Algert Global LLC Cuts Stock Position in GitLab Inc. (NASDAQ:GTLB)

Algert Global LLC lowered its stake in shares of GitLab Inc. (NASDAQ:GTLB) by 26.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 75,002 shares of the company’s stock after selling 27,550 shares during the period. Algert Global LLC’s holdings in GitLab were worth $4,226,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of GTLB. EverSource Wealth Advisors LLC boosted its stake in GitLab by 5,700.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after purchasing an additional 513 shares during the last quarter. IMG Wealth Management Inc. acquired a new position in GitLab in the fourth quarter valued at about $46,000. Raleigh Capital Management Inc. purchased a new stake in shares of GitLab in the 4th quarter valued at approximately $66,000. Smartleaf Asset Management LLC increased its holdings in GitLab by 1,067.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock valued at $71,000 after purchasing an additional 1,153 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC boosted its position in shares of GitLab by 4,273.3% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,312 shares of the company’s stock worth $74,000 after buying an additional 1,282 shares during the period. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Matthew Jacobson sold 152,884 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $52.34, for a total transaction of $8,001,948.56. Following the completion of the sale, the director now owns 493,554 shares in the company, valued at $25,832,616.36. This represents a 23.65 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Karen Blasing sold 3,250 shares of GitLab stock in a transaction 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 transaction, the director now owns 111,983 shares in the company, valued at approximately $5,039,235. This represents a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 304,734 shares of company stock valued at $14,879,081. 21.36% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on GTLB shares. JPMorgan Chase & Co. lowered their price objective on shares of GitLab from $65.00 to $62.00 and set a “neutral” rating for the company in a research note on Tuesday, March 4th. Barclays lowered their target price on GitLab from $70.00 to $58.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 4th. DA Davidson reduced their price target on GitLab from $60.00 to $45.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Macquarie reissued an “outperform” rating and set a $90.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. Finally, Mizuho cut their target price on shares of GitLab from $80.00 to $72.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 4th. Three equities 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’s stock. According to data from MarketBeat.com, GitLab has a consensus rating of “Moderate Buy” and an average target price of $71.73.

GitLab Stock Up 2.3 %

Shares of NASDAQ GTLB opened at $46.50 on Wednesday. The stock has a market cap of $7.55 billion, a PE ratio of -145.33 and a beta of 0.79. GitLab Inc. has a 52-week low of $37.90 and a 52-week high of $74.18. The business has a 50-day moving average price of $48.21 and a 200 day moving average price of $57.49.

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.