Washington Capital Management Inc. Has $592,000 Stock Holdings in GitLab Inc. (NASDAQ:GTLB)

Washington Capital Management Inc. decreased its stake in GitLab Inc. (NASDAQ:GTLB) by 17.2% in the 4th quarter, Holdings Channel.com reports. The firm owned 10,500 shares of the company’s stock after selling 2,176 shares during the quarter. Washington Capital Management Inc.’s holdings in GitLab were worth $592,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Franklin Resources Inc. raised its holdings in GitLab by 0.8% in the 3rd quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company’s stock valued at $146,774,000 after buying an additional 21,976 shares during the last quarter. State Street Corp increased its position in GitLab by 5.8% in the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company’s stock valued at $104,740,000 after acquiring an additional 111,997 shares during the period. Geode Capital Management LLC raised its stake in shares of GitLab by 7.0% during the third quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company’s stock valued at $104,476,000 after acquiring an additional 132,548 shares during the last quarter. Fiera Capital Corp lifted its holdings in shares of GitLab by 1.4% during the third quarter. Fiera Capital Corp now owns 1,259,429 shares of the company’s stock worth $64,911,000 after purchasing an additional 16,961 shares during the period. Finally, Bamco Inc. NY grew its stake in shares of GitLab by 0.4% in the third quarter. Bamco Inc. NY now owns 1,253,244 shares of the company’s stock worth $64,592,000 after purchasing an additional 4,874 shares during the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

Wall Street Analysts Forecast Growth

GTLB has been the subject of several analyst reports. DA Davidson lifted their target price on GitLab from $50.00 to $70.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. JPMorgan Chase & Co. upped their target price on GitLab from $60.00 to $65.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Needham & Company LLC restated a “buy” rating and set a $85.00 price target on shares of GitLab in a report on Tuesday, January 7th. KeyCorp upped their price objective on shares of GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Finally, Cantor Fitzgerald lifted their target price on shares of GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $76.42.

GitLab Price Performance

GitLab stock opened at $70.33 on Thursday. The business has a fifty day moving average price of $62.00 and a 200-day moving average price of $55.49. The firm has a market capitalization of $11.41 billion, a P/E ratio of -219.78 and a beta of 0.57. GitLab Inc. has a one year low of $40.72 and a one year high of $78.53.

Insider Buying and Selling at GitLab

In related news, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction on Monday, December 9th. The stock was sold at an average price of $67.59, for a total transaction of $675,900.00. Following the completion of the sale, the chief financial officer now owns 242,803 shares of the company’s stock, valued at approximately $16,411,054.77. This trade represents a 3.96 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robin Schulman sold 2,996 shares of the business’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $55.98, for a total value of $167,716.08. Following the transaction, the insider now owns 129,223 shares of the company’s stock, valued at approximately $7,233,903.54. The trade was a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 825,698 shares of company stock valued at $49,549,749 in the last quarter. 21.36% of the stock is currently owned by corporate insiders.

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.