Capital Research Global Investors Has $129.20 Million Stock Holdings in GitLab Inc. (NASDAQ:GTLB)

Capital Research Global Investors reduced its position in GitLab Inc. (NASDAQ:GTLB) by 38.9% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 2,292,823 shares of the company’s stock after selling 1,457,763 shares during the period. Capital Research Global Investors’ holdings in GitLab were worth $129,201,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. EverSource Wealth Advisors LLC boosted its holdings in GitLab by 5,700.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock valued at $29,000 after acquiring an additional 513 shares during the last quarter. IMG Wealth Management Inc. acquired a new position in GitLab during the 4th quarter valued at about $46,000. Raleigh Capital Management Inc. acquired a new stake in shares of GitLab during the 4th quarter worth approximately $66,000. Smartleaf Asset Management LLC raised its stake in shares of GitLab by 1,067.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock worth $71,000 after buying an additional 1,153 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC boosted its stake in GitLab by 4,273.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,312 shares of the company’s stock valued at $74,000 after acquiring an additional 1,282 shares during the last quarter. Institutional investors own 95.04% of the company’s stock.

GitLab Stock Performance

GTLB opened at $42.90 on Monday. The business’s 50-day simple moving average is $53.18 and its 200 day simple moving average is $58.18. The firm has a market capitalization of $6.96 billion, a PE ratio of -134.06 and a beta of 0.79. GitLab Inc. has a 52-week low of $37.90 and a 52-week high of $74.18.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on GTLB shares. Cantor Fitzgerald reissued an “overweight” rating and issued a $80.00 price target on shares of GitLab in a research note on Tuesday, March 4th. JPMorgan Chase & Co. reduced their target price on GitLab from $65.00 to $62.00 and set a “neutral” rating on the stock in a report on Tuesday, March 4th. Morgan Stanley lowered their price target on GitLab from $77.00 to $53.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Wells Fargo & Company boosted their price objective on shares of GitLab from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Finally, Needham & Company LLC reissued a “buy” rating and set a $85.00 price target 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 assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $72.64.

Insider Activity

In related news, insider Robin Schulman sold 9,251 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $70.00, for a total transaction of $647,570.00. Following the transaction, the insider now directly owns 121,893 shares of the company’s stock, valued at approximately $8,532,510. The trade was a 7.05 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew Jacobson sold 152,884 shares of the firm’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $52.34, for a total value of $8,001,948.56. Following the sale, the director now directly owns 493,554 shares of the company’s stock, valued at $25,832,616.36. This represents a 23.65 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 320,735 shares of company stock valued at $16,088,701. 21.36% of the stock is owned by insiders.

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.