Quantinno Capital Management LP Buys Shares of 5,341 GitLab Inc. (NASDAQ:GTLB)

Quantinno Capital Management LP purchased a new position in GitLab Inc. (NASDAQ:GTLB) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,341 shares of the company’s stock, valued at approximately $301,000.

Other hedge funds have also modified their holdings of the company. EverSource Wealth Advisors LLC boosted its position in shares of GitLab by 5,700.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after purchasing an additional 513 shares during the period. CoreCap Advisors LLC boosted its position in shares of GitLab by 327.5% in the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock worth $33,000 after purchasing an additional 452 shares during the period. IMG Wealth Management Inc. bought a new position in shares of GitLab in the fourth quarter worth approximately $46,000. Smartleaf Asset Management LLC boosted its position in shares of GitLab by 1,067.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock worth $71,000 after purchasing an additional 1,153 shares during the period. Finally, Steward Partners Investment Advisory LLC boosted its position in shares of GitLab by 4,273.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,312 shares of the company’s stock worth $74,000 after purchasing an additional 1,282 shares during the period. 95.04% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on GTLB. KeyCorp dropped their target price on shares of GitLab from $80.00 to $60.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. Macquarie restated an “outperform” rating and set a $90.00 target price on shares of GitLab in a research report on Tuesday, March 4th. Truist Financial dropped their target price on shares of GitLab from $90.00 to $80.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Cantor Fitzgerald restated an “overweight” rating and set a $80.00 target price on shares of GitLab in a research report on Tuesday, March 4th. Finally, Barclays dropped their target price on shares of GitLab from $70.00 to $58.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 4th. Three analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $71.73.

Insider Activity

In other news, Director Susan L. Bostrom sold 40,000 shares of the stock in a transaction 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 sale, the director now owns 144,913 shares of the company’s stock, valued at approximately $7,518,086.44. This represents a 21.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Karen Blasing sold 3,250 shares of the stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $45.00, for a total transaction of $146,250.00. Following the completion of the sale, the director now directly owns 111,983 shares in the company, valued at approximately $5,039,235. This represents a 2.82% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 461,584 shares of company stock valued at $23,192,574. 16.37% of the stock is currently owned by company insiders.

GitLab Trading Down 0.6%

Shares of GTLB opened at $47.50 on Tuesday. GitLab Inc. has a twelve month low of $37.90 and a twelve month high of $74.18. The company has a market cap of $7.79 billion, a P/E ratio of -148.44 and a beta of 0.79. The company’s fifty day simple moving average is $46.83 and its 200-day simple moving average is $56.88.

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.