Essential Planning LLC. purchased a new stake in GitLab Inc. (NASDAQ:GTLB - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 52,000 shares of the company's stock, valued at approximately $3,026,000.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Y Intercept Hong Kong Ltd acquired a new position in GitLab in the 3rd quarter valued at approximately $678,000. State Street Corp increased its position in shares of GitLab by 5.8% during the third quarter. State Street Corp now owns 2,032,206 shares of the company's stock worth $104,740,000 after buying an additional 111,997 shares during the period. Barclays PLC increased its position in shares of GitLab by 189.1% during the third quarter. Barclays PLC now owns 61,419 shares of the company's stock worth $3,164,000 after buying an additional 40,171 shares during the period. Oddo BHF Asset Management Sas acquired a new stake in shares of GitLab during the third quarter worth $6,865,000. Finally, Barton Investment Management increased its position in shares of GitLab by 99.4% during the fourth quarter. Barton Investment Management now owns 335,648 shares of the company's stock worth $18,914,000 after buying an additional 167,290 shares during the period. 95.04% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity
In related news, insider Robin Schulman sold 2,996 shares of the firm's stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $55.98, for a total transaction of $167,716.08. Following the completion of the sale, the insider now owns 129,223 shares in the company, valued at approximately $7,233,903.54. This trade represents a 2.27 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Karen Blasing sold 3,250 shares of the firm's stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $58.99, for a total transaction of $191,717.50. Following the sale, the director now owns 134,733 shares of the company's stock, valued at $7,947,899.67. This trade represents a 2.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 730,257 shares of company stock worth $44,034,967 over the last quarter. Insiders own 21.36% of the company's stock.
GitLab Price Performance
Shares of GTLB stock opened at $52.79 on Thursday. The firm has a 50-day moving average of $64.04 and a 200-day moving average of $59.10. The company has a market cap of $8.57 billion, a P/E ratio of -164.97 and a beta of 0.67. GitLab Inc. has a one year low of $40.72 and a one year high of $74.18.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently weighed in on the stock. Mizuho decreased their price objective on shares of GitLab from $80.00 to $72.00 and set an "outperform" rating for the company in a research report on Tuesday, March 4th. Barclays decreased their price objective 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. Cantor Fitzgerald reiterated an "overweight" rating and set a $80.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. Macquarie reiterated an "outperform" rating and set a $90.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. Finally, Canaccord Genuity Group increased their target price on shares of GitLab from $65.00 to $78.00 and gave the stock a "buy" rating in a research note on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, GitLab presently has a consensus rating of "Moderate Buy" and an average price target of $75.38.
Read Our Latest Report on GTLB
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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