Future Fund LLC Reduces Stock Position in GitLab Inc. (NASDAQ:GTLB)

Future Fund LLC trimmed its stake in shares of GitLab Inc. (NASDAQ:GTLB) by 32.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 14,682 shares of the company’s stock after selling 7,000 shares during the period. GitLab comprises about 2.4% of Future Fund LLC’s holdings, making the stock its 21st biggest position. Future Fund LLC’s holdings in GitLab were worth $827,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of GTLB. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in GitLab by 9.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,980 shares of the company’s stock worth $1,577,000 after purchasing an additional 2,426 shares during the last quarter. Amundi increased its position in shares of GitLab by 613.0% in the fourth quarter. Amundi now owns 616,806 shares of the company’s stock valued at $38,020,000 after buying an additional 530,297 shares in the last quarter. Intellectus Partners LLC acquired a new position in shares of GitLab during the 4th quarter worth $200,000. PNC Financial Services Group Inc. boosted its position in shares of GitLab by 17.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,263 shares of the company’s stock worth $128,000 after buying an additional 328 shares in the last quarter. Finally, Vestmark Advisory Solutions Inc. purchased a new stake in shares of GitLab in the 4th quarter worth about $1,874,000. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Insider Activity at GitLab

In related news, insider Sytse Sijbrandij sold 84,000 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $62.99, for a total transaction of $5,291,160.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Robin Schulman sold 2,996 shares of GitLab stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $55.98, for a total transaction of $167,716.08. Following the transaction, the insider now directly owns 129,223 shares in the company, valued at approximately $7,233,903.54. This trade represents a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 730,257 shares of company stock worth $44,034,967. 21.36% of the stock is owned by insiders.

GitLab Stock Down 3.2 %

Shares of NASDAQ GTLB opened at $56.38 on Monday. The stock has a market capitalization of $9.15 billion, a PE ratio of -176.19 and a beta of 0.67. The firm has a fifty day moving average of $64.31 and a 200-day moving average of $59.07. GitLab Inc. has a 52-week low of $40.72 and a 52-week high of $74.18.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Truist Financial restated a “buy” rating and set a $90.00 target price (up from $80.00) on shares of GitLab in a report on Friday, December 6th. Mizuho cut their price objective on GitLab from $80.00 to $72.00 and set an “outperform” rating for the company in a research report on Tuesday, March 4th. Royal Bank of Canada reiterated an “outperform” rating and set a $80.00 target price on shares of GitLab in a report on Tuesday, March 4th. TD Cowen raised their price target on GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Finally, Macquarie restated an “outperform” rating and issued a $90.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. Three analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $75.38.

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.