Pallas Capital Advisors LLC Sells 591 Shares of GitLab Inc. (NASDAQ:GTLB)

Pallas Capital Advisors LLC trimmed its stake in GitLab Inc. (NASDAQ:GTLB) by 3.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 19,277 shares of the company’s stock after selling 591 shares during the period. Pallas Capital Advisors LLC’s holdings in GitLab were worth $1,086,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of GTLB. Franklin Resources Inc. increased its stake in shares of GitLab by 0.8% in the third quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company’s stock valued at $146,774,000 after buying an additional 21,976 shares during the period. State Street Corp increased its position in GitLab by 5.8% during the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company’s stock valued at $104,740,000 after purchasing an additional 111,997 shares during the period. Geode Capital Management LLC raised its holdings in GitLab by 7.0% during the 3rd quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company’s stock worth $104,476,000 after purchasing an additional 132,548 shares during the last quarter. Fiera Capital Corp lifted its position in shares of GitLab by 1.4% in the 3rd quarter. Fiera Capital Corp now owns 1,259,429 shares of the company’s stock worth $64,911,000 after purchasing an additional 16,961 shares during the period. Finally, Bamco Inc. NY boosted its stake in shares of GitLab by 0.4% in the 3rd quarter. Bamco Inc. NY now owns 1,253,244 shares of the company’s stock valued at $64,592,000 after purchasing an additional 4,874 shares during the last quarter. 95.04% of the stock is owned by institutional investors.

GitLab Stock Down 4.3 %

GitLab stock opened at $57.37 on Tuesday. GitLab Inc. has a 52 week low of $40.72 and a 52 week high of $78.53. The company’s 50 day moving average price is $61.03 and its two-hundred day moving average price is $54.50. The stock has a market cap of $9.31 billion, a P/E ratio of -179.28 and a beta of 0.57.

Insider Activity at GitLab

In other news, CFO Brian G. Robins sold 16,666 shares of the firm’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $56.74, for a total transaction of $945,628.84. Following the completion of the sale, the chief financial officer now directly owns 242,803 shares of the company’s stock, valued at $13,776,642.22. This trade represents a 6.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Susan L. Bostrom sold 20,000 shares of the business’s stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $56.26, for a total transaction of $1,125,200.00. Following the completion of the transaction, the director now directly owns 184,913 shares in the company, valued at $10,403,205.38. This trade represents a 9.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 725,947 shares of company stock valued at $43,246,539. 21.36% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on GTLB shares. Royal Bank of Canada lifted their target price on shares of GitLab from $73.00 to $80.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. The Goldman Sachs Group boosted their price objective on GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a research note on Friday, December 6th. DA Davidson raised their target price on GitLab from $50.00 to $70.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Morgan Stanley boosted their price target on GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $85.00 price objective on shares of GitLab in a research report on Tuesday, January 7th. Three equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, GitLab has a consensus rating of “Moderate Buy” and an average price target of $76.42.

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.