Washington Capital Management Inc. Cuts Stock Holdings in GitLab Inc. (NASDAQ:GTLB)

Washington Capital Management Inc. trimmed its position in shares of GitLab Inc. (NASDAQ:GTLB) by 12.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,150 shares of the company’s stock after selling 1,350 shares during the quarter. Washington Capital Management Inc.’s holdings in GitLab were worth $430,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Insider Buying and Selling at GitLab

In other GitLab news, insider Sytse Sijbrandij sold 108,600 shares of the company’s stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $42.87, for a total transaction of $4,655,682.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Matthew Jacobson sold 152,884 shares of the company’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $52.34, for a total transaction of $8,001,948.56. Following the sale, the director now directly owns 493,554 shares in the company, valued at approximately $25,832,616.36. This trade 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 valued at $23,192,574 over the last three months. 16.37% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms have issued reports on GTLB. Scotiabank cut their price objective on shares of GitLab from $80.00 to $67.00 and set a “sector outperform” rating on the stock in a report on Friday. JPMorgan Chase & Co. cut their price target on shares of GitLab from $65.00 to $62.00 and set a “neutral” rating on the stock in a report on Tuesday, March 4th. Cowen reissued a “buy” rating on shares of GitLab in a report on Friday. Truist Financial cut their price target on shares of GitLab from $90.00 to $80.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $80.00 price target on shares of GitLab in a report on Tuesday, March 4th. Three research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $70.95.

GitLab Price Performance

NASDAQ GTLB opened at $48.77 on Friday. The company has a market cap of $8.00 billion, a PE ratio of -152.41 and a beta of 0.75. GitLab Inc. has a 52 week low of $37.90 and a 52 week high of $74.18. The firm’s 50-day simple moving average is $46.24 and its two-hundred day simple moving average is $56.05.

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.