Artisan Partners Limited Partnership Increases Holdings in GitLab Inc. (NASDAQ:GTLB)

Artisan Partners Limited Partnership boosted its position in GitLab Inc. (NASDAQ:GTLB - Free Report) by 55.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,034,041 shares of the company's stock after acquiring an additional 1,443,160 shares during the quarter. Artisan Partners Limited Partnership owned 2.49% of GitLab worth $227,318,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in GTLB. Charles Schwab Investment Management Inc. increased its position in shares of GitLab by 8.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 751,415 shares of the company's stock valued at $38,728,000 after purchasing an additional 57,381 shares during the last quarter. Cerity Partners LLC boosted its stake in GitLab by 772.3% in the third quarter. Cerity Partners LLC now owns 56,307 shares of the company's stock worth $2,902,000 after buying an additional 49,852 shares in the last quarter. Bank of Montreal Can grew its position in GitLab by 360.4% during the third quarter. Bank of Montreal Can now owns 59,200 shares of the company's stock valued at $3,058,000 after acquiring an additional 46,343 shares during the last quarter. Qsemble Capital Management LP raised its stake in shares of GitLab by 41.7% during the third quarter. Qsemble Capital Management LP now owns 23,256 shares of the company's stock worth $1,199,000 after acquiring an additional 6,846 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of GitLab by 5.1% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 29,377 shares of the company's stock worth $1,514,000 after acquiring an additional 1,417 shares during the last quarter. Hedge funds and other institutional investors own 95.04% of the company's stock.

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GitLab Price Performance

GTLB stock traded down $1.80 on Friday, reaching $48.38. 1,851,502 shares of the company traded hands, compared to its average volume of 2,426,612. The firm has a fifty day simple moving average of $61.70 and a 200-day simple moving average of $59.18. The company has a market cap of $7.85 billion, a P/E ratio of -151.19 and a beta of 0.67. GitLab Inc. has a one year low of $40.72 and a one year high of $74.18.

Insider Activity

In other news, Director Susan L. Bostrom sold 20,000 shares of the stock in a transaction that occurred on Tuesday, December 31st. The shares were sold at an average price of $56.26, for a total transaction of $1,125,200.00. Following the sale, the director now owns 184,913 shares in the company, valued at $10,403,205.38. This represents a 9.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Karen Blasing sold 6,500 shares of the business's stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $63.19, for a total transaction of $410,735.00. Following the completion of the transaction, the director now owns 128,233 shares of the company's stock, valued at approximately $8,103,043.27. The trade was a 4.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 349,216 shares of company stock worth $19,841,492 over the last three months. 21.36% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have weighed in on GTLB shares. Wells Fargo & Company boosted their price target on shares of GitLab from $80.00 to $85.00 and gave the stock an "overweight" rating in a research note on Thursday, February 20th. Truist Financial restated a "buy" rating and issued a $90.00 target price (up previously from $80.00) on shares of GitLab in a report on Friday, December 6th. Scotiabank upped their price target on shares of GitLab from $65.00 to $75.00 and gave the company a "sector outperform" rating in a report on Wednesday, December 4th. Macquarie reiterated an "outperform" rating and set a $90.00 target price on shares of GitLab in a report on Tuesday, March 4th. Finally, KeyCorp upped their price target on GitLab from $74.00 to $80.00 and gave the company an "overweight" rating in a research report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, GitLab presently has an average rating of "Moderate Buy" and an average price target of $75.52.

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.