GitLab Inc. (NASDAQ:GTLB) Shares Sold by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lessened its stake in GitLab Inc. (NASDAQ:GTLB) by 1.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 614,871 shares of the company’s stock after selling 9,932 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in GitLab were worth $34,648,000 at the end of the most recent reporting period.

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

GitLab Price Performance

GitLab stock opened at $47.50 on Tuesday. GitLab Inc. has a 1-year low of $37.90 and a 1-year high of $74.18. The stock has a market cap of $7.79 billion, a PE ratio of -148.44 and a beta of 0.79. The stock’s fifty day moving average is $46.83 and its two-hundred day moving average is $56.88.

Insider Buying and Selling at GitLab

In other GitLab news, insider Sytse Sijbrandij sold 108,600 shares of the firm’s stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $42.87, for a total value of $4,655,682.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 completion of the sale, the director now owns 493,554 shares in the company, valued at approximately $25,832,616.36. This represents a 23.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 461,584 shares of company stock worth $23,192,574 over the last ninety days. Corporate insiders own 16.37% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on GTLB. KeyCorp lowered their price objective on GitLab from $80.00 to $60.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. Barclays lowered their price target on GitLab from $70.00 to $58.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 4th. Royal Bank of Canada restated an “outperform” rating and set a $80.00 price target on shares of GitLab in a research report on Tuesday, March 4th. Cantor Fitzgerald restated an “overweight” rating and set a $80.00 price target on shares of GitLab in a research report on Tuesday, March 4th. Finally, Needham & Company LLC restated a “buy” rating and set a $85.00 price target on shares of GitLab in a research report on Tuesday, March 4th. Three 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 company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $71.73.

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.