GitLab Inc. (NASDAQ:GTLB) Shares Sold by Alphabet Inc.

Alphabet Inc. lowered its position in shares of GitLab Inc. (NASDAQ:GTLB) by 37.6% in the fourth quarter, Holdings Channel reports. The institutional investor owned 6,091,238 shares of the company’s stock after selling 3,667,095 shares during the period. GitLab makes up about 20.0% of Alphabet Inc.’s portfolio, making the stock its largest position. Alphabet Inc.’s holdings in GitLab were worth $343,241,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of GTLB. True Wealth Design LLC acquired a new position in GitLab in the third quarter valued at about $56,000. Raleigh Capital Management Inc. acquired a new position in GitLab in the fourth quarter valued at about $66,000. Smartleaf Asset Management LLC raised its stake in GitLab by 1,067.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock valued at $71,000 after purchasing an additional 1,153 shares in the last quarter. Rakuten Securities Inc. raised its stake in GitLab by 268.1% in the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after purchasing an additional 1,032 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC raised its stake in GitLab by 4,273.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,312 shares of the company’s stock valued at $74,000 after purchasing an additional 1,282 shares in the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

Insider Buying and Selling

In related news, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $70.83, for a total value of $708,300.00. Following the transaction, the chief financial officer now directly owns 267,380 shares of the company’s stock, valued at $18,938,525.40. The trade was a 3.61 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Robin Schulman sold 2,996 shares of the business’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 trade represents a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 740,257 shares of company stock valued at $44,710,867 over the last ninety days. 21.36% of the stock is owned by company insiders.

GitLab Price Performance

GitLab stock opened at $58.25 on Friday. The stock’s 50 day moving average is $64.35 and its 200 day moving average is $58.83. The firm has a market cap of $9.45 billion, a P/E ratio of -182.03 and a beta of 0.63. GitLab Inc. has a one year low of $40.72 and a one year high of $74.18.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Truist Financial reiterated a “buy” rating and issued a $90.00 target price (up previously from $80.00) on shares of GitLab in a research report on Friday, December 6th. Needham & Company LLC reiterated a “buy” rating and issued a $85.00 target price on shares of GitLab in a research report on Tuesday. Royal Bank of Canada reiterated an “outperform” rating and issued a $80.00 target price on shares of GitLab in a research report on Tuesday. Macquarie reiterated an “outperform” rating and issued a $90.00 target price on shares of GitLab in a research report on Tuesday. Finally, Mizuho decreased their target price on GitLab from $80.00 to $72.00 and set an “outperform” rating on the stock in a research report on Tuesday. Three analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, GitLab has an average rating of “Moderate Buy” and an average target price of $75.38.

GitLab Company 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.