Sanctuary Advisors LLC Cuts Stock Position in GitLab Inc. (NASDAQ:GTLB)

Sanctuary Advisors LLC reduced its position in GitLab Inc. (NASDAQ:GTLB) by 5.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,560 shares of the company’s stock after selling 685 shares during the quarter. Sanctuary Advisors LLC’s holdings in GitLab were worth $651,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. True Wealth Design LLC purchased a new position in shares of GitLab in the 3rd quarter worth about $56,000. Raleigh Capital Management Inc. purchased a new position in shares of GitLab in the 4th quarter worth about $66,000. Rakuten Securities Inc. boosted its holdings in GitLab by 268.1% during the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after acquiring an additional 1,032 shares during the period. Capital Performance Advisors LLP purchased a new stake in GitLab during the 3rd quarter valued at about $96,000. Finally, Wilmington Savings Fund Society FSB purchased a new stake in GitLab during the 3rd quarter valued at about $98,000. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

GitLab Stock Up 0.3 %

GTLB stock opened at $60.21 on Friday. GitLab Inc. has a twelve month low of $40.72 and a twelve month high of $76.41. The firm has a market cap of $9.77 billion, a PE ratio of -188.16 and a beta of 0.63. The business has a 50 day moving average of $64.38 and a 200 day moving average of $58.40.

Insider Activity at GitLab

In other GitLab news, insider Robin Schulman sold 2,996 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $55.98, for a total transaction of $167,716.08. Following the sale, the insider now directly owns 129,223 shares in the company, valued at approximately $7,233,903.54. This trade represents a 2.27 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Sytse Sijbrandij sold 84,000 shares of the stock in a transaction 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 a total of 740,257 shares of company stock valued at $44,710,867 in the last 90 days. Corporate insiders own 21.36% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on GTLB. Robert W. Baird increased their target price on GitLab from $62.00 to $75.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Macquarie restated an “outperform” rating and set a $90.00 target price on shares of GitLab in a report on Wednesday, January 15th. JPMorgan Chase & Co. upped their price target on GitLab from $60.00 to $65.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Royal Bank of Canada upped their price target on GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. Finally, Piper Sandler upped their price target on GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Three equities 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. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $76.23.

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.