Sphera Management Technology Funds Ltd Acquires New Stake in GitLab Inc. (NASDAQ:GTLB)

Sphera Management Technology Funds Ltd acquired a new position in shares of GitLab Inc. (NASDAQ:GTLB) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 28,000 shares of the company’s stock, valued at approximately $1,578,000. GitLab comprises about 0.9% of Sphera Management Technology Funds Ltd’s holdings, making the stock its 28th biggest position.

Several other hedge funds also recently made changes to their positions in the company. M&T Bank Corp increased its stake in shares of GitLab by 3.1% during the fourth quarter. M&T Bank Corp now owns 4,965 shares of the company’s stock worth $280,000 after acquiring an additional 148 shares during the period. Wilmington Savings Fund Society FSB grew its position in shares of GitLab by 7.9% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock valued at $116,000 after purchasing an additional 150 shares during the last quarter. OneDigital Investment Advisors LLC lifted its position in shares of GitLab by 4.3% in the fourth quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock valued at $228,000 after acquiring an additional 166 shares in the last quarter. Utah Retirement Systems lifted its holdings in GitLab by 3.1% in the 4th quarter. Utah Retirement Systems now owns 6,600 shares of the company’s stock valued at $372,000 after purchasing an additional 200 shares in the last quarter. Finally, Mariner LLC boosted its holdings in shares of GitLab by 1.7% during the fourth quarter. Mariner LLC now owns 12,583 shares of the company’s stock worth $709,000 after purchasing an additional 214 shares during the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on GTLB shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $85.00 price objective on shares of GitLab in a research note on Tuesday, March 4th. Robert W. Baird decreased their price target on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a report on Monday, March 3rd. Macquarie reiterated an “outperform” rating and set a $90.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. Barclays cut their price objective on GitLab from $70.00 to $58.00 and set an “equal weight” rating for the company in a report on Tuesday, March 4th. Finally, Morgan Stanley cut their price objective on GitLab from $77.00 to $53.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Three equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $71.73.

GitLab Stock Performance

Shares of GTLB stock opened at $51.49 on Monday. The company has a market capitalization of $8.36 billion, a price-to-earnings ratio of -160.91 and a beta of 0.79. The stock’s 50 day simple moving average is $47.20 and its 200 day simple moving average is $57.31. GitLab Inc. has a twelve month low of $37.90 and a twelve month high of $74.18.

Insider Activity at GitLab

In other news, Director Karen Blasing sold 3,250 shares of the stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $51.58, for a total value of $167,635.00. Following the completion of the sale, the director now directly owns 108,733 shares of the company’s stock, valued at approximately $5,608,448.14. This represents a 2.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Brian G. Robins sold 45,000 shares of the business’s stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $53.04, for a total transaction of $2,386,800.00. Following the transaction, the chief financial officer now directly owns 344,105 shares in the company, valued at $18,251,329.20. This trade represents a 11.57% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 461,584 shares of company stock worth $23,192,574. 16.37% 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.