Two Sigma Advisers LP Sells 283,300 Shares of GitLab Inc. (NASDAQ:GTLB)

Two Sigma Advisers LP reduced its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 57.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 208,200 shares of the company’s stock after selling 283,300 shares during the period. Two Sigma Advisers LP’s holdings in GitLab were worth $10,731,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Future Financial Wealth Managment LLC purchased a new stake in shares of GitLab in the 3rd quarter worth $52,000. True Wealth Design LLC bought a new stake in GitLab during the third quarter valued at about $56,000. Rakuten Securities Inc. increased its position in GitLab by 268.1% in the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after buying an additional 1,032 shares in the last quarter. Quarry LP raised its stake in shares of GitLab by 527.0% in the second quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after buying an additional 1,502 shares during the period. Finally, Capital Performance Advisors LLP purchased a new position in shares of GitLab during the 3rd quarter valued at about $96,000. 95.04% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CEO Sytse Sijbrandij sold 84,776 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $59.64, for a total value of $5,056,040.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 16,666 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $56.74, for a total value of $945,628.84. Following the transaction, the chief financial officer now 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 disclosure for this sale can be found here. Insiders sold a total of 168,365 shares of company stock worth $9,674,784 over the last three months. 21.36% of the stock is owned by insiders.

GitLab Price Performance

NASDAQ:GTLB opened at $66.73 on Tuesday. The firm has a market capitalization of $10.71 billion, a price-to-earnings ratio of -208.53 and a beta of 0.54. The business has a 50 day simple moving average of $58.22 and a 200-day simple moving average of $52.27. GitLab Inc. has a 1 year low of $40.72 and a 1 year high of $78.53.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Baird R W raised shares of GitLab to a “strong-buy” rating in a report on Tuesday, August 27th. Cantor Fitzgerald raised their price objective on shares of GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday. Bank of America lifted their target price on shares of GitLab from $66.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, September 4th. Needham & Company LLC raised their price target on GitLab from $70.00 to $85.00 and gave the company a “buy” rating in a report on Friday. Finally, Morgan Stanley upped their price objective on GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research note on Friday. Three equities research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $75.88.

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.