Prudential Financial Inc. Sells 547,537 Shares of GitLab Inc. (NASDAQ:GTLB)

Prudential Financial Inc. lessened its stake in GitLab Inc. (NASDAQ:GTLB) by 70.9% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 224,422 shares of the company’s stock after selling 547,537 shares during the quarter. Prudential Financial Inc.’s holdings in GitLab were worth $13,426,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in GTLB. EverSource Wealth Advisors LLC lifted its stake in 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 acquiring an additional 513 shares during the last quarter. IMG Wealth Management Inc. acquired a new stake in GitLab in the 4th quarter valued at about $46,000. True Wealth Design LLC acquired a new stake in GitLab in the 3rd quarter valued at about $56,000. Raleigh Capital Management Inc. bought a new position in GitLab during the fourth quarter worth about $66,000. Finally, Smartleaf Asset Management LLC increased its position 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 buying an additional 1,153 shares during the last quarter. 95.04% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Canaccord Genuity Group lifted their target price on GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Truist Financial reaffirmed a “buy” rating and set a $90.00 price objective (up from $80.00) on shares of GitLab in a research report on Friday, December 6th. KeyCorp increased their price objective on shares of GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $80.00 target price on shares of GitLab in a report on Tuesday, March 4th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $80.00 price target on shares of GitLab in a report on Tuesday, March 4th. Three equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $75.52.

Insider Transactions at GitLab

In other news, Director Susan L. Bostrom sold 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $51.88, for a total value 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Matthew Jacobson sold 152,884 shares of the company’s stock in a transaction that occurred on 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 transaction, the director now owns 493,554 shares of the company’s stock, valued at approximately $25,832,616.36. This represents a 23.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 349,216 shares of company stock valued at $19,841,492. Corporate insiders own 21.36% of the company’s stock.

GitLab Price Performance

Shares of NASDAQ:GTLB opened at $50.18 on Friday. The company’s 50 day simple moving average is $61.99 and its 200 day simple moving average is $59.20. GitLab Inc. has a 1 year low of $40.72 and a 1 year high of $74.18. The stock has a market capitalization of $8.14 billion, a price-to-earnings ratio of -156.81 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.