Mitsubishi UFJ Asset Management Co. Ltd. Has $5 Million Stock Position in GitLab Inc. (NASDAQ:GTLB)

Mitsubishi UFJ Asset Management Co. Ltd. trimmed its position in GitLab Inc. (NASDAQ:GTLB) by 30.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 83,604 shares of the company’s stock after selling 35,900 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.05% of GitLab worth $4,996,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC grew its holdings in shares of GitLab by 5,700.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock valued at $29,000 after buying an additional 513 shares during the last quarter. IMG Wealth Management Inc. acquired a new position in GitLab during the 4th quarter valued at about $46,000. Raleigh Capital Management Inc. bought a new stake in GitLab during the 4th quarter worth approximately $66,000. Smartleaf Asset Management LLC raised its stake in shares of GitLab by 1,067.6% in 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 last quarter. Finally, Steward Partners Investment Advisory LLC lifted its holdings in shares of GitLab by 4,273.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,312 shares of the company’s stock valued at $74,000 after purchasing an additional 1,282 shares in the last quarter. 95.04% of the stock is owned by institutional investors and hedge funds.

GitLab Trading Up 1.4 %

Shares of GitLab stock opened at $47.65 on Wednesday. The company’s 50-day moving average price is $61.03 and its 200-day moving average price is $59.11. GitLab Inc. has a 12-month low of $40.72 and a 12-month high of $74.18. The company has a market cap of $7.73 billion, a price-to-earnings ratio of -148.91 and a beta of 0.67.

Insiders Place Their Bets

In other GitLab news, insider Robin Schulman sold 7,330 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $56.98, for a total value of $417,663.40. Following the sale, the insider now owns 121,893 shares of the company’s stock, valued at $6,945,463.14. This trade represents a 5.67 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Matthew Jacobson sold 152,884 shares of the business’s stock in a transaction dated 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 transaction, the director now directly owns 493,554 shares of the company’s stock, valued at $25,832,616.36. The trade was a 23.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 329,216 shares of company stock worth $18,716,292 in the last three months. 21.36% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

GTLB has been the subject of a number of analyst reports. Macquarie reissued an “outperform” rating and issued a $90.00 price target on shares of GitLab in a research report on Tuesday, March 4th. Piper Sandler raised their price target on shares of GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. DA Davidson reduced their price objective on shares of GitLab from $70.00 to $60.00 and set a “neutral” rating for the company in a research report on Friday, February 28th. Truist Financial dropped their target price on shares of GitLab from $90.00 to $80.00 and set a “buy” rating on the stock in a research report on Monday. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $80.00 target price on shares of GitLab in a report on Tuesday, March 4th. Three 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. Based on data from MarketBeat, GitLab currently has an average rating of “Moderate Buy” and a consensus target price of $75.09.

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.