Macquarie Group Ltd. lowered its position in shares of GitLab Inc. (NASDAQ:GTLB – Get Rating) by 55.1% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 73,740 shares of the company’s stock after selling 90,566 shares during the quarter. Macquarie Group Ltd.’s holdings in GitLab were worth $3,777,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GTLB. First Horizon Advisors Inc. purchased a new position in shares of GitLab during the 3rd quarter valued at about $47,000. Lazard Asset Management LLC purchased a new position in shares of GitLab during the 1st quarter valued at about $47,000. Infini Capital Management Ltd purchased a new position in shares of GitLab during the 2nd quarter valued at about $76,000. US Bancorp DE purchased a new position in shares of GitLab in the 3rd quarter valued at about $102,000. Finally, Silvant Capital Management LLC increased its stake in shares of GitLab by 132.8% in the 3rd quarter. Silvant Capital Management LLC now owns 2,156 shares of the company’s stock valued at $110,000 after purchasing an additional 1,230 shares in the last quarter. Institutional investors and hedge funds own 48.99% of the company’s stock.
GitLab Stock Up 0.4 %
Shares of NASDAQ GTLB opened at $50.03 on Thursday. The firm has a market cap of $7.49 billion, a price-to-earnings ratio of -40.67 and a beta of -0.18. GitLab Inc. has a 52-week low of $30.74 and a 52-week high of $70.96. The business’s 50 day moving average is $46.50 and its two-hundred day moving average is $47.85.
Insider Transactions at GitLab
In other news, major shareholder Divesh Makan sold 53,676 shares of the company’s stock in a transaction on Tuesday, December 27th. The stock was sold at an average price of $44.65, for a total transaction of $2,396,633.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other GitLab news, CRO Michael Eugene Mcbride sold 6,832 shares of the company’s stock in a transaction on Tuesday, January 3rd. The shares were sold at an average price of $45.70, for a total value of $312,222.40. Following the completion of the transaction, the executive now owns 869,178 shares in the company, valued at $39,721,434.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Divesh Makan sold 53,676 shares of the company’s stock in a transaction on Tuesday, December 27th. The shares were sold at an average price of $44.65, for a total transaction of $2,396,633.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 64,082 shares of company stock valued at $2,880,100. 0.19% of the stock is currently owned by company insiders.
Wall Street Analysts Forecast Growth
Several brokerages recently weighed in on GTLB. Barclays began coverage on GitLab in a research note on Thursday, December 15th. They issued an “overweight” rating and a $65.00 price target for the company. Truist Financial cut their price target on GitLab from $75.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, February 22nd. Piper Sandler cut their price target on GitLab from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, January 5th. Needham & Company LLC cut GitLab from a “buy” rating to a “hold” rating in a report on Friday, February 10th. Finally, FBN Securities initiated coverage on GitLab in a report on Monday, January 23rd. They issued an “outperform” rating and a $60.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $69.36.
GitLab Inc, through its subsidiaries, develops software for the software development lifecycle in the United States, Europe, and the Asia Pacific. The company 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.
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