Atika Capital Management LLC lifted its stake in GitLab Inc. (NASDAQ:GTLB - Free Report) by 23,140.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 116,200 shares of the company's stock after purchasing an additional 115,700 shares during the period. Atika Capital Management LLC owned about 0.07% of GitLab worth $6,548,000 at the end of the most recent quarter.
Several other institutional investors also recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in GitLab during the fourth quarter worth $279,089,000. Artisan Partners Limited Partnership lifted its position in shares of GitLab by 55.7% during the fourth 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. boosted its holdings in shares of GitLab by 4,042.0% in the 4th quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company's stock valued at $82,011,000 after buying an additional 1,420,248 shares in the last quarter. ARK Investment Management LLC grew its position in shares of GitLab by 345.2% in the 4th quarter. ARK Investment Management LLC now owns 1,160,502 shares of the company's stock worth $65,394,000 after buying an additional 899,823 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of GitLab by 7.2% during the 4th quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company's stock worth $740,585,000 after acquiring an additional 885,955 shares in the last quarter. Hedge funds and other institutional investors own 95.04% of the company's stock.
GitLab Stock Performance
Shares of NASDAQ:GTLB traded down $1.11 during trading on Friday, reaching $41.87. The stock had a trading volume of 1,289,627 shares, compared to its average volume of 2,485,579. GitLab Inc. has a 1-year low of $37.90 and a 1-year high of $74.18. The stock has a market cap of $6.80 billion, a PE ratio of -131.84 and a beta of 0.79. The business has a fifty day moving average price of $56.59 and a 200-day moving average price of $58.46.
Analyst Upgrades and Downgrades
Several research firms have issued reports on GTLB. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $80.00 price target on shares of GitLab in a report on Tuesday, March 4th. Robert W. Baird reduced their target price on GitLab from $80.00 to $76.00 and set an "outperform" rating on the stock in a research report on Monday, March 3rd. Needham & Company LLC restated a "buy" rating and set a $85.00 price objective on shares of GitLab in a report on Tuesday, March 4th. JPMorgan Chase & Co. reduced their target price on GitLab from $65.00 to $62.00 and set a "neutral" rating for the company in a research note on Tuesday, March 4th. Finally, DA Davidson reduced their price objective on GitLab from $70.00 to $60.00 and set a "neutral" rating for the company in a research note on Friday, February 28th. Three research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $75.09.
Check Out Our Latest Research Report on GTLB
Insiders Place Their Bets
In other news, Director Karen Blasing sold 6,500 shares of the firm's stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $63.19, for a total transaction of $410,735.00. Following the completion of the sale, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Sytse Sijbrandij sold 84,000 shares of the company's stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $62.99, for a total value of $5,291,160.00. The disclosure for this sale can be found here. Insiders sold 311,886 shares of company stock valued at $17,736,229 in the last three months. 21.36% of the stock is currently owned by insiders.
GitLab Profile
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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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