Orion Portfolio Solutions LLC Trims Holdings in GitLab Inc. (NASDAQ:GTLB)

Orion Portfolio Solutions LLC lowered its position in shares of GitLab Inc. (NASDAQ:GTLB) by 1.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 31,275 shares of the company’s stock after selling 553 shares during the quarter. Orion Portfolio Solutions LLC’s holdings in GitLab were worth $1,762,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. EverSource Wealth Advisors LLC lifted its stake in shares of 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 buying an additional 513 shares in the last quarter. IMG Wealth Management Inc. purchased a new position in shares of GitLab in the fourth quarter valued at about $46,000. Raleigh Capital Management Inc. bought a new position in shares of GitLab in the fourth quarter worth about $66,000. Smartleaf Asset Management LLC grew its position 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 in the last quarter. Finally, Steward Partners Investment Advisory LLC lifted 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 purchasing an additional 1,282 shares in the last quarter. 95.04% of the stock is currently owned by institutional investors.

Insider Activity

In other GitLab news, Director Karen Blasing sold 6,500 shares of the stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $63.19, for a total value of $410,735.00. Following the completion of the sale, the director now directly owns 128,233 shares in the company, valued at approximately $8,103,043.27. This trade represents a 4.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Sytse Sijbrandij sold 84,000 shares of the business’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $62.99, for a total value of $5,291,160.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 311,886 shares of company stock worth $17,736,229. Insiders own 21.36% of the company’s stock.

GitLab Trading Up 1.4 %

Shares of NASDAQ:GTLB opened at $48.33 on Thursday. The company has a market capitalization of $7.84 billion, a PE ratio of -151.03 and a beta of 0.67. GitLab Inc. has a 12-month low of $40.72 and a 12-month high of $74.18. The business’s fifty day simple moving average is $60.72 and its 200-day simple moving average is $59.04.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Barclays reduced their price target 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. Needham & Company LLC reissued a “buy” rating and set a $85.00 price target on shares of GitLab in a research note on Tuesday, March 4th. Truist Financial reduced their price objective on GitLab from $90.00 to $80.00 and set a “buy” rating on the stock in a research note on Monday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $80.00 price objective on shares of GitLab in a report on Tuesday, March 4th. Finally, KeyCorp raised their target price on shares of GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $75.09.

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.