GitLab Inc. (NASDAQ:GTLB) Stock Holdings Lowered by Wellington Management Group LLP

Wellington Management Group LLP cut its position in GitLab Inc. (NASDAQ:GTLB) by 23.8% during the 3rd quarter, HoldingsChannel reports. The firm owned 644,996 shares of the company’s stock after selling 201,572 shares during the quarter. Wellington Management Group LLP’s holdings in GitLab were worth $33,243,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cetera Advisors LLC acquired a new position in shares of GitLab during the first quarter worth approximately $368,000. Wealth Enhancement Advisory Services LLC boosted its position in GitLab by 5.6% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 67,474 shares of the company’s stock worth $3,355,000 after acquiring an additional 3,570 shares during the period. Sumitomo Mitsui Trust Holdings Inc. bought a new position in shares of GitLab in the second quarter worth $214,000. Values First Advisors Inc. acquired a new position in shares of GitLab during the second quarter valued at $470,000. Finally, Washington Capital Management Inc. bought a new stake in shares of GitLab during the second quarter valued at about $398,000. 95.04% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on GTLB shares. Canaccord Genuity Group increased their target price on shares of GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Wells Fargo & Company raised their price objective on shares of GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Scotiabank upped their target price on GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, December 4th. DA Davidson increased their price target on GitLab from $50.00 to $70.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Finally, JPMorgan Chase & Co. boosted their price objective on GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, GitLab has a consensus rating of “Moderate Buy” and an average price target of $76.42.

GitLab Trading Up 0.6 %

NASDAQ:GTLB opened at $61.04 on Friday. The business’s fifty day moving average price is $58.67 and its 200 day moving average price is $52.37. The firm has a market capitalization of $9.80 billion, a price-to-earnings ratio of -190.75 and a beta of 0.54. GitLab Inc. has a 1-year low of $40.72 and a 1-year high of $78.53.

Insider Activity

In other news, CEO Sytse Sijbrandij sold 84,776 shares of GitLab stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $59.64, for a total transaction of $5,056,040.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Erin Mannix sold 1,433 shares of the stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $52.80, for a total value of $75,662.40. Following the completion of the transaction, the chief accounting officer now owns 72,448 shares in the company, valued at $3,825,254.40. This represents a 1.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 178,365 shares of company stock worth $10,350,684 in the last 90 days. Company insiders own 21.36% of the company’s stock.

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.