Sei Investments Co. Increases Stock Position in GitLab Inc. (NASDAQ:GTLB)

Sei Investments Co. increased its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 69.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 414,518 shares of the company’s stock after purchasing an additional 169,240 shares during the period. Sei Investments Co.’s holdings in GitLab were worth $23,358,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of GTLB. Charles Schwab Investment Management Inc. lifted its stake in shares of GitLab by 8.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 751,415 shares of the company’s stock worth $38,728,000 after purchasing an additional 57,381 shares during the last quarter. Cerity Partners LLC lifted its position in shares of GitLab by 772.3% during the third quarter. Cerity Partners LLC now owns 56,307 shares of the company’s stock valued at $2,902,000 after buying an additional 49,852 shares during the last quarter. Bank of Montreal Can boosted its holdings in shares of GitLab by 360.4% in the 3rd quarter. Bank of Montreal Can now owns 59,200 shares of the company’s stock valued at $3,058,000 after buying an additional 46,343 shares in the last quarter. Qsemble Capital Management LP grew its position in shares of GitLab by 41.7% in the 3rd quarter. Qsemble Capital Management LP now owns 23,256 shares of the company’s stock worth $1,199,000 after buying an additional 6,846 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in shares of GitLab by 5.1% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 29,377 shares of the company’s stock worth $1,514,000 after acquiring an additional 1,417 shares in the last quarter. 95.04% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Matthew Jacobson sold 152,884 shares of the company’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 completion of the transaction, the director now owns 493,554 shares of the company’s stock, valued at approximately $25,832,616.36. This represents a 23.65 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Brian G. Robins sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $56.24, for a total value of $562,400.00. Following the completion of the sale, the chief financial officer now directly owns 267,380 shares in the company, valued at approximately $15,037,451.20. The trade was a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 349,216 shares of company stock valued at $19,841,492. Corporate insiders own 21.36% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on GTLB shares. Needham & Company LLC restated a “buy” rating and issued a $85.00 target price on shares of GitLab in a research note on Tuesday, March 4th. Wells Fargo & Company boosted their target price on GitLab from $80.00 to $85.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. Barclays decreased their price target on GitLab from $70.00 to $58.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 4th. DA Davidson dropped their price target on GitLab from $70.00 to $60.00 and set a “neutral” rating on the stock in a research note on Friday, February 28th. Finally, The Goldman Sachs Group upped their price objective on shares of GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a report on Friday, December 6th. Three analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, GitLab has an average rating of “Moderate Buy” and an average price target of $75.52.

GitLab Trading Down 3.3 %

GitLab stock opened at $51.40 on Thursday. The firm has a market cap of $8.34 billion, a PE ratio of -160.63 and a beta of 0.67. The stock’s 50 day simple moving average is $62.27 and its two-hundred day simple moving average is $59.26. GitLab Inc. has a 12 month low of $40.72 and a 12 month high of $74.18.

GitLab Company 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.