Washington Capital Management Inc. Sells 1,350 Shares of GitLab Inc. (NASDAQ:GTLB)

Washington Capital Management Inc. cut its stake in shares of GitLab Inc. (NASDAQ:GTLB) by 12.9% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 9,150 shares of the company’s stock after selling 1,350 shares during the period. Washington Capital Management Inc.’s holdings in GitLab were worth $430,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Barton Investment Management increased its position in shares of GitLab by 30.9% during the first quarter. Barton Investment Management now owns 439,253 shares of the company’s stock valued at $20,645,000 after buying an additional 103,605 shares during the period. MRA Advisory Group bought a new stake in shares of GitLab during the first quarter valued at about $327,000. Clare Market Investments LLC increased its position in shares of GitLab by 16.5% during the first quarter. Clare Market Investments LLC now owns 4,510 shares of the company’s stock valued at $212,000 after buying an additional 639 shares during the period. Merit Financial Group LLC increased its position in shares of GitLab by 72.5% during the first quarter. Merit Financial Group LLC now owns 12,420 shares of the company’s stock valued at $584,000 after buying an additional 5,220 shares during the period. Finally, Parallel Advisors LLC increased its position in shares of GitLab by 30.9% during the first quarter. Parallel Advisors LLC now owns 5,142 shares of the company’s stock valued at $242,000 after buying an additional 1,214 shares during the period. 95.04% of the stock is currently owned by institutional investors.

GitLab Price Performance

Shares of GTLB opened at $48.77 on Friday. The firm has a market cap of $8.00 billion, a P/E ratio of -152.41 and a beta of 0.75. The stock has a 50 day simple moving average of $46.24 and a two-hundred day simple moving average of $56.05. GitLab Inc. has a 1 year low of $37.90 and a 1 year high of $74.18.

Insiders Place Their Bets

In other news, Director Susan L. Bostrom sold 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $51.88, for a total value of $2,075,200.00. Following the transaction, the director now owns 144,913 shares in the company, valued at approximately $7,518,086.44. This trade represents a 21.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Matthew Jacobson sold 152,884 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $52.34, for a total transaction of $8,001,948.56. Following the completion of the transaction, 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 disclosure for this sale can be found here. Insiders sold a total of 461,584 shares of company stock valued at $23,192,574 over the last quarter. 16.37% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on GTLB. Barclays decreased their price objective on shares of GitLab from $70.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 4th. Cantor Fitzgerald restated an “overweight” rating and issued a $80.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. DA Davidson decreased their price objective on shares of GitLab from $60.00 to $45.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. JPMorgan Chase & Co. decreased their price objective on shares of GitLab from $65.00 to $62.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 4th. Finally, Mizuho decreased their price objective on shares of GitLab from $80.00 to $72.00 and set an “outperform” rating on the stock in a research report 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 company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $70.95.

GitLab Company 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.