Cinctive Capital Management LP Decreases Stake in GitLab Inc. (NASDAQ:GTLB)

Cinctive Capital Management LP cut its holdings in GitLab Inc. (NASDAQ:GTLB) by 94.1% in the fourth quarter, HoldingsChannel reports. The firm owned 22,641 shares of the company’s stock after selling 362,907 shares during the quarter. Cinctive Capital Management LP’s holdings in GitLab were worth $1,276,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in GTLB. EverSource Wealth Advisors LLC raised its position in GitLab by 5,700.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock valued at $29,000 after purchasing an additional 513 shares in the last quarter. IMG Wealth Management Inc. acquired a new position in GitLab during the 4th quarter valued at approximately $46,000. Raleigh Capital Management Inc. purchased a new position in GitLab in the 4th quarter worth $66,000. Smartleaf Asset Management LLC lifted its holdings in shares of 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 purchasing an additional 1,153 shares during the period. Finally, Steward Partners Investment Advisory LLC increased its holdings in GitLab by 4,273.3% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,312 shares of the company’s stock worth $74,000 after buying an additional 1,282 shares during the period. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other GitLab news, Director Matthew Jacobson sold 152,884 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $52.34, for a total value of $8,001,948.56. Following the sale, the director now directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Brian G. Robins sold 10,000 shares of the business’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $70.83, for a total transaction of $708,300.00. Following the transaction, the chief financial officer now directly owns 267,380 shares of the company’s stock, valued at approximately $18,938,525.40. This trade represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 311,886 shares of company stock worth $17,736,229. 21.36% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

GTLB has been the topic of a number of recent analyst reports. Royal Bank of Canada reissued an “outperform” rating and set a $80.00 price target on shares of GitLab in a report on Tuesday, March 4th. DA Davidson dropped their price target on GitLab from $70.00 to $60.00 and set a “neutral” rating for the company in a research report on Friday, February 28th. Mizuho lowered their target price on GitLab from $80.00 to $72.00 and set an “outperform” rating on the stock in a report on Tuesday, March 4th. Piper Sandler upped their price objective on shares of GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Finally, KeyCorp raised their target price on GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, GitLab currently has a consensus rating of “Moderate Buy” and an average price target of $75.09.

GitLab Stock Down 12.0 %

Shares of GitLab stock opened at $42.53 on Friday. The business has a 50-day moving average price of $60.29 and a 200 day moving average price of $58.92. GitLab Inc. has a fifty-two week low of $40.72 and a fifty-two week high of $74.18. The firm has a market cap of $6.90 billion, a P/E ratio of -132.91 and a beta of 0.67.

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.