Pier Capital LLC Lowers Stock Position in GitLab Inc. (NASDAQ:GTLB)

Pier Capital LLC cut its position in shares of GitLab Inc. (NASDAQ:GTLB) by 20.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 87,328 shares of the company’s stock after selling 22,702 shares during the quarter. Pier Capital LLC owned approximately 0.05% of GitLab worth $4,501,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Bank of Marin lifted its position in shares of GitLab by 3.0% during the 3rd quarter. Bank of Marin now owns 5,856 shares of the company’s stock worth $302,000 after buying an additional 171 shares in the last quarter. Moloney Securities Asset Management LLC lifted its holdings in GitLab by 4.9% during the second quarter. Moloney Securities Asset Management LLC now owns 6,400 shares of the company’s stock worth $318,000 after acquiring an additional 300 shares during the period. Glenmede Trust Co. NA boosted its position in GitLab by 3.0% in the third 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 grew its stake in GitLab by 26.3% in the 2nd quarter. Canton Hathaway LLC now owns 2,086 shares of the company’s stock valued at $104,000 after purchasing an additional 435 shares during the period. Finally, Blue Trust Inc. grew its stake in GitLab by 18.2% in the 3rd quarter. Blue Trust Inc. now owns 3,166 shares of the company’s stock valued at $157,000 after purchasing an additional 488 shares during the period. 91.72% of the stock is currently owned by hedge funds and other institutional investors.

GitLab Price Performance

Shares of NASDAQ:GTLB opened at $67.19 on Friday. The company has a market cap of $10.78 billion, a price-to-earnings ratio of -209.97 and a beta of 0.54. GitLab Inc. has a one year low of $40.72 and a one year high of $78.53. The firm has a fifty day moving average price of $57.91 and a two-hundred day moving average price of $52.24.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Bank of America boosted their price target on shares of GitLab from $66.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. UBS Group lifted their price objective on shares of GitLab from $62.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Robert W. Baird increased their target price on shares of GitLab from $62.00 to $75.00 and gave the company an “outperform” rating in a research report on Friday. Canaccord Genuity Group lifted their price target on shares of GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a report on Friday. Finally, JPMorgan Chase & Co. upped their price objective on GitLab from $60.00 to $65.00 and gave the company a “neutral” rating in a research note on Friday. Three equities research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $74.56.

Insider Activity

In related news, CFO Brian G. Robins sold 16,668 shares of the firm’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $53.67, for a total transaction of $894,571.56. Following the sale, the chief financial officer now owns 250,109 shares of the company’s stock, valued at $13,423,350.03. This trade represents a 6.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Sytse Sijbrandij sold 56,000 shares of GitLab stock in a transaction dated 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 three months, insiders have sold 185,033 shares of company stock worth $10,569,356. 21.36% of the stock is currently owned by company insiders.

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.