Wells Fargo & Company MN Has $9.48 Million Stock Position in GitLab Inc. (NASDAQ:GTLB)

Wells Fargo & Company MN lessened its position in GitLab Inc. (NASDAQ:GTLB) by 13.6% in the fourth quarter, HoldingsChannel reports. The fund owned 168,218 shares of the company’s stock after selling 26,548 shares during the quarter. Wells Fargo & Company MN’s holdings in GitLab were worth $9,479,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Barclays PLC grew its position in GitLab by 189.1% in the 3rd quarter. Barclays PLC now owns 61,419 shares of the company’s stock valued at $3,164,000 after purchasing an additional 40,171 shares during the period. Oddo BHF Asset Management Sas acquired a new position in shares of GitLab during the third quarter valued at about $6,865,000. Swiss National Bank increased its position in shares of GitLab by 3.7% during the fourth quarter. Swiss National Bank now owns 215,000 shares of the company’s stock worth $12,115,000 after acquiring an additional 7,700 shares in the last quarter. Barton Investment Management raised its holdings in shares of GitLab by 99.4% in the 4th quarter. Barton Investment Management now owns 335,648 shares of the company’s stock worth $18,914,000 after acquiring an additional 167,290 shares during the last quarter. Finally, Jackson Square Capital LLC lifted its position in GitLab by 328.1% in the 4th quarter. Jackson Square Capital LLC now owns 36,600 shares of the company’s stock valued at $2,062,000 after acquiring an additional 28,050 shares in the last quarter. Institutional investors own 95.04% of the company’s stock.

GitLab Trading Down 3.4 %

Shares of GTLB stock opened at $42.17 on Thursday. GitLab Inc. has a 12 month low of $37.90 and a 12 month high of $74.18. The stock has a market capitalization of $6.84 billion, a P/E ratio of -131.78 and a beta of 0.79. The firm’s 50 day moving average is $54.26 and its 200 day moving average is $58.17.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on GTLB. Needham & Company LLC reissued a “buy” rating and issued a $85.00 price objective on shares of GitLab in a research note on Tuesday, March 4th. Robert W. Baird dropped their price objective on GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a research note on Monday, March 3rd. Mizuho reduced their target price on shares of GitLab from $80.00 to $72.00 and set an “outperform” rating for the company in a research note on Tuesday, March 4th. Barclays dropped their price target on shares of GitLab from $70.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 4th. Finally, Macquarie reaffirmed an “outperform” rating and issued a $90.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. Three investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $73.55.

Insiders Place Their Bets

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $70.83, for a total transaction of $708,300.00. Following the completion of the transaction, the chief financial officer now owns 267,380 shares of the company’s stock, valued at $18,938,525.40. The trade was a 3.61 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Sytse Sijbrandij sold 108,600 shares of the stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $42.87, for a total transaction of $4,655,682.00. The disclosure for this sale can be found here. Insiders have sold a total of 329,986 shares of company stock worth $16,690,016 over the last 90 days. Corporate insiders own 21.36% of the company’s stock.

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.