Sphera Management Technology Funds Ltd Acquires Shares of 28,000 GitLab Inc. (NASDAQ:GTLB)

Sphera Management Technology Funds Ltd acquired a new stake in GitLab Inc. (NASDAQ:GTLB) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 28,000 shares of the company’s stock, valued at approximately $1,578,000. GitLab comprises about 0.9% of Sphera Management Technology Funds Ltd’s portfolio, making the stock its 28th largest position.

Several other institutional investors have also recently made changes to their positions in the business. M&T Bank Corp increased its holdings in shares of GitLab by 3.1% during the 4th quarter. M&T Bank Corp now owns 4,965 shares of the company’s stock valued at $280,000 after purchasing an additional 148 shares in the last quarter. Wilmington Savings Fund Society FSB raised its position in shares of 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 boosted its stake in shares of GitLab by 4.3% during the 4th quarter. OneDigital Investment Advisors LLC now owns 4,047 shares of the company’s stock worth $228,000 after acquiring an additional 166 shares in the last quarter. Utah Retirement Systems grew its position in shares of GitLab by 3.1% during the 4th quarter. Utah Retirement Systems now owns 6,600 shares of the company’s stock valued at $372,000 after acquiring an additional 200 shares during the period. Finally, Mariner LLC increased its stake in shares of GitLab by 1.7% in the 4th quarter. Mariner LLC now owns 12,583 shares of the company’s stock valued at $709,000 after purchasing an additional 214 shares in the last quarter. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Insiders Place Their Bets

In other news, Director Karen Blasing sold 3,250 shares of the firm’s stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $51.58, for a total transaction of $167,635.00. Following the transaction, the director now directly owns 108,733 shares in the company, valued at approximately $5,608,448.14. This trade represents a 2.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Sytse Sijbrandij sold 108,600 shares of the company’s stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $42.87, for a total transaction of $4,655,682.00. 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 quarter. Company insiders own 16.37% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on GTLB shares. Truist Financial lowered their price target on GitLab from $90.00 to $80.00 and set a “buy” rating on the stock in a research report on Monday, March 31st. Wells Fargo & Company dropped their target price on shares of GitLab from $85.00 to $65.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 22nd. JPMorgan Chase & Co. reduced their price objective on GitLab from $65.00 to $62.00 and set a “neutral” rating for the company in a research note on Tuesday, March 4th. Robert W. Baird lowered their target price on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a research note on Monday, March 3rd. Finally, Macquarie reiterated an “outperform” rating and issued a $90.00 target price on shares of GitLab in a research report on Tuesday, March 4th. Three investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $71.73.

GitLab Stock Performance

GTLB opened at $51.49 on Monday. GitLab Inc. has a one year low of $37.90 and a one year high of $74.18. The stock has a market capitalization of $8.36 billion, a P/E ratio of -160.91 and a beta of 0.79. The business’s 50-day simple moving average is $47.20 and its 200-day simple moving average is $57.31.

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.