Schroder Investment Management Group Trims Holdings in GitLab Inc. (NASDAQ:GTLB)

Schroder Investment Management Group lessened its stake in GitLab Inc. (NASDAQ:GTLB) by 9.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,169 shares of the company’s stock after selling 742 shares during the period. Schroder Investment Management Group’s holdings in GitLab were worth $405,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in GTLB. Vanguard Group Inc. grew its position in shares of GitLab by 7.2% in the 4th quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company’s stock worth $740,585,000 after acquiring an additional 885,955 shares in the last quarter. Norges Bank acquired a new position in GitLab in the fourth quarter worth $279,089,000. Artisan Partners Limited Partnership increased its stake in GitLab by 55.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock valued at $227,318,000 after purchasing an additional 1,443,160 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of GitLab by 0.8% during the third quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company’s stock worth $146,774,000 after purchasing an additional 21,976 shares during the period. Finally, State Street Corp lifted its position in shares of GitLab by 5.8% in the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company’s stock worth $104,740,000 after buying an additional 111,997 shares during the last quarter. 95.04% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at GitLab

In related news, Director Karen Blasing sold 6,500 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $63.19, for a total value of $410,735.00. Following the completion of the transaction, the director now owns 128,233 shares in the company, valued at $8,103,043.27. This trade represents a 4.82 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 10,000 shares of the business’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $70.83, for a total value of $708,300.00. Following the sale, the chief financial officer now owns 267,380 shares in the company, valued at approximately $18,938,525.40. The trade was a 3.61 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 311,886 shares of company stock valued at $17,736,229 in the last quarter. Insiders own 21.36% of the company’s stock.

GitLab Trading Down 5.3 %

Shares of GitLab stock opened at $40.52 on Wednesday. GitLab Inc. has a 52 week low of $37.90 and a 52 week high of $74.18. The stock has a market cap of $6.58 billion, a PE ratio of -126.63 and a beta of 0.79. The company’s 50-day moving average price is $58.14 and its two-hundred day moving average price is $58.67.

Analysts Set New Price Targets

GTLB has been the subject of a number of recent research reports. Robert W. Baird lowered their price objective on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a research report on Monday, March 3rd. Cantor Fitzgerald reiterated an “overweight” rating and set a $80.00 price target on shares of GitLab in a research report on Tuesday, March 4th. Barclays reduced their price objective on GitLab from $70.00 to $58.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 4th. Needham & Company LLC reaffirmed a “buy” rating and issued a $85.00 target price on shares of GitLab in a research report on Tuesday, March 4th. Finally, Truist Financial cut their target price on GitLab from $90.00 to $80.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. Three investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $75.09.

About GitLab

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.