Renaissance Technologies LLC Sells 546,900 Shares of GitLab Inc. (NASDAQ:GTLB)

Renaissance Technologies LLC decreased its stake in shares of GitLab Inc. (NASDAQ:GTLB) by 54.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 460,870 shares of the company’s stock after selling 546,900 shares during the period. Renaissance Technologies LLC owned approximately 0.28% of GitLab worth $25,970,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in GTLB. EverSource Wealth Advisors LLC increased its holdings in GitLab by 5,700.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after purchasing an additional 513 shares in the last quarter. IMG Wealth Management Inc. acquired a new position in shares of GitLab during the fourth quarter worth about $46,000. Raleigh Capital Management Inc. bought a new position in shares of GitLab during the fourth quarter worth about $66,000. Smartleaf Asset Management LLC raised its position in GitLab by 1,067.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock valued at $71,000 after buying an additional 1,153 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC lifted its stake 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 valued at $74,000 after acquiring an additional 1,282 shares in the last quarter. 95.04% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently weighed in on GTLB. JPMorgan Chase & Co. decreased their price target on shares of GitLab from $65.00 to $62.00 and set a “neutral” rating for the company in a research note on Tuesday, March 4th. Wells Fargo & Company raised their target price on shares of GitLab from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. Truist Financial lowered their price target on shares of GitLab from $90.00 to $80.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. Needham & Company LLC restated a “buy” rating and set a $85.00 price objective on shares of GitLab in a research note on Tuesday, March 4th. Finally, Barclays lowered their target price on GitLab from $70.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 4th. Three analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $75.32.

GitLab Stock Down 2.5 %

Shares of NASDAQ:GTLB opened at $41.92 on Friday. GitLab Inc. has a 12-month low of $37.90 and a 12-month high of $74.18. The business has a 50 day moving average of $56.00 and a 200-day moving average of $58.40. The stock has a market cap of $6.80 billion, a PE ratio of -131.00 and a beta of 0.79.

Insider Activity at GitLab

In other news, Director Karen Blasing sold 6,500 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $63.19, for a total transaction of $410,735.00. Following the transaction, the director now directly owns 128,233 shares of the company’s stock, valued at approximately $8,103,043.27. This trade represents a 4.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Sytse Sijbrandij sold 84,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The shares were 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. Insiders sold 311,886 shares of company stock worth $17,736,229 in the last ninety days. 21.36% of the stock is owned by company 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.