Bryce Point Capital LLC Invests $473,000 in GitLab Inc. (NASDAQ:GTLB)

Bryce Point Capital LLC purchased a new position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 8,398 shares of the company's stock, valued at approximately $473,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank acquired a new position in shares of GitLab during the 4th quarter valued at about $279,089,000. Artisan Partners Limited Partnership boosted its stake 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 buying an additional 1,443,160 shares during the last quarter. Alliancebernstein L.P. grew its holdings in GitLab by 4,042.0% during the 4th quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company's stock worth $82,011,000 after acquiring an additional 1,420,248 shares in the last quarter. ARK Investment Management LLC raised its stake in GitLab by 345.2% during the fourth quarter. ARK Investment Management LLC now owns 1,160,502 shares of the company's stock valued at $65,394,000 after buying an additional 899,823 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in GitLab by 7.2% in the fourth quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company's stock worth $740,585,000 after purchasing an additional 885,955 shares during the period. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

GitLab Trading Down 6.4 %

Shares of GitLab stock traded down $2.95 during midday trading on Thursday, reaching $43.35. The company had a trading volume of 1,519,619 shares, compared to its average volume of 2,477,241. The stock has a fifty day simple moving average of $57.15 and a 200 day simple moving average of $58.53. GitLab Inc. has a 1-year low of $37.90 and a 1-year high of $74.18. The company has a market capitalization of $7.04 billion, a price-to-earnings ratio of -135.31 and a beta of 0.79.

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Insider Activity

In other GitLab news, Director Matthew Jacobson sold 152,884 shares of the company's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $52.34, for a total transaction of $8,001,948.56. Following the completion of the sale, the director now owns 493,554 shares in the company, valued at approximately $25,832,616.36. The trade was a 23.65 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Karen Blasing sold 6,500 shares of the firm's stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $63.19, for a total value of $410,735.00. Following the completion of the transaction, the director now owns 128,233 shares in the company, valued at $8,103,043.27. This represents a 4.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 311,886 shares of company stock valued at $17,736,229. Company insiders own 21.36% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on GTLB shares. Truist Financial cut their price target on GitLab from $90.00 to $80.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Barclays reduced their price target on shares of GitLab from $70.00 to $58.00 and set an "equal weight" rating for the company in a research report on Tuesday, March 4th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $80.00 price target on shares of GitLab in a research note on Tuesday, March 4th. Cantor Fitzgerald reissued an "overweight" rating and issued a $80.00 target price on shares of GitLab in a research report on Tuesday, March 4th. Finally, JPMorgan Chase & Co. cut their target price on GitLab from $65.00 to $62.00 and set a "neutral" rating on the stock in a report on Tuesday, March 4th. Three equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $75.09.

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.