Man Group plc Trims Stake in GitLab Inc. (NASDAQ:GTLB)

Man Group plc trimmed its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 53.1% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 35,102 shares of the company’s stock after selling 39,740 shares during the period. Man Group plc’s holdings in GitLab were worth $1,978,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in shares of GitLab by 7.2% in the 4th quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company’s stock worth $740,585,000 after purchasing an additional 885,955 shares in the last quarter. Norges Bank purchased a new position in shares of GitLab in the 4th quarter worth about $279,089,000. Artisan Partners Limited Partnership boosted its holdings in shares of GitLab by 55.7% in the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock worth $227,318,000 after purchasing an additional 1,443,160 shares in the last quarter. Franklin Resources Inc. boosted its holdings in shares of GitLab by 17.6% in the 4th quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company’s stock worth $176,954,000 after purchasing an additional 470,192 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its holdings in shares of GitLab by 276.9% in the 4th quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company’s stock worth $121,435,000 after purchasing an additional 1,583,221 shares in the last quarter. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling 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 transaction, the director now owns 108,733 shares of the company’s stock, valued at approximately $5,608,448.14. This represents a 2.90% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Brian G. Robins sold 45,000 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $53.04, for a total value of $2,386,800.00. Following the completion of the transaction, the chief financial officer now directly owns 344,105 shares of the company’s stock, valued at $18,251,329.20. This represents a 11.57% decrease in their position. The disclosure for this sale can be found here. Insiders sold 461,584 shares of company stock valued at $23,192,574 in the last 90 days. Insiders own 21.36% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on GTLB shares. Royal Bank of Canada reiterated an “outperform” rating and issued a $80.00 price objective on shares of GitLab in a report on Tuesday, March 4th. Mizuho lowered their target price on GitLab from $80.00 to $72.00 and set an “outperform” rating for the company in a research note on Tuesday, March 4th. Cantor Fitzgerald reissued an “overweight” rating and issued a $80.00 target price on shares of GitLab in a research note on Tuesday, March 4th. DA Davidson lowered their target price on GitLab from $60.00 to $45.00 and set a “neutral” rating for the company in a research note on Monday, April 14th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $85.00 target price on shares of GitLab in a research note on Tuesday, March 4th. Three equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, GitLab has a consensus rating of “Moderate Buy” and a consensus target price of $71.73.

GitLab Price Performance

GTLB opened at $47.50 on Friday. The business has a 50 day simple moving average of $46.91 and a two-hundred day simple moving average of $57.02. The firm has a market capitalization of $7.79 billion, a price-to-earnings ratio of -148.44 and a beta of 0.79. GitLab Inc. has a one year low of $37.90 and a one year high of $74.18.

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.