Stephens Investment Management Group LLC Has $40.11 Million Stake in GitLab Inc. (NASDAQ:GTLB)

Stephens Investment Management Group LLC lessened its position in GitLab Inc. (NASDAQ:GTLB) by 1.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 711,709 shares of the company’s stock after selling 12,556 shares during the period. Stephens Investment Management Group LLC’s holdings in GitLab were worth $40,105,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Wilmington Savings Fund Society FSB grew its holdings in GitLab by 7.9% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 2,050 shares of the company’s stock worth $116,000 after purchasing an additional 150 shares during the period. Bank of Marin boosted its stake in shares of GitLab by 3.0% during the 3rd quarter. Bank of Marin now owns 5,856 shares of the company’s stock worth $302,000 after acquiring an additional 171 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in shares of GitLab by 0.3% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 91,445 shares of the company’s stock worth $4,713,000 after acquiring an additional 281 shares during the last quarter. Glenmede Trust Co. NA lifted its holdings in GitLab by 3.0% during the 3rd quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company’s stock valued at $596,000 after purchasing an additional 334 shares during the last quarter. Finally, Blue Trust Inc. lifted its holdings in GitLab by 18.2% during the 3rd quarter. Blue Trust Inc. now owns 3,166 shares of the company’s stock valued at $157,000 after purchasing an additional 488 shares during the last quarter. 95.04% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. KeyCorp increased their price objective on shares of GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Barclays raised their price objective on shares of GitLab from $55.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Monday, December 9th. TD Cowen increased their target price on GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, November 21st. Macquarie reaffirmed an “outperform” rating and issued a $90.00 price objective on shares of GitLab in a report on Wednesday, January 15th. Finally, The Goldman Sachs Group lifted their target price on GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $76.42.

Insider Activity

In other GitLab news, insider Robin Schulman sold 2,996 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $55.98, for a total value of $167,716.08. Following the completion of the transaction, the insider now directly owns 129,223 shares in the company, valued at approximately $7,233,903.54. This represents a 2.27 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction on Monday, December 9th. The stock was sold at an average price of $67.59, for a total transaction of $675,900.00. Following the transaction, the chief financial officer now owns 242,803 shares in the company, valued at approximately $16,411,054.77. This trade represents a 3.96 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 828,283 shares of company stock valued at $49,959,990 over the last quarter. 21.36% of the stock is owned by company insiders.

GitLab Stock Down 1.3 %

Shares of GTLB opened at $70.55 on Friday. The stock has a market cap of $11.45 billion, a PE ratio of -220.47 and a beta of 0.63. GitLab Inc. has a 12-month low of $40.72 and a 12-month high of $78.53. The business has a 50-day simple moving average of $63.04 and a two-hundred day simple moving average of $56.49.

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.