Franklin Resources Inc. Acquires 470,192 Shares of GitLab Inc. (NASDAQ:GTLB)

Franklin Resources Inc. lifted its position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 17.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,140,264 shares of the company's stock after buying an additional 470,192 shares during the period. Franklin Resources Inc. owned about 1.93% of GitLab worth $176,954,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Norges Bank acquired a new position in GitLab during the 4th quarter worth approximately $279,089,000. Artisan Partners Limited Partnership lifted its position in shares of GitLab by 55.7% in the fourth quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company's stock worth $227,318,000 after purchasing an additional 1,443,160 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in GitLab by 4,042.0% during the fourth quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company's stock worth $82,011,000 after purchasing an additional 1,420,248 shares during the last quarter. ARK Investment Management LLC grew its position in GitLab by 345.2% in the fourth quarter. ARK Investment Management LLC now owns 1,160,502 shares of the company's stock valued at $65,394,000 after purchasing an additional 899,823 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in GitLab by 7.2% in the 4th quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company's stock valued at $740,585,000 after buying an additional 885,955 shares during the last quarter. 95.04% of the stock is currently owned by institutional investors.

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GitLab Stock Down 3.4 %

Shares of GTLB traded down $1.44 during midday trading on Friday, reaching $41.09. 4,117,280 shares of the stock were exchanged, compared to its average volume of 2,446,922. The stock's 50 day simple moving average is $59.82 and its 200 day simple moving average is $58.89. GitLab Inc. has a twelve month low of $37.90 and a twelve month high of $74.18. The company has a market cap of $6.67 billion, a P/E ratio of -128.41 and a beta of 0.79.

Insiders Place Their Bets

In other GitLab news, 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 transaction of $410,735.00. Following the transaction, the director now owns 128,233 shares in the company, valued at $8,103,043.27. This trade represents a 4.82 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brian G. Robins sold 10,000 shares of the company's stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $70.83, for a total value of $708,300.00. Following the sale, the chief financial officer now owns 267,380 shares of the company's stock, valued at approximately $18,938,525.40. The trade was a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 311,886 shares of company stock worth $17,736,229 in the last quarter. 21.36% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

GTLB has been the subject of a number of recent research reports. Wells Fargo & Company increased their price objective 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. Macquarie reissued an "outperform" rating and set a $90.00 price target on shares of GitLab in a research report on Tuesday, March 4th. Robert W. Baird lowered their price target on GitLab from $80.00 to $76.00 and set an "outperform" rating on the stock in a research report on Monday, March 3rd. Barclays cut their price objective on GitLab from $70.00 to $58.00 and set an "equal weight" rating for the company in a report on Tuesday, March 4th. Finally, Mizuho decreased their target price on shares of GitLab from $80.00 to $72.00 and set an "outperform" rating for the company in a research note on Tuesday, March 4th. Three investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, GitLab currently has a consensus rating of "Moderate Buy" and a consensus price target of $75.09.

GitLab Profile

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.