Geode Capital Management LLC Boosts Stock Position in GitLab Inc. (NASDAQ:GTLB)

Geode Capital Management LLC increased its holdings in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 3.2% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,091,780 shares of the company's stock after acquiring an additional 65,213 shares during the period. Geode Capital Management LLC owned approximately 1.29% of GitLab worth $117,908,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. The Manufacturers Life Insurance Company raised its holdings in shares of GitLab by 5.1% during the third quarter. The Manufacturers Life Insurance Company now owns 29,377 shares of the company's stock valued at $1,514,000 after acquiring an additional 1,417 shares during the last quarter. Captrust Financial Advisors raised its position in shares of GitLab by 233.1% in the third quarter. Captrust Financial Advisors now owns 14,200 shares of the company's stock valued at $732,000 after buying an additional 9,937 shares during the last quarter. State Street Corp boosted its position in 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 acquiring an additional 111,997 shares during the last quarter. XTX Topco Ltd purchased a new stake in GitLab during the 3rd quarter valued at about $531,000. Finally, MML Investors Services LLC acquired a new position in shares of GitLab during the 3rd quarter worth approximately $1,685,000. Hedge funds and other institutional investors own 95.04% of the company's stock.

Analysts Set New Price Targets

GTLB has been the topic of several analyst reports. JPMorgan Chase & Co. reduced their price target on GitLab from $65.00 to $62.00 and set a "neutral" rating on the stock in a report on Tuesday, March 4th. Barclays cut their target price on GitLab from $70.00 to $58.00 and set an "equal weight" rating for the company in a research note 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. Needham & Company LLC restated a "buy" rating and issued a $85.00 price objective on shares of GitLab in a report on Tuesday, March 4th. Finally, 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. Three investment 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 company's stock. According to MarketBeat.com, GitLab has an average rating of "Moderate Buy" and an average price target of $75.32.

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Insider Activity at GitLab

In other GitLab news, Director Karen Blasing sold 6,500 shares of the firm's stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $63.19, for a total value of $410,735.00. Following the transaction, the director now directly owns 128,233 shares of the company's stock, valued at $8,103,043.27. This trade represents a 4.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Brian G. Robins sold 10,000 shares of the firm's stock in a transaction dated 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 in the company, 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. Over the last 90 days, insiders have sold 311,886 shares of company stock valued at $17,736,229. Company insiders own 21.36% of the company's stock.

GitLab Trading Up 3.1 %

Shares of GTLB stock traded up $1.29 during trading hours on Monday, hitting $43.21. The company's stock had a trading volume of 279,560 shares, compared to its average volume of 2,498,811. GitLab Inc. has a twelve month low of $37.90 and a twelve month high of $74.18. The stock has a market cap of $7.01 billion, a price-to-earnings ratio of -135.03 and a beta of 0.79. The business has a fifty day moving average of $56.00 and a 200-day moving average of $58.45.

GitLab Company 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.