Savant Capital LLC Lowers Stock Holdings in GitLab Inc. (NASDAQ:GTLB)

Savant Capital LLC cut its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 7.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 42,487 shares of the company’s stock after selling 3,357 shares during the period. Savant Capital LLC’s holdings in GitLab were worth $2,394,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. True Wealth Design LLC acquired a new position in shares of GitLab in the third quarter valued at approximately $56,000. Raleigh Capital Management Inc. acquired a new position in shares of GitLab in the fourth quarter worth $66,000. Rakuten Securities Inc. increased its position in shares of GitLab by 268.1% during the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after acquiring an additional 1,032 shares during the period. Capital Performance Advisors LLP purchased a new stake in shares of GitLab during the third quarter worth $96,000. Finally, Wilmington Savings Fund Society FSB acquired a new stake in shares of GitLab in the third quarter valued at $98,000. Institutional investors and hedge funds own 95.04% of the company’s stock.

GitLab Stock Performance

Shares of NASDAQ:GTLB opened at $69.79 on Thursday. GitLab Inc. has a one year low of $40.72 and a one year high of $76.58. The stock has a market capitalization of $11.33 billion, a price-to-earnings ratio of -218.09 and a beta of 0.63. The company has a 50-day simple moving average of $63.30 and a 200-day simple moving average of $56.77.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Truist Financial restated a “buy” rating and set a $90.00 price target (up previously from $80.00) on shares of GitLab in a report on Friday, December 6th. Barclays raised their target price on shares of GitLab from $55.00 to $70.00 and gave the company an “equal weight” rating in a report on Monday, December 9th. DA Davidson increased their price objective on shares of GitLab from $50.00 to $70.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Robert W. Baird raised their price objective on shares of GitLab from $62.00 to $75.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Finally, Scotiabank boosted their target price on shares of GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, December 4th. Three investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $76.42.

Insider Activity at GitLab

In other news, CEO Sytse Sijbrandij sold 84,776 shares of the firm’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $59.64, for a total value of $5,056,040.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Karen Blasing sold 3,250 shares of GitLab stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $59.41, for a total transaction of $193,082.50. Following the completion of the sale, the director now directly owns 137,983 shares in the company, valued at approximately $8,197,570.03. The trade was a 2.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 828,283 shares of company stock worth $49,959,990 in the last quarter. Company insiders own 21.36% of the company’s stock.

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.