Integrated Wealth Concepts LLC Sells 1,145 Shares of GitLab Inc. (NASDAQ:GTLB)

Integrated Wealth Concepts LLC lessened its position in GitLab Inc. (NASDAQ:GTLB) by 21.4% in the third quarter, HoldingsChannel reports. The fund owned 4,195 shares of the company’s stock after selling 1,145 shares during the quarter. Integrated Wealth Concepts LLC’s holdings in GitLab were worth $216,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Fiera Capital Corp lifted its holdings in shares of GitLab by 1.4% in the 3rd quarter. Fiera Capital Corp now owns 1,259,429 shares of the company’s stock worth $64,911,000 after purchasing an additional 16,961 shares in the last quarter. Bamco Inc. NY lifted its stake in shares of GitLab by 0.4% in the third quarter. Bamco Inc. NY now owns 1,253,244 shares of the company’s stock valued at $64,592,000 after buying an additional 4,874 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of GitLab by 168.8% during the second quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company’s stock valued at $59,196,000 after buying an additional 747,712 shares during the last quarter. Primecap Management Co. CA increased its position in shares of GitLab by 269.5% during the second quarter. Primecap Management Co. CA now owns 827,040 shares of the company’s stock worth $41,120,000 after acquiring an additional 603,200 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of GitLab by 8.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 751,415 shares of the company’s stock worth $38,728,000 after acquiring an additional 57,381 shares during the last quarter. Institutional investors own 95.04% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. UBS Group boosted their price objective on GitLab from $62.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Bank of America boosted their price objective on GitLab from $66.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Cantor Fitzgerald lifted their price objective on shares of GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Scotiabank increased their price objective on GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a report on Wednesday, December 4th. Finally, Wells Fargo & Company upped their price objective on shares of GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $76.42.

GitLab Price Performance

Shares of GTLB stock opened at $58.60 on Friday. The business has a 50-day moving average of $58.91 and a 200 day moving average of $52.43. GitLab Inc. has a 1-year low of $40.72 and a 1-year high of $78.53. The stock has a market capitalization of $9.41 billion, a PE ratio of -183.13 and a beta of 0.54.

Insider Buying and Selling at GitLab

In other news, CEO Sytse Sijbrandij sold 56,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $54.68, for a total transaction of $3,062,080.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Erin Mannix sold 1,433 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $52.80, for a total value of $75,662.40. Following the completion of the sale, the chief accounting officer now directly owns 72,448 shares of the company’s stock, valued at $3,825,254.40. The trade was a 1.94 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 178,365 shares of company stock worth $10,350,684. 21.36% of the stock is currently owned by 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.