GitLab Inc. (NASDAQ:GTLB) Shares Acquired by Gotham Asset Management LLC

Gotham Asset Management LLC increased its stake in GitLab Inc. (NASDAQ:GTLB - Free Report) by 39.3% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 35,410 shares of the company's stock after purchasing an additional 9,999 shares during the quarter. Gotham Asset Management LLC's holdings in GitLab were worth $1,995,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC grew its position 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 purchasing an additional 513 shares in the last quarter. CoreCap Advisors LLC grew its position in GitLab by 327.5% during 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 last quarter. IMG Wealth Management Inc. purchased a new position in shares of GitLab in the fourth quarter worth $46,000. Raleigh Capital Management Inc. bought a new position in shares of GitLab during the fourth quarter valued at about $66,000. Finally, Smartleaf Asset Management LLC raised its position in 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 purchasing an additional 1,153 shares during the last quarter. Institutional investors own 95.04% of the company's stock.

GitLab Stock Performance

NASDAQ:GTLB traded down $2.20 during midday trading on Wednesday, reaching $47.96. 915,958 shares of the stock traded hands, compared to its average volume of 2,572,343. The business has a 50-day moving average of $47.13 and a two-hundred day moving average of $57.21. GitLab Inc. has a 12-month low of $37.90 and a 12-month high of $74.18. The stock has a market capitalization of $7.87 billion, a PE ratio of -150.33 and a beta of 0.79.

Insider Activity

In related news, Director Karen Blasing sold 3,250 shares of the company's stock in a transaction that occurred on Wednesday, April 23rd. The stock was 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 in the company, valued at $5,039,235. This represents a 2.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Susan L. Bostrom sold 40,000 shares of the stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $51.88, for a total transaction of $2,075,200.00. Following the completion of the sale, the director now owns 144,913 shares in the company, valued at $7,518,086.44. The trade was a 21.63% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 461,584 shares of company stock worth $23,192,574. Insiders own 21.36% of the company's stock.

Wall Street Analyst Weigh In

GTLB has been the topic of several research reports. JPMorgan Chase & Co. cut their price objective on GitLab from $65.00 to $62.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 4th. Needham & Company LLC restated a "buy" rating and issued a $85.00 price objective on shares of GitLab in a report on Tuesday, March 4th. Truist Financial reduced their price target on shares of GitLab from $90.00 to $80.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Barclays dropped their target price 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, Macquarie reissued an "outperform" rating and set a $90.00 price target on shares of GitLab in a report on Tuesday, March 4th. Three 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 stock. According to data from MarketBeat, the company has a consensus 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.