Avanza Fonder AB acquired a new position in GitLab Inc. (NASDAQ:GTLB - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 4,938 shares of the company's stock, valued at approximately $278,000.
Other institutional investors have also recently bought and sold shares of the company. Franklin Resources Inc. raised its position 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 in the last quarter. State Street Corp raised its holdings in GitLab by 5.8% in the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company's stock valued at $104,740,000 after acquiring an additional 111,997 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of GitLab by 7.0% during the 3rd quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company's stock valued at $104,476,000 after acquiring an additional 132,548 shares during the period. Fiera Capital Corp grew its holdings in shares of GitLab by 1.4% during 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 in the last quarter. Finally, Bamco Inc. NY increased its position in shares of GitLab by 0.4% in the third quarter. Bamco Inc. NY now owns 1,253,244 shares of the company's stock worth $64,592,000 after purchasing an additional 4,874 shares during the period. Institutional investors own 95.04% of the company's stock.
Analyst Upgrades and Downgrades
Several equities research analysts recently weighed in on the stock. Truist Financial reaffirmed a "buy" rating and set a $90.00 price objective (up previously from $80.00) on shares of GitLab in a research report on Friday, December 6th. Cantor Fitzgerald upped their price target on shares of GitLab from $75.00 to $80.00 and gave the stock an "overweight" rating in a report on Friday, December 6th. Scotiabank lifted their price objective on shares of GitLab from $65.00 to $75.00 and gave the company a "sector outperform" rating in a research note on Wednesday, December 4th. DA Davidson boosted their price objective on shares of GitLab from $50.00 to $70.00 and gave the company a "neutral" rating in a research report on Friday, December 6th. Finally, Robert W. Baird raised their target price on GitLab from $62.00 to $75.00 and gave the company an "outperform" rating in a report on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, GitLab presently has an average rating of "Moderate Buy" and an average target price of $76.42.
View Our Latest Stock Report on GTLB
Insiders Place Their Bets
In other news, CFO Brian G. Robins sold 16,666 shares of GitLab stock in a transaction 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 completion of the sale, the chief financial officer now owns 242,803 shares in the company, valued at $13,776,642.22. The trade was a 6.42 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Robin Schulman sold 2,996 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $55.98, for a total transaction of $167,716.08. Following the transaction, the insider now directly owns 129,223 shares in the company, valued at approximately $7,233,903.54. This represents a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 816,447 shares of company stock worth $48,948,434. Company insiders own 21.36% of the company's stock.
GitLab Stock Performance
Shares of NASDAQ:GTLB traded down $1.18 during trading on Monday, reaching $63.02. The stock had a trading volume of 1,730,922 shares, compared to its average volume of 2,298,061. GitLab Inc. has a 52 week low of $40.72 and a 52 week high of $78.53. The firm's fifty day moving average is $61.30 and its 200 day moving average is $54.82. The stock has a market cap of $10.23 billion, a price-to-earnings ratio of -196.94 and a beta of 0.57.
About GitLab
(
Free Report)
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.
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