William Blair Investment Management LLC Sells 334 Shares of GitLab Inc. (NASDAQ:GTLB)

William Blair Investment Management LLC cut its position in GitLab Inc. (NASDAQ:GTLB) by 0.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 434,061 shares of the company’s stock after selling 334 shares during the quarter. William Blair Investment Management LLC owned 0.27% of GitLab worth $24,459,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of GTLB. ARK Investment Management LLC raised its position in GitLab by 345.2% in the fourth quarter. ARK Investment Management LLC now owns 1,160,502 shares of the company’s stock valued at $65,394,000 after purchasing an additional 899,823 shares during the last quarter. Amundi raised its position in GitLab by 613.0% in the fourth quarter. Amundi now owns 616,806 shares of the company’s stock valued at $38,020,000 after purchasing an additional 530,297 shares during the last quarter. Atreides Management LP bought a new position in GitLab in the third quarter valued at about $25,605,000. Los Angeles Capital Management LLC raised its position in GitLab by 67.7% in the fourth quarter. Los Angeles Capital Management LLC now owns 1,003,010 shares of the company’s stock valued at $56,520,000 after purchasing an additional 404,895 shares during the last quarter. Finally, Thrivent Financial for Lutherans raised its position in GitLab by 128.8% in the third quarter. Thrivent Financial for Lutherans now owns 554,455 shares of the company’s stock valued at $28,577,000 after purchasing an additional 312,119 shares during the last quarter. 95.04% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on GTLB shares. Scotiabank increased their price target on GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a research note on Wednesday, December 4th. Needham & Company LLC reissued a “buy” rating and issued a $85.00 price target on shares of GitLab in a research note on Tuesday, March 4th. Truist Financial reissued a “buy” rating and issued a $90.00 price target (up previously from $80.00) on shares of GitLab in a research note on Friday, December 6th. Piper Sandler increased their price target on GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Finally, Barclays decreased their price target on GitLab from $70.00 to $58.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 4th. Three analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, GitLab currently has a consensus rating of “Moderate Buy” and an average target price of $75.38.

Insider Activity

In other news, CFO Brian G. Robins sold 10,000 shares of the firm’s 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 owns 267,380 shares in the company, valued at $18,938,525.40. This trade represents a 3.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Matthew Jacobson sold 547,679 shares of GitLab stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $59.72, for a total value of $32,707,389.88. Following the sale, the director now owns 58,471 shares in the company, valued at $3,491,888.12. This trade represents a 90.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 727,007 shares of company stock worth $43,843,249 over the last 90 days. 21.36% of the stock is currently owned by corporate insiders.

GitLab Stock Down 3.9 %

GTLB stock opened at $49.89 on Wednesday. GitLab Inc. has a twelve month low of $40.72 and a twelve month high of $74.18. The stock’s 50 day moving average is $63.36 and its 200-day moving average is $59.29. The firm has a market capitalization of $8.10 billion, a PE ratio of -155.91 and a beta of 0.67.

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.