Greenhouse Funds LLLP Sells 248,436 Shares of GitLab Inc. (NASDAQ:GTLB)

Greenhouse Funds LLLP cut its stake in GitLab Inc. (NASDAQ:GTLB) by 25.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 718,849 shares of the company’s stock after selling 248,436 shares during the period. GitLab accounts for about 1.7% of Greenhouse Funds LLLP’s investment portfolio, making the stock its 27th biggest position. Greenhouse Funds LLLP owned approximately 0.44% of GitLab worth $40,507,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. increased its stake 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 valued at $740,585,000 after buying an additional 885,955 shares during the period. Norges Bank acquired a new position in GitLab during the 4th quarter valued at about $279,089,000. Artisan Partners Limited Partnership boosted its stake in shares of GitLab by 55.7% in the 4th 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 stake in shares of GitLab by 17.6% during the fourth quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company’s stock worth $176,954,000 after buying an additional 470,192 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in GitLab by 3.2% in the fourth quarter. Geode Capital Management LLC now owns 2,091,780 shares of the company’s stock valued at $117,908,000 after buying an additional 65,213 shares during the period. 95.04% of the stock is owned by institutional investors.

GitLab Price Performance

Shares of NASDAQ:GTLB opened at $40.97 on Tuesday. The company has a market capitalization of $6.65 billion, a P/E ratio of -128.03 and a beta of 0.79. The business’s 50 day simple moving average is $52.61 and its 200 day simple moving average is $58.12. GitLab Inc. has a 1 year low of $37.90 and a 1 year high of $74.18.

Insider Activity

In other GitLab news, insider Sytse Sijbrandij sold 108,600 shares of the stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $42.87, for a total transaction of $4,655,682.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Matthew Jacobson sold 152,884 shares of the business’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 transaction of $8,001,948.56. Following the completion of the transaction, the director now owns 493,554 shares of the company’s stock, valued at $25,832,616.36. The trade was a 23.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 320,735 shares of company stock worth $16,088,701. 21.36% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have commented on GTLB shares. Royal Bank of Canada reiterated an “outperform” rating and set a $80.00 target price on shares of GitLab in a research report on Tuesday, March 4th. DA Davidson reduced their target price on GitLab from $60.00 to $45.00 and set a “neutral” rating on the stock in a report on Monday, April 14th. Needham & Company LLC reaffirmed a “buy” rating and issued a $85.00 price target on shares of GitLab in a research note on Tuesday, March 4th. Morgan Stanley decreased their price objective on shares of GitLab from $77.00 to $53.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Finally, Barclays cut their target price on shares of GitLab from $70.00 to $58.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 4th. Three equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, GitLab currently has an average rating of “Moderate Buy” and an average target price of $72.64.

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.