Orion Portfolio Solutions LLC Has $1.64 Million Position in GitLab Inc. (NASDAQ:GTLB)

Orion Portfolio Solutions LLC lessened its holdings in GitLab Inc. (NASDAQ:GTLB) by 6.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 31,828 shares of the company’s stock after selling 2,039 shares during the quarter. Orion Portfolio Solutions LLC’s holdings in GitLab were worth $1,640,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Bank of Marin raised its stake in shares of GitLab by 3.0% during the third quarter. Bank of Marin now owns 5,856 shares of the company’s stock valued at $302,000 after acquiring an additional 171 shares during the last quarter. Moloney Securities Asset Management LLC increased its holdings in GitLab by 4.9% in the second quarter. Moloney Securities Asset Management LLC now owns 6,400 shares of the company’s stock valued at $318,000 after purchasing an additional 300 shares during the period. Glenmede Trust Co. NA raised its position in GitLab by 3.0% during the 3rd quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company’s stock worth $596,000 after purchasing an additional 334 shares during the last quarter. Canton Hathaway LLC lifted its holdings in GitLab by 26.3% during the 2nd quarter. Canton Hathaway LLC now owns 2,086 shares of the company’s stock worth $104,000 after buying an additional 435 shares during the period. Finally, Blue Trust Inc. lifted its holdings in GitLab by 18.2% during the 3rd quarter. Blue Trust Inc. now owns 3,166 shares of the company’s stock worth $157,000 after buying an additional 488 shares during the period. 95.04% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at GitLab

In other news, CAO Erin Mannix sold 1,433 shares of the stock in a transaction that occurred 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. This represents a 1.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Sytse Sijbrandij sold 56,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total value of $3,062,080.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 178,365 shares of company stock valued at $10,350,684. 21.36% of the stock is owned by corporate insiders.

GitLab Trading Down 4.0 %

GitLab stock opened at $58.60 on Friday. The firm’s fifty day moving average price is $58.91 and its two-hundred day moving average price is $52.43. The firm has a market capitalization of $9.41 billion, a price-to-earnings ratio of -183.13 and a beta of 0.54. GitLab Inc. has a 1-year low of $40.72 and a 1-year high of $78.53.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on GTLB. Scotiabank raised their price objective on GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, December 4th. Bank of America increased their target price on shares of GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, September 4th. Baird R W upgraded shares of GitLab to a “strong-buy” rating in a research report on Tuesday, August 27th. Truist Financial reiterated a “buy” rating and set a $90.00 price objective (up from $80.00) on shares of GitLab in a research report on Friday, December 6th. Finally, UBS Group boosted their target price on shares of GitLab from $62.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Three research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, GitLab currently has a consensus rating of “Moderate Buy” and a consensus target price of $76.42.

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.