Federated Hermes Inc. Boosts Stake in GitLab Inc. (NASDAQ:GTLB)

Federated Hermes Inc. boosted its position in GitLab Inc. (NASDAQ:GTLB - Free Report) by 37.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 461,221 shares of the company's stock after acquiring an additional 125,074 shares during the quarter. Federated Hermes Inc. owned 0.28% of GitLab worth $25,990,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC boosted its stake in GitLab by 5,700.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock valued at $29,000 after buying an additional 513 shares in the last quarter. IMG Wealth Management Inc. acquired a new position in GitLab during the 4th quarter worth approximately $46,000. Raleigh Capital Management Inc. bought a new position in GitLab in the 4th quarter valued at approximately $66,000. Smartleaf Asset Management LLC boosted its position in GitLab by 1,067.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company's stock valued at $71,000 after buying an additional 1,153 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC grew its stake in shares of GitLab by 4,273.3% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,312 shares of the company's stock worth $74,000 after buying an additional 1,282 shares during the last quarter. 95.04% of the stock is currently owned by institutional investors and hedge funds.

GitLab Stock Up 3.6 %

GTLB stock traded up $1.50 during trading on Monday, reaching $43.42. The stock had a trading volume of 510,985 shares, compared to its average volume of 2,499,416. The company has a market capitalization of $7.05 billion, a price-to-earnings ratio of -135.69 and a beta of 0.79. GitLab Inc. has a one year low of $37.90 and a one year high of $74.18. The company's 50 day moving average is $56.00 and its two-hundred day moving average is $58.45.

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Insider Activity

In other news, Director Karen Blasing sold 6,500 shares of the company's stock in a transaction 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 transaction, the director now owns 128,233 shares of the company's stock, valued at $8,103,043.27. This represents a 4.82 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brian G. Robins sold 10,000 shares of the firm's stock in a transaction that occurred on 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 transaction, the chief financial officer now directly owns 267,380 shares of the company's stock, valued at approximately $18,938,525.40. This trade represents a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 311,886 shares of company stock valued at $17,736,229 over the last three months. Corporate insiders own 21.36% of the company's stock.

Wall Street Analysts Forecast Growth

GTLB has been the topic of several recent research reports. Truist Financial cut their price objective on GitLab from $90.00 to $80.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Needham & Company LLC reissued a "buy" rating and set a $85.00 price target on shares of GitLab in a research note on Tuesday, March 4th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $80.00 price objective on shares of GitLab in a research note on Tuesday, March 4th. Barclays cut their target price on shares of GitLab from $70.00 to $58.00 and set an "equal weight" rating on the stock in a research report on Tuesday, March 4th. Finally, Macquarie reissued an "outperform" rating and issued a $90.00 price objective on shares of GitLab in a research note on Tuesday, March 4th. Three equities research 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 data from MarketBeat, GitLab currently has a consensus rating of "Moderate Buy" and a consensus price target of $75.32.

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.