Wells Fargo & Company MN Sells 26,548 Shares of GitLab Inc. (NASDAQ:GTLB)

Wells Fargo & Company MN trimmed its position in GitLab Inc. (NASDAQ:GTLB - Free Report) by 13.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 168,218 shares of the company's stock after selling 26,548 shares during the period. Wells Fargo & Company MN owned about 0.10% of GitLab worth $9,479,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Barclays PLC lifted its stake in shares of GitLab by 189.1% during the third quarter. Barclays PLC now owns 61,419 shares of the company's stock valued at $3,164,000 after acquiring an additional 40,171 shares during the period. Oddo BHF Asset Management Sas bought a new stake in GitLab during the 3rd quarter worth about $6,865,000. Swiss National Bank lifted its position in GitLab by 3.7% during the 4th quarter. Swiss National Bank now owns 215,000 shares of the company's stock valued at $12,115,000 after purchasing an additional 7,700 shares during the period. Barton Investment Management boosted its stake in shares of GitLab by 99.4% in the 4th quarter. Barton Investment Management now owns 335,648 shares of the company's stock valued at $18,914,000 after purchasing an additional 167,290 shares during the last quarter. Finally, Jackson Square Capital LLC grew its position in shares of GitLab by 328.1% during the 4th quarter. Jackson Square Capital LLC now owns 36,600 shares of the company's stock worth $2,062,000 after buying an additional 28,050 shares during the period. 95.04% of the stock is currently owned by institutional investors.

GitLab Stock Up 1.4 %

Shares of GTLB traded up $0.58 during trading hours on Tuesday, hitting $41.55. The company had a trading volume of 2,138,916 shares, compared to its average volume of 2,536,141. The firm has a market cap of $6.74 billion, a price-to-earnings ratio of -129.84 and a beta of 0.79. The business has a fifty day moving average of $52.03 and a 200-day moving average of $58.00. GitLab Inc. has a 12 month low of $37.90 and a 12 month high of $74.18.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on GTLB. KeyCorp reduced their target price on GitLab from $80.00 to $60.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Robert W. Baird reduced their price objective on GitLab from $80.00 to $76.00 and set an "outperform" rating for the company in a research report on Monday, March 3rd. Truist Financial reduced their price target on GitLab from $90.00 to $80.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Needham & Company LLC reiterated a "buy" rating and issued a $85.00 price objective on shares of GitLab in a report on Tuesday, March 4th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and issued a $80.00 target price on shares of GitLab in a research report on Tuesday, March 4th. Three equities research 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 company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $71.73.

Insider Buying and Selling at GitLab

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction 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 transaction, the chief financial officer now owns 267,380 shares in the company, valued at $18,938,525.40. This trade represents a 3.61 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Sytse Sijbrandij sold 108,600 shares of the business's stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $42.87, for a total transaction of $4,655,682.00. The disclosure for this sale can be found here. Insiders have sold a total of 320,735 shares of company stock valued at $16,088,701 in the last three months. 21.36% of the stock is currently owned by company insiders.

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.