Oppenheimer Asset Management Inc. Sells 1,397 Shares of GitLab Inc. (NASDAQ:GTLB)

Oppenheimer Asset Management Inc. trimmed its position in shares of GitLab Inc. (NASDAQ:GTLB) by 6.7% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 19,529 shares of the company’s stock after selling 1,397 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in GitLab were worth $1,100,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of GTLB. ARK Investment Management LLC boosted its position in GitLab by 345.2% during the 4th quarter. ARK Investment Management LLC now owns 1,160,502 shares of the company’s stock valued at $65,394,000 after acquiring an additional 899,823 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in shares of GitLab during the third quarter valued at approximately $30,827,000. Atreides Management LP purchased a new position in shares of GitLab during the third quarter valued at approximately $25,605,000. Thrivent Financial for Lutherans lifted its holdings in shares of GitLab by 128.8% during the third quarter. Thrivent Financial for Lutherans now owns 554,455 shares of the company’s stock valued at $28,577,000 after purchasing an additional 312,119 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of GitLab by 6,821.7% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 297,632 shares of the company’s stock valued at $15,340,000 after purchasing an additional 293,332 shares during the last quarter. 95.04% of the stock is owned by institutional investors.

Insider Transactions at GitLab

In other news, CFO Brian G. Robins sold 10,000 shares of the company’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $67.59, for a total value of $675,900.00. Following the completion of the sale, the chief financial officer now directly owns 242,803 shares in the company, valued at $16,411,054.77. This represents a 3.96 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Matthew Jacobson sold 547,679 shares of the company’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $59.72, for a total value of $32,707,389.88. Following the completion of the sale, the director now owns 58,471 shares of the company’s stock, valued at $3,491,888.12. This trade represents a 90.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 740,257 shares of company stock worth $44,710,867 in the last three months. Corporate insiders own 21.36% of the company’s stock.

GitLab Price Performance

NASDAQ:GTLB opened at $62.80 on Wednesday. The firm has a market capitalization of $10.19 billion, a price-to-earnings ratio of -196.25 and a beta of 0.63. GitLab Inc. has a one year low of $40.72 and a one year high of $74.18. The business has a fifty day moving average price of $64.35 and a 200-day moving average price of $58.82.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on GTLB shares. Piper Sandler lifted their target price on shares of GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Needham & Company LLC reiterated a “buy” rating and set a $85.00 target price on shares of GitLab in a report on Tuesday. DA Davidson lowered their target price on shares of GitLab from $70.00 to $60.00 and set a “neutral” rating for the company in a report on Friday, February 28th. Cantor Fitzgerald reiterated an “overweight” rating and set a $80.00 target price on shares of GitLab in a report on Tuesday. Finally, Robert W. Baird decreased their price objective on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a report on Monday. Three equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $75.38.

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.