Snowden Capital Advisors LLC Has $1.06 Million Position in GitLab Inc. (NASDAQ:GTLB)

Snowden Capital Advisors LLC decreased its position in GitLab Inc. (NASDAQ:GTLB - Free Report) by 20.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund 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 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Barclays PLC boosted its holdings in GitLab by 189.1% during the third quarter. Barclays PLC now owns 61,419 shares of the company's stock worth $3,164,000 after buying an additional 40,171 shares during the last quarter. Park Avenue Securities LLC boosted its holdings in GitLab by 44.5% during the fourth quarter. Park Avenue Securities LLC now owns 7,220 shares of the company's stock worth $407,000 after buying an additional 2,225 shares during the last quarter. Wealthcare Advisory Partners LLC bought a new position in GitLab during the fourth quarter worth about $311,000. Avanza Fonder AB bought a new position in GitLab during the fourth quarter worth about $278,000. Finally, Merit Financial Group LLC bought a new position in GitLab during the fourth quarter worth about $406,000. Institutional investors own 95.04% of the company's stock.

GitLab Trading Down 5.1%

NASDAQ GTLB traded down $2.56 during midday trading on Wednesday, hitting $47.60. The company had a trading volume of 3,416,501 shares, compared to its average volume of 2,585,544. The company has a market capitalization of $7.81 billion, a PE ratio of -148.75 and a beta of 0.79. The firm has a 50-day moving average price of $47.04 and a 200-day moving average price of $57.14. GitLab Inc. has a twelve month low of $37.90 and a twelve month high of $74.18.

Insider Buying and Selling at GitLab

In other news, CFO Brian G. Robins sold 45,000 shares of the business's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $53.04, for a total transaction of $2,386,800.00. Following the completion of the transaction, the chief financial officer now owns 344,105 shares of the company's stock, valued at approximately $18,251,329.20. The trade was a 11.57% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Matthew Jacobson sold 152,884 shares of the business's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $52.34, for a total value of $8,001,948.56. Following the transaction, the director now directly owns 493,554 shares of the company's stock, valued at $25,832,616.36. This trade represents a 23.65% 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. Corporate insiders own 21.36% of the company's stock.

Wall Street Analysts Forecast Growth

GTLB has been the topic of a number of recent analyst reports. Robert W. Baird reduced their target price on GitLab from $80.00 to $76.00 and set an "outperform" rating on the stock in a report on Monday, March 3rd. DA Davidson dropped their price target on GitLab from $60.00 to $45.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $80.00 price target on shares of GitLab in a research report on Tuesday, March 4th. Barclays dropped their price target on GitLab from $70.00 to $58.00 and set an "equal weight" rating on the stock in a research report on Tuesday, March 4th. Finally, Royal Bank of Canada reissued an "outperform" rating and issued a $80.00 target price on shares of GitLab in a research report on Tuesday, March 4th. Three investment 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, the stock has an average rating of "Moderate Buy" and an average price target of $71.73.

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.