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

Sphera Management Technology Funds Ltd acquired a new stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 28,000 shares of the company's stock, valued at approximately $1,578,000. GitLab makes up 0.9% of Sphera Management Technology Funds Ltd's investment portfolio, making the stock its 28th biggest holding.

Other institutional investors and hedge funds have also bought and sold shares of the company. EverSource Wealth Advisors LLC boosted its holdings in shares of GitLab by 5,700.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock worth $29,000 after buying an additional 513 shares during the last quarter. CoreCap Advisors LLC boosted its holdings in shares of GitLab by 327.5% in the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company's stock worth $33,000 after buying an additional 452 shares during the last quarter. IMG Wealth Management Inc. purchased a new position in shares of GitLab in the fourth quarter worth approximately $46,000. Raleigh Capital Management Inc. purchased a new position in shares of GitLab in the fourth quarter worth approximately $66,000. Finally, Smartleaf Asset Management LLC boosted its holdings in shares of GitLab by 1,067.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company's stock worth $71,000 after buying an additional 1,153 shares during the last quarter. 95.04% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Karen Blasing sold 3,250 shares of the business's stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $45.00, for a total transaction of $146,250.00. Following the completion of the sale, the director now directly owns 111,983 shares of the company's stock, valued at approximately $5,039,235. The trade was a 2.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Sytse Sijbrandij sold 108,600 shares of the business's stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $42.87, for a total transaction of $4,655,682.00. The disclosure for this sale can be found here. Insiders sold 461,584 shares of company stock valued at $23,192,574 over the last three months. 21.36% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on GTLB shares. Royal Bank of Canada reaffirmed an "outperform" rating and set a $80.00 price target on shares of GitLab in a report on Tuesday, March 4th. Robert W. Baird reduced their price objective on shares of GitLab from $80.00 to $76.00 and set an "outperform" rating on the stock in a research report on Monday, March 3rd. Morgan Stanley reduced their price objective on shares of GitLab from $77.00 to $53.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. JPMorgan Chase & Co. reduced their price objective on shares of GitLab from $65.00 to $62.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 4th. Finally, Barclays reduced their price target on shares of GitLab from $70.00 to $58.00 and set an "equal weight" rating on the stock 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's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $71.73.

GitLab Stock Performance

NASDAQ GTLB traded down $0.27 on Friday, hitting $47.50. 1,866,308 shares of the stock were exchanged, compared to its average volume of 2,591,914. The stock has a fifty day moving average price of $46.91 and a two-hundred day moving average price of $57.02. The firm has a market capitalization of $7.79 billion, a P/E ratio of -148.44 and a beta of 0.79. GitLab Inc. has a 52-week low of $37.90 and a 52-week 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.