Russell Investments Group Ltd. Sells 45,300 Shares of GitLab Inc. (NASDAQ:GTLB)

Russell Investments Group Ltd. reduced its stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 89.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,623 shares of the company's stock after selling 45,300 shares during the quarter. Russell Investments Group Ltd.'s holdings in GitLab were worth $317,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in GitLab by 7.2% during 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 shares of GitLab during the 4th quarter worth $279,089,000. Artisan Partners Limited Partnership lifted its holdings in shares of 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 in the last quarter. Franklin Resources Inc. grew its holdings in GitLab by 17.6% during the 4th quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company's stock valued at $176,954,000 after buying an additional 470,192 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake 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 valued at $117,908,000 after acquiring an additional 65,213 shares during the last quarter. 95.04% of the stock is owned by hedge funds and other institutional investors.

GitLab Price Performance

Shares of GitLab stock traded down $0.48 on Wednesday, hitting $46.67. The company had a trading volume of 1,732,989 shares, compared to its average volume of 2,542,331. The stock has a 50-day moving average of $49.39 and a 200-day moving average of $57.70. GitLab Inc. has a twelve month low of $37.90 and a twelve month high of $74.18. The firm has a market capitalization of $7.57 billion, a P/E ratio of -145.84 and a beta of 0.79.

Insider Activity

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of the company's stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $70.83, for a total transaction of $708,300.00. Following the completion of the transaction, the chief financial officer now owns 267,380 shares of the company's stock, valued at $18,938,525.40. This represents a 3.61 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Karen Blasing sold 3,250 shares of GitLab stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $45.00, for a total transaction of $146,250.00. Following the completion of the sale, the director now owns 111,983 shares in the company, valued at $5,039,235. This trade represents a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 314,734 shares of company stock worth $15,587,381 over the last three months. Corporate insiders own 21.36% of the company's stock.

Analyst Ratings Changes

Several research firms have commented on GTLB. Mizuho lowered 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. Wells Fargo & Company dropped their target price on GitLab from $85.00 to $65.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Needham & Company LLC restated a "buy" rating and set a $85.00 price objective on shares of GitLab in a report on Tuesday, March 4th. Barclays dropped their price target 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, DA Davidson dropped their target price on GitLab from $60.00 to $45.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Three investment 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 stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $71.73.

GitLab 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.