Orion Portfolio Solutions LLC Sells 2,039 Shares of GitLab Inc. (NASDAQ:GTLB)

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

Other institutional investors also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC grew its position in GitLab by 5.6% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 67,474 shares of the company’s stock valued at $3,355,000 after buying an additional 3,570 shares during the period. Sumitomo Mitsui Trust Holdings Inc. bought a new position in shares of GitLab during the 2nd quarter valued at approximately $214,000. Values First Advisors Inc. purchased a new stake in shares of GitLab during the 2nd quarter worth approximately $470,000. Washington Capital Management Inc. purchased a new stake in shares of GitLab during the 2nd quarter worth approximately $398,000. Finally, Neo Ivy Capital Management bought a new stake in shares of GitLab in the 2nd quarter worth approximately $3,672,000. 95.04% of the stock is owned by institutional investors.

Insider Transactions at GitLab

In other news, CAO Erin Mannix sold 1,433 shares of the company’s stock in a transaction dated 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 transaction, the chief accounting officer now directly owns 72,448 shares in the company, valued at approximately $3,825,254.40. This represents a 1.94 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Brian G. Robins sold 10,000 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $67.59, for a total value of $675,900.00. Following the transaction, the chief financial officer now directly owns 242,803 shares in the company, valued at approximately $16,411,054.77. This represents a 3.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 178,365 shares of company stock valued at $10,350,684 in the last quarter. Insiders own 21.36% of the company’s stock.

Analyst Upgrades and Downgrades

GTLB has been the subject of several research reports. Canaccord Genuity Group increased their price objective on GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a report on Friday, December 6th. TD Cowen increased 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. Piper Sandler boosted their price objective on GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Macquarie started coverage on shares of GitLab in a report on Thursday. They set an “outperform” rating and a $90.00 price objective on the stock. Finally, Cantor Fitzgerald lifted their target price 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. Three 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 stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $76.42.

GitLab Trading Down 4.0 %

GTLB stock opened at $58.60 on Friday. GitLab Inc. has a 1-year low of $40.72 and a 1-year high of $78.53. The stock has a market cap of $9.41 billion, a price-to-earnings ratio of -183.13 and a beta of 0.54. The company’s 50 day moving average is $58.91 and its 200 day moving average is $52.43.

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.