Prudential Financial Inc. Has $13.43 Million Stake in GitLab Inc. (NASDAQ:GTLB)

Prudential Financial Inc. reduced its holdings in GitLab Inc. (NASDAQ:GTLB) by 70.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 224,422 shares of the company’s stock after selling 547,537 shares during the quarter. Prudential Financial Inc. owned approximately 0.14% of GitLab worth $13,426,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of GTLB. Congress Wealth Management LLC DE acquired a new position in GitLab in the fourth quarter worth $424,000. Vanguard Group Inc. raised its holdings in shares of GitLab by 7.2% in the fourth quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company’s stock valued at $740,585,000 after buying an additional 885,955 shares during the last quarter. Stevens Capital Management LP acquired a new position in GitLab during the 4th quarter worth about $274,000. LPL Financial LLC lifted its position in GitLab by 67.8% during the 4th quarter. LPL Financial LLC now owns 36,549 shares of the company’s stock worth $2,060,000 after buying an additional 14,765 shares in the last quarter. Finally, Fox Run Management L.L.C. grew its holdings in GitLab by 6.3% during the 4th quarter. Fox Run Management L.L.C. now owns 19,688 shares of the company’s stock worth $1,109,000 after acquiring an additional 1,173 shares during the last quarter. 95.04% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on GTLB. Needham & Company LLC reiterated a “buy” rating and set a $85.00 target price on shares of GitLab in a research report on Tuesday, March 4th. The Goldman Sachs Group upped their price objective on GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Piper Sandler lifted their target price on GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. KeyCorp boosted their target price on GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Finally, JPMorgan Chase & Co. decreased their price target on GitLab from $65.00 to $62.00 and set a “neutral” rating on the stock in a report on Tuesday, March 4th. Three analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $75.52.

Insider Activity

In related news, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $56.24, for a total value of $562,400.00. Following the sale, the chief financial officer now owns 267,380 shares of the company’s stock, valued at approximately $15,037,451.20. This trade represents a 3.61 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Matthew Jacobson sold 152,884 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $52.34, for a total value of $8,001,948.56. Following the transaction, the director now directly owns 493,554 shares of the company’s stock, valued at approximately $25,832,616.36. This trade represents a 23.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 349,216 shares of company stock worth $19,841,492 over the last three months. Corporate insiders own 21.36% of the company’s stock.

GitLab Trading Down 2.4 %

GTLB opened at $50.18 on Friday. The firm’s fifty day simple moving average is $61.99 and its 200 day simple moving average is $59.20. The stock has a market capitalization of $8.14 billion, a P/E ratio of -156.81 and a beta of 0.67. GitLab Inc. has a 12 month low of $40.72 and a 12 month high of $74.18.

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.