PDT Partners LLC Takes $597,000 Position in GitLab Inc. (NASDAQ:GTLB)

PDT Partners LLC acquired a new stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 10,586 shares of the company's stock, valued at approximately $597,000.

Other hedge funds also recently added to or reduced their stakes in the company. Northern Trust Corp raised its stake in shares of GitLab by 20.2% during the fourth quarter. Northern Trust Corp now owns 650,369 shares of the company's stock worth $36,648,000 after purchasing an additional 109,182 shares during the last quarter. Beacon Pointe Advisors LLC acquired a new position in GitLab in the 4th quarter valued at $1,695,000. Aquatic Capital Management LLC increased its stake in GitLab by 88.8% in the 4th quarter. Aquatic Capital Management LLC now owns 111,384 shares of the company's stock valued at $6,276,000 after buying an additional 52,384 shares during the period. Arnhold LLC raised its position in GitLab by 112.2% during the 4th quarter. Arnhold LLC now owns 22,865 shares of the company's stock worth $1,288,000 after buying an additional 12,090 shares during the last quarter. Finally, Two Sigma Securities LLC lifted its stake in shares of GitLab by 789.8% in the 4th quarter. Two Sigma Securities LLC now owns 3,559 shares of the company's stock worth $201,000 after acquiring an additional 3,159 shares during the period. 95.04% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Matthew Jacobson sold 152,884 shares of GitLab stock in a transaction on Monday, March 24th. The stock was sold at an average price of $52.34, for a total value of $8,001,948.56. Following the completion of the sale, the director now owns 493,554 shares of the company's stock, valued at $25,832,616.36. The trade was a 23.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Sytse Sijbrandij sold 108,600 shares of the stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $42.87, for a total value of $4,655,682.00. The disclosure for this sale can be found here. Insiders sold a total of 304,734 shares of company stock valued at $14,879,081 over the last 90 days. Insiders own 21.36% of the company's stock.

GitLab Stock Performance

GTLB stock traded down $1.07 during trading on Monday, hitting $45.48. The stock had a trading volume of 2,130,367 shares, compared to its average volume of 2,548,732. The stock has a market cap of $7.38 billion, a price-to-earnings ratio of -142.13 and a beta of 0.79. The company's 50 day moving average price is $48.80 and its two-hundred day moving average price is $57.63. GitLab Inc. has a 1-year low of $37.90 and a 1-year high of $74.18.

Analysts Set New Price Targets

GTLB has been the subject of several analyst reports. DA Davidson cut their price target 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. Needham & Company LLC reissued a "buy" rating and set a $85.00 target price on shares of GitLab in a research note on Tuesday, March 4th. Mizuho reduced their price target on GitLab from $80.00 to $72.00 and set an "outperform" rating for the company in a report on Tuesday, March 4th. Truist Financial dropped their price objective on GitLab from $90.00 to $80.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Finally, Morgan Stanley reduced their target price on GitLab from $77.00 to $53.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Three research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $71.73.

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.