GitLab Inc. (NASDAQ:GTLB) Shares Bought by Advisory Services Network LLC

Advisory Services Network LLC boosted its position in GitLab Inc. (NASDAQ:GTLB - Free Report) by 331.8% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 18,838 shares of the company's stock after purchasing an additional 14,475 shares during the quarter. Advisory Services Network LLC's holdings in GitLab were worth $1,062,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in GitLab by 7.2% during the fourth quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company's stock worth $740,585,000 after buying an additional 885,955 shares during the last quarter. Norges Bank purchased a new position in shares of GitLab during the 4th quarter worth $279,089,000. Artisan Partners Limited Partnership boosted its position in shares of GitLab by 55.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company's stock valued at $227,318,000 after acquiring an additional 1,443,160 shares during the last quarter. Franklin Resources Inc. boosted its holdings in GitLab by 17.6% in the 4th quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company's stock valued at $176,954,000 after purchasing an additional 470,192 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of GitLab by 3.2% during the 4th quarter. Geode Capital Management LLC now owns 2,091,780 shares of the company's stock valued at $117,908,000 after buying an additional 65,213 shares during the period. Hedge funds and other institutional investors own 95.04% of the company's stock.

GitLab Stock Up 1.7 %

Shares of GitLab stock traded up $0.73 on Friday, hitting $42.90. 3,099,786 shares of the company's stock traded hands, compared to its average volume of 2,527,516. The firm's 50-day moving average is $53.18 and its 200 day moving average is $58.06. The stock has a market cap of $6.96 billion, a P/E ratio of -134.06 and a beta of 0.79. GitLab Inc. has a 52-week low of $37.90 and a 52-week high of $74.18.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on GTLB. Morgan Stanley lowered their price target on GitLab from $77.00 to $53.00 and set an "overweight" rating for the company in a report on Wednesday. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $80.00 price objective on shares of GitLab in a research note on Tuesday, March 4th. Robert W. Baird lowered their target price on GitLab from $80.00 to $76.00 and set an "outperform" rating for the company in a report on Monday, March 3rd. Macquarie reissued an "outperform" rating and set a $90.00 price target on shares of GitLab in a research report on Tuesday, March 4th. Finally, Mizuho dropped their price objective on shares of GitLab from $80.00 to $72.00 and set an "outperform" rating for the company in a report on Tuesday, March 4th. Three investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $72.64.

Insiders Place Their Bets

In other GitLab news, Director Susan L. Bostrom sold 40,000 shares of the firm's stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $51.88, for a total value of $2,075,200.00. Following the sale, the director now directly owns 144,913 shares in the company, valued at approximately $7,518,086.44. This trade represents a 21.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $70.83, for a total transaction of $708,300.00. Following the completion of the sale, the chief financial officer now directly owns 267,380 shares in the company, valued at approximately $18,938,525.40. This trade represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 320,735 shares of company stock valued at $16,088,701 in the last ninety days. Corporate insiders own 21.36% of the company's stock.

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.