Voya Investment Management LLC Trims Stock Position in GitLab Inc. $GTLB

Voya Investment Management LLC cut its stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 54.2% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 433,875 shares of the company's stock after selling 514,147 shares during the period. Voya Investment Management LLC owned approximately 0.26% of GitLab worth $20,392,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Cullen Frost Bankers Inc. grew its holdings in shares of GitLab by 174.9% in the 1st quarter. Cullen Frost Bankers Inc. now owns 525 shares of the company's stock worth $25,000 after acquiring an additional 334 shares during the period. Cloud Capital Management LLC purchased a new position in GitLab in the first quarter valued at about $29,000. Twin Tree Management LP purchased a new stake in shares of GitLab during the first quarter worth about $29,000. Harbour Investments Inc. increased its holdings in GitLab by 447.6% in the first quarter. Harbour Investments Inc. now owns 898 shares of the company's stock valued at $42,000 after buying an additional 734 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in GitLab by 114.2% in the first quarter. GAMMA Investing LLC now owns 919 shares of the company's stock valued at $43,000 after buying an additional 490 shares during the last quarter. Institutional investors and hedge funds own 95.04% of the company's stock.

Insider Transactions at GitLab

In other news, Director Sytse Sijbrandij sold 108,600 shares of the stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $45.16, for a total transaction of $4,904,376.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Karen Blasing sold 3,250 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $45.00, for a total transaction of $146,250.00. Following the completion of the transaction, the director directly owned 103,889 shares in the company, valued at approximately $4,675,005. The trade was a 3.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 499,555 shares of company stock valued at $22,226,966. Corporate insiders own 21.36% of the company's stock.

GitLab Stock Performance

NASDAQ GTLB opened at $50.30 on Monday. GitLab Inc. has a twelve month low of $37.90 and a twelve month high of $74.18. The stock has a market cap of $8.39 billion, a PE ratio of -1,257.50 and a beta of 0.74. The firm has a 50-day simple moving average of $45.13 and a 200 day simple moving average of $46.61.

Analyst Upgrades and Downgrades

Several research firms have recently commented on GTLB. Scotiabank lowered their target price on GitLab from $80.00 to $67.00 and set a "sector outperform" rating for the company in a report on Friday, June 6th. Cantor Fitzgerald restated an "overweight" rating and issued a $60.00 target price on shares of GitLab in a research report on Thursday, September 4th. JPMorgan Chase & Co. dropped their price target on GitLab from $58.00 to $52.00 and set a "neutral" rating on the stock in a report on Wednesday, June 11th. Morgan Stanley boosted their target price on shares of GitLab from $53.00 to $56.00 and gave the company an "overweight" rating in a research note on Wednesday, June 11th. Finally, Royal Bank Of Canada reissued an "outperform" rating and set a $62.00 target price on shares of GitLab in a research note on Wednesday, June 25th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $58.88.

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.

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