Trexquant Investment LP Sells 232,214 Shares of GitLab Inc. (NASDAQ:GTLB)

Trexquant Investment LP lessened its stake in shares of GitLab Inc. (NASDAQ:GTLB) by 88.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 30,388 shares of the company’s stock after selling 232,214 shares during the quarter. Trexquant Investment LP’s holdings in GitLab were worth $1,712,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. The Manufacturers Life Insurance Company lifted its holdings in shares of GitLab by 5.1% during the third quarter. The Manufacturers Life Insurance Company now owns 29,377 shares of the company’s stock valued at $1,514,000 after acquiring an additional 1,417 shares during the period. Captrust Financial Advisors increased its position in shares of GitLab by 233.1% during the 3rd quarter. Captrust Financial Advisors now owns 14,200 shares of the company’s stock worth $732,000 after purchasing an additional 9,937 shares in the last quarter. State Street Corp lifted its holdings in GitLab by 5.8% during the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company’s stock valued at $104,740,000 after purchasing an additional 111,997 shares during the last quarter. XTX Topco Ltd acquired a new position in GitLab in the third quarter valued at about $531,000. Finally, MML Investors Services LLC bought a new stake in GitLab during the third quarter worth about $1,685,000. Institutional investors and hedge funds own 95.04% of the company’s stock.

Analysts Set New Price Targets

GTLB has been the subject of a number of research analyst reports. DA Davidson cut their target price on shares of GitLab from $70.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday, February 28th. 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. Truist Financial decreased their target price on GitLab from $90.00 to $80.00 and set a “buy” rating on the stock in a report on Monday, March 31st. JPMorgan Chase & Co. cut their price target on GitLab from $65.00 to $62.00 and set a “neutral” rating for the company in a report on Tuesday, March 4th. Finally, Needham & Company LLC reissued a “buy” rating and set a $85.00 price objective on shares of GitLab in a report on Tuesday, March 4th. Three investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, GitLab currently has an average rating of “Moderate Buy” and a consensus target price of $75.09.

Insider Transactions at GitLab

In other news, Director Matthew Jacobson sold 152,884 shares of the firm’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $52.34, for a total transaction of $8,001,948.56. Following the sale, the director now owns 493,554 shares of the company’s stock, valued at $25,832,616.36. This trade represents a 23.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Sytse Sijbrandij sold 84,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $62.99, for a total value of $5,291,160.00. The disclosure for this sale can be found here. Insiders have sold a total of 311,886 shares of company stock valued at $17,736,229 over the last three months. 21.36% of the stock is currently owned by corporate insiders.

GitLab Price Performance

GitLab stock opened at $40.52 on Wednesday. GitLab Inc. has a fifty-two week low of $37.90 and a fifty-two week high of $74.18. The firm has a market capitalization of $6.58 billion, a price-to-earnings ratio of -126.63 and a beta of 0.79. The company’s 50 day simple moving average is $58.14 and its 200 day simple moving average is $58.67.

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.