Light Street Capital Management LLC Boosts Stake in GitLab Inc. (NASDAQ:GTLB)

Light Street Capital Management LLC boosted its position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 2.1% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 376,803 shares of the company's stock after purchasing an additional 7,848 shares during the period. GitLab accounts for 3.9% of Light Street Capital Management LLC's investment portfolio, making the stock its 8th biggest holding. Light Street Capital Management LLC owned 0.23% of GitLab worth $21,233,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC grew its holdings in shares of GitLab by 5,700.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock valued at $29,000 after acquiring an additional 513 shares in the last quarter. CoreCap Advisors LLC grew its holdings in shares of GitLab by 327.5% during the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company's stock valued at $33,000 after acquiring an additional 452 shares in the last quarter. IMG Wealth Management Inc. purchased a new position in shares of GitLab during the 4th quarter valued at $46,000. Raleigh Capital Management Inc. purchased a new position in shares of GitLab during the 4th quarter valued at $66,000. Finally, Smartleaf Asset Management LLC grew its holdings in shares of GitLab by 1,067.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company's stock valued at $71,000 after acquiring an additional 1,153 shares in the last quarter. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

GTLB has been the subject of a number of recent research reports. JPMorgan Chase & Co. decreased their price objective 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. Royal Bank of Canada reiterated an "outperform" rating and issued a $80.00 price objective on shares of GitLab in a report on Tuesday, March 4th. DA Davidson decreased their price objective on shares of GitLab from $60.00 to $45.00 and set a "neutral" rating for the company in a report on Monday, April 14th. Morgan Stanley decreased their price objective on shares of GitLab from $77.00 to $53.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $80.00 price objective on shares of GitLab in a report on Tuesday, March 4th. Three analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $71.73.

Insider Activity

In related news, Director Karen Blasing sold 3,250 shares of the company's stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $45.00, for a total value of $146,250.00. Following the sale, the director now owns 111,983 shares of the company's stock, valued at $5,039,235. The trade was a 2.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Matthew Jacobson sold 152,884 shares of the company's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $52.34, for a total transaction of $8,001,948.56. Following the completion of the sale, the director now directly owns 493,554 shares in the company, valued at approximately $25,832,616.36. The trade was a 23.65% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 304,734 shares of company stock valued at $14,879,081. Insiders own 16.37% of the company's stock.

GitLab Stock Performance

Shares of GTLB traded down $1.62 during trading hours on Thursday, reaching $51.81. 2,659,531 shares of the company traded hands, compared to its average volume of 2,565,108. The stock's fifty day moving average is $47.20 and its 200 day moving average is $57.30. The stock has a market cap of $8.41 billion, a P/E ratio of -161.91 and a beta of 0.79. GitLab Inc. has a 1-year low of $37.90 and a 1-year 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.