LMR Partners LLP Takes Position in GitLab Inc. (NASDAQ:GTLB)

LMR Partners LLP bought a new stake in GitLab Inc. (NASDAQ:GTLB) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 37,000 shares of the company’s stock, valued at approximately $2,085,000.

Other institutional investors have also modified their holdings of the company. EverSource Wealth Advisors LLC increased its holdings in shares of GitLab by 5,700.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock valued at $29,000 after purchasing an additional 513 shares during the period. CoreCap Advisors LLC grew its holdings in GitLab by 327.5% during the fourth quarter. CoreCap Advisors LLC now owns 590 shares of the company’s stock worth $33,000 after acquiring an additional 452 shares during the period. IMG Wealth Management Inc. acquired a new position in GitLab during the fourth quarter worth $46,000. Raleigh Capital Management Inc. acquired a new position in GitLab during the fourth quarter worth $66,000. Finally, Smartleaf Asset Management LLC grew its holdings in GitLab by 1,067.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock worth $71,000 after acquiring an additional 1,153 shares during the period. Institutional investors and hedge funds own 95.04% of the company’s stock.

Insider Activity at GitLab

In related news, Director Susan L. Bostrom sold 40,000 shares of the firm’s stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $51.88, for a total transaction of $2,075,200.00. Following the sale, the director now directly owns 144,913 shares in the company, valued at approximately $7,518,086.44. This trade represents a 21.63% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Matthew Jacobson sold 152,884 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $52.34, for a total value of $8,001,948.56. Following the sale, the director now owns 493,554 shares of the company’s stock, valued at approximately $25,832,616.36. This trade represents a 23.65% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 304,734 shares of company stock worth $14,879,081. 16.37% of the stock is currently owned by company insiders.

GitLab Stock Performance

Shares of NASDAQ:GTLB opened at $53.36 on Wednesday. The company has a market cap of $8.66 billion, a P/E ratio of -166.75 and a beta of 0.79. GitLab Inc. has a one year low of $37.90 and a one year high of $74.18. The business’s 50-day simple moving average is $47.25 and its 200 day simple moving average is $57.33.

Analyst Ratings Changes

GTLB has been the topic of a number of research analyst reports. Macquarie reiterated an “outperform” rating and set a $90.00 target price on shares of GitLab 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 research report on Monday, March 31st. DA Davidson decreased their target price on GitLab from $60.00 to $45.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Cantor Fitzgerald reiterated an “overweight” rating and set a $80.00 target price on shares of GitLab in a research report on Tuesday, March 4th. Finally, Morgan Stanley decreased their target price on GitLab from $77.00 to $53.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Three analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $71.73.

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.