GitLab Inc. (NASDAQ:GTLB) Shares Sold by Glynn Capital Management LLC

Glynn Capital Management LLC decreased its position in shares of GitLab Inc. (NASDAQ:GTLB) by 36.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 308,300 shares of the company’s stock after selling 177,615 shares during the quarter. GitLab comprises about 4.1% of Glynn Capital Management LLC’s investment portfolio, making the stock its 14th largest holding. Glynn Capital Management LLC owned about 0.19% of GitLab worth $17,373,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of GTLB. EverSource Wealth Advisors LLC lifted its position in GitLab by 5,700.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock valued at $29,000 after purchasing an additional 513 shares during the last quarter. IMG Wealth Management Inc. acquired a new stake in shares of GitLab in the fourth quarter valued at approximately $46,000. True Wealth Design LLC acquired a new stake in shares of GitLab in the third quarter valued at approximately $56,000. Raleigh Capital Management Inc. bought a new stake in shares of GitLab during the fourth quarter valued at approximately $66,000. Finally, Smartleaf Asset Management LLC boosted its position in shares of GitLab by 1,067.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock worth $71,000 after buying an additional 1,153 shares during the period. Institutional investors and hedge funds own 95.04% of the company’s stock.

GitLab Trading Down 3.9 %

GTLB stock opened at $49.89 on Wednesday. GitLab Inc. has a one year low of $40.72 and a one year high of $74.18. The firm has a 50-day moving average of $63.36 and a two-hundred day moving average of $59.29. The firm has a market capitalization of $8.10 billion, a PE ratio of -155.91 and a beta of 0.67.

Analysts Set New Price Targets

Several analysts have weighed in on GTLB shares. TD Cowen lifted their target price on GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Wells Fargo & Company upped their price objective on shares of GitLab from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, February 20th. Macquarie reissued an “outperform” rating and set a $90.00 target price on shares of GitLab in a research note on Tuesday, March 4th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $80.00 price target on shares of GitLab in a research note on Tuesday, March 4th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $85.00 price objective on shares of GitLab in a report on Tuesday, March 4th. Three research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $75.38.

Insider Activity

In other news, insider Sytse Sijbrandij sold 84,000 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $62.99, for a total value of $5,291,160.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Susan L. Bostrom sold 20,000 shares of GitLab stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $60.19, for a total value of $1,203,800.00. Following the transaction, the director now owns 204,913 shares in the company, valued at $12,333,713.47. This represents a 8.89 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 727,007 shares of company stock worth $43,843,249 over the last 90 days. 21.36% of the stock is owned by company insiders.

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.