Greenhouse Funds LLLP Lowers Position in GitLab Inc. (NASDAQ:GTLB)

Greenhouse Funds LLLP lessened its position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 25.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 718,849 shares of the company's stock after selling 248,436 shares during the period. GitLab makes up about 1.7% of Greenhouse Funds LLLP's portfolio, making the stock its 27th largest holding. Greenhouse Funds LLLP owned approximately 0.44% of GitLab worth $40,507,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in GTLB. Vanguard Group Inc. lifted its stake in shares of GitLab by 7.2% in the 4th quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company's stock valued at $740,585,000 after acquiring an additional 885,955 shares during the last quarter. Norges Bank acquired a new position in GitLab in the 4th quarter worth about $279,089,000. Artisan Partners Limited Partnership raised its position in GitLab by 55.7% in the fourth quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company's stock valued at $227,318,000 after purchasing an additional 1,443,160 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of GitLab by 17.6% during the fourth quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company's stock valued at $176,954,000 after purchasing an additional 470,192 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of GitLab by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 2,091,780 shares of the company's stock worth $117,908,000 after purchasing an additional 65,213 shares during the last quarter. Institutional investors and hedge funds own 95.04% of the company's stock.

Insiders Place Their Bets

In related news, insider Robin Schulman sold 9,251 shares of the stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $70.00, for a total value of $647,570.00. Following the transaction, the insider now directly owns 121,893 shares in the company, valued at $8,532,510. This trade represents a 7.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Brian G. Robins sold 10,000 shares of the business's stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $70.83, for a total transaction of $708,300.00. Following the sale, the chief financial officer now owns 267,380 shares of the company's stock, valued at $18,938,525.40. This trade represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 323,985 shares of company stock worth $16,234,951. Corporate insiders own 21.36% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Wells Fargo & Company cut their target price on shares of GitLab from $85.00 to $65.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. KeyCorp cut their price target on shares of GitLab from $80.00 to $60.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. 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. Royal Bank of Canada reaffirmed an "outperform" rating and set a $80.00 target price on shares of GitLab in a research report on Tuesday, March 4th. Finally, Mizuho reduced their price target on GitLab from $80.00 to $72.00 and set an "outperform" rating on the stock in a research report on Tuesday, March 4th. Three 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, GitLab presently has an average rating of "Moderate Buy" and an average target price of $71.73.

GitLab Price Performance

Shares of GTLB stock traded up $1.49 on Friday, reaching $47.16. 1,566,358 shares of the company were exchanged, compared to its average volume of 2,541,837. GitLab Inc. has a one year low of $37.90 and a one year high of $74.18. The company has a market cap of $7.65 billion, a price-to-earnings ratio of -147.38 and a beta of 0.79. The company has a 50-day moving average of $50.60 and a 200-day moving average of $57.88.

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.