GitLab Inc. $GTLB Shares Sold by GAMMA Investing LLC

GAMMA Investing LLC trimmed its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 34.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 606 shares of the company’s stock after selling 313 shares during the period. GAMMA Investing LLC’s holdings in GitLab were worth $27,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of GTLB. 1832 Asset Management L.P. lifted its position in GitLab by 2,456.8% during the first quarter. 1832 Asset Management L.P. now owns 2,295,000 shares of the company’s stock valued at $107,865,000 after buying an additional 2,205,238 shares in the last quarter. Champlain Investment Partners LLC acquired a new position in GitLab during the first quarter valued at approximately $60,371,000. ARK Investment Management LLC lifted its position in GitLab by 109.1% during the first quarter. ARK Investment Management LLC now owns 2,426,332 shares of the company’s stock valued at $114,038,000 after buying an additional 1,265,830 shares in the last quarter. Nikko Asset Management Americas Inc. lifted its position in GitLab by 175.1% during the first quarter. Nikko Asset Management Americas Inc. now owns 1,396,613 shares of the company’s stock valued at $65,529,000 after buying an additional 888,900 shares in the last quarter. Finally, Driehaus Capital Management LLC acquired a new position in GitLab during the first quarter valued at approximately $39,976,000. 95.04% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Raymond James Financial reduced their target price on shares of GitLab from $60.00 to $55.00 and set an “outperform” rating on the stock in a research report on Thursday, September 4th. Zacks Research raised shares of GitLab from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 9th. FBN Securities raised shares of GitLab to a “strong-buy” rating in a research report on Thursday, September 4th. Truist Financial reduced their target price on shares of GitLab from $75.00 to $55.00 and set a “buy” rating on the stock in a research report on Thursday, September 4th. Finally, Needham & Company LLC reissued a “buy” rating and set a $55.00 target price on shares of GitLab in a research report on Thursday, September 4th. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $58.67.

GitLab Stock Performance

GitLab stock opened at $46.91 on Monday. The company has a 50-day simple moving average of $45.99 and a 200-day simple moving average of $45.93. The firm has a market capitalization of $7.82 billion, a P/E ratio of -1,172.75 and a beta of 0.73. GitLab Inc. has a one year low of $37.90 and a one year high of $74.18.

Insider Activity at GitLab

In related news, Director Sytse Sijbrandij sold 108,600 shares of the stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $45.16, for a total value of $4,904,376.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Simon Mundy sold 5,191 shares of the stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $43.99, for a total transaction of $228,352.09. Following the completion of the transaction, the chief accounting officer owned 53,507 shares of the company’s stock, valued at $2,353,772.93. This represents a 8.84% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,224,362 shares of company stock worth $59,723,796. 16.37% of the stock is currently owned by corporate 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.