners Inc. now owns 209,500 shares of the company's stock worth $11,805,000 after acquiring an additional 114,300 shares during the period. Quantinno Capital Management LP bought a new position in shares of GitLab in the fourth quarter worth about $301,000. Newlands Management Operations LLC bought a new position in shares of GitLab in the fourth quarter worth about $624,000. Finally, Lazard Asset Management LLC boosted its stake in shares of GitLab by 230.9% in the fourth quarter. Lazard Asset Management LLC now owns 49,214 shares of the company's stock worth $2,772,000 after acquiring an additional 34,342 shares during the period. Institutional investors own 95.04% of the company's stock.

GitLab Trading Down 0.6%

Shares of NASDAQ GTLB traded down $0.27 during midday trading on Friday, hitting $47.50. The company's stock had a trading volume of 1,866,308 shares, compared to its average volume of 2,595,525. The business's 50 day moving average is $46.91 and its two-hundred day moving average is $57.00. GitLab Inc. has a 12-month low of $37.90 and a 12-month high of $74.18. The firm has a market cap of $7.79 billion, a P/E ratio of -148.44 and a beta of 0.79.

Insider Transactions at GitLab

In other news, CFO Brian G. Robins sold 45,000 shares of the stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 344,105 shares in the company, valued at approximately $18,251,329.20. This represents a 11.57% decrease in their ownership of the stock. 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 stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $45.00, for a total value of $146,250.00. Following the completion of the sale, the director now owns 111,983 shares in the company, valued at approximately $5,039,235. The trade was a 2.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 461,584 shares of company stock worth $23,192,574. 21.36% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on GTLB shares. Mizuho dropped their price objective on GitLab from $80.00 to $72.00 and set an "outperform" rating for the company in a research note on Tuesday, March 4th. Barclays dropped their price objective 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. Wells Fargo & Company dropped their price objective on GitLab from $85.00 to $65.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Needham & Company LLC reiterated a "buy" rating and issued a $85.00 target price on shares of GitLab in a research report on Tuesday, March 4th. Finally, Royal Bank of Canada reiterated an "outperform" rating and issued a $80.00 target price on shares of GitLab in a research report on Tuesday, March 4th. Three equities 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. According to MarketBeat, GitLab currently has an average rating of "Moderate Buy" and a consensus price target 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.