28,000 Shares in GitLab Inc. (NASDAQ:GTLB) Acquired by Sphera Management Technology Funds Ltd

Sphera Management Technology Funds Ltd purchased a new position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 28,000 shares of the company's stock, valued at approximately $1,578,000. GitLab accounts for 0.9% of Sphera Management Technology Funds Ltd's investment portfolio, making the stock its 28th largest holding.

Other large investors have also recently bought and sold shares of the company. EverSource Wealth Advisors LLC lifted its stake in shares of 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 acquiring an additional 513 shares during the period. CoreCap Advisors LLC lifted its stake in shares of GitLab by 327.5% in the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company's stock worth $33,000 after acquiring an additional 452 shares during the period. IMG Wealth Management Inc. acquired a new stake in shares of GitLab in the 4th quarter worth $46,000. Raleigh Capital Management Inc. acquired a new stake in shares of GitLab in the 4th quarter worth $66,000. Finally, Smartleaf Asset Management LLC lifted its stake in shares of 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 acquiring an additional 1,153 shares during the period. Institutional investors and hedge funds own 95.04% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. DA Davidson reduced their target price on shares of GitLab from $60.00 to $45.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Macquarie reiterated an "outperform" rating and issued a $90.00 price target on shares of GitLab in a report on Tuesday, March 4th. KeyCorp cut their price target 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. JPMorgan Chase & Co. cut their price target on shares of GitLab from $65.00 to $62.00 and set a "neutral" rating for the company in a report on Tuesday, March 4th. Finally, Robert W. Baird cut their price target on shares of GitLab from $80.00 to $76.00 and set an "outperform" rating for the company in a report on Monday, March 3rd. Three research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $71.73.

Insider Transactions at GitLab

In other news, CFO Brian G. Robins sold 45,000 shares of GitLab stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $53.04, for a total transaction of $2,386,800.00. Following the completion of the sale, the chief financial officer now directly owns 344,105 shares in the company, valued at $18,251,329.20. The trade was a 11.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Karen Blasing sold 3,250 shares of GitLab stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $51.58, for a total transaction of $167,635.00. Following the sale, the director now owns 108,733 shares of the company's stock, valued at approximately $5,608,448.14. This trade represents a 2.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 461,584 shares of company stock worth $23,192,574 over the last ninety days. 21.36% of the stock is currently owned by corporate insiders.

GitLab Stock Performance

NASDAQ:GTLB traded down $2.56 during mid-day trading on Wednesday, hitting $47.60. 3,416,501 shares of the company's stock traded hands, compared to its average volume of 2,585,545. The firm's 50 day simple moving average is $47.04 and its 200 day simple moving average is $57.14. GitLab Inc. has a 1 year low of $37.90 and a 1 year high of $74.18. The company has a market cap of $7.81 billion, a PE ratio of -148.75 and a beta of 0.79.

GitLab 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.