Tran Capital Management L.P. Sells 22,452 Shares of GitLab Inc. (NASDAQ:GTLB)

Tran Capital Management L.P. decreased its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 6.0% during the fourth quarter, Holdings Channel.com reports. The firm owned 351,178 shares of the company’s stock after selling 22,452 shares during the period. GitLab accounts for about 2.2% of Tran Capital Management L.P.’s portfolio, making the stock its 20th largest position. Tran Capital Management L.P.’s holdings in GitLab were worth $19,789,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Future Financial Wealth Managment LLC purchased a new stake in shares of GitLab during the 3rd quarter valued at about $52,000. True Wealth Design LLC bought a new stake in shares of GitLab in the 3rd quarter valued at approximately $56,000. Raleigh Capital Management Inc. purchased a new position in shares of GitLab in the 4th quarter worth approximately $66,000. Rakuten Securities Inc. increased its position in shares of 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 purchasing an additional 1,032 shares during the last quarter. Finally, Quarry LP raised its holdings in GitLab by 527.0% during the 2nd quarter. Quarry LP now owns 1,787 shares of the company’s stock valued at $89,000 after buying an additional 1,502 shares during the period. Institutional investors own 95.04% of the company’s stock.

GitLab Stock Up 1.3 %

Shares of NASDAQ:GTLB opened at $64.79 on Friday. The firm has a 50 day moving average of $61.66 and a 200 day moving average of $55.18. The company has a market capitalization of $10.52 billion, a price-to-earnings ratio of -202.47 and a beta of 0.57. GitLab Inc. has a 52 week low of $40.72 and a 52 week high of $78.53.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on GTLB shares. Macquarie reiterated an “outperform” rating and set a $90.00 price objective on shares of GitLab in a research report on Wednesday, January 15th. Piper Sandler upped their price target on shares of GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Cantor Fitzgerald raised their price objective on shares of GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Wells Fargo & Company upped their target price on GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Finally, TD Cowen raised their price target on GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, November 21st. 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, GitLab presently has an average rating of “Moderate Buy” and an average price target of $76.42.

Insider Activity

In other news, CFO Brian G. Robins sold 16,666 shares of the firm’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $56.74, for a total value of $945,628.84. Following the sale, the chief financial officer now directly owns 242,803 shares in the company, valued at approximately $13,776,642.22. This trade represents a 6.42 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sytse Sijbrandij sold 84,776 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $59.64, for a total transaction of $5,056,040.64. The disclosure for this sale can be found here. In the last three months, insiders have sold 825,698 shares of company stock worth $49,549,749. 21.36% of the stock is currently owned by company insiders.

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.