GitLab Inc. (NASDAQ:GTLB) Shares Bought by Franklin Resources Inc.

Franklin Resources Inc. grew its position in GitLab Inc. (NASDAQ:GTLB - Free Report) by 0.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,670,072 shares of the company's stock after purchasing an additional 21,976 shares during the period. Franklin Resources Inc. owned approximately 1.66% of GitLab worth $146,774,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Future Financial Wealth Managment LLC purchased a new stake in shares of GitLab in the third quarter worth about $52,000. True Wealth Design LLC purchased a new position in shares of GitLab in the third quarter valued at approximately $56,000. Rakuten Securities Inc. lifted its position in shares of GitLab by 268.1% in the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company's stock valued at $73,000 after acquiring an additional 1,032 shares in the last quarter. Quarry LP lifted its position in shares of GitLab by 527.0% in the second quarter. Quarry LP now owns 1,787 shares of the company's stock valued at $89,000 after acquiring an additional 1,502 shares in the last quarter. Finally, Capital Performance Advisors LLP purchased a new position in shares of GitLab in the third quarter valued at approximately $96,000. 95.04% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at GitLab

In related news, CAO Erin Mannix sold 1,433 shares of GitLab stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $52.80, for a total value of $75,662.40. Following the transaction, the chief accounting officer now owns 72,448 shares in the company, valued at approximately $3,825,254.40. This trade represents a 1.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 16,666 shares of GitLab stock in a transaction on Friday, November 1st. The shares were sold at an average price of $56.74, for a total value of $945,628.84. Following the completion of the transaction, the chief financial officer now owns 242,803 shares in the company, valued at $13,776,642.22. The trade was a 6.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 178,365 shares of company stock valued at $10,350,684 in the last quarter. 21.36% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts recently commented on GTLB shares. Mizuho increased their price target on GitLab from $67.00 to $80.00 and gave the company an "outperform" rating in a report on Monday, December 9th. Morgan Stanley increased their price target on GitLab from $70.00 to $77.00 and gave the company an "overweight" rating in a report on Friday, December 6th. Royal Bank of Canada increased their price target on GitLab from $73.00 to $80.00 and gave the company an "outperform" rating in a report on Friday, December 6th. TD Cowen lifted their price objective on GitLab from $63.00 to $70.00 and gave the company a "buy" rating in a research note on Thursday, November 21st. Finally, Needham & Company LLC lifted their price objective on GitLab from $70.00 to $85.00 and gave the company a "buy" rating in a research note on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $76.42.

GitLab Stock Up 0.8 %

GTLB stock traded up $0.47 during trading on Monday, hitting $59.07. The company had a trading volume of 3,719,130 shares, compared to its average volume of 2,435,938. The firm has a 50-day moving average price of $59.08 and a 200-day moving average price of $52.45. The firm has a market cap of $9.59 billion, a PE ratio of -183.13 and a beta of 0.54. GitLab Inc. has a 1-year low of $40.72 and a 1-year high of $78.53.

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.