Huntington National Bank lifted its stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 84.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 117,383 shares of the company's stock after purchasing an additional 53,651 shares during the period. Huntington National Bank owned 0.07% of GitLab worth $6,615,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in GitLab by 7.2% during the fourth quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company's stock worth $740,585,000 after purchasing an additional 885,955 shares during the period. Norges Bank acquired a new stake in shares of GitLab during the 4th quarter worth approximately $279,089,000. Artisan Partners Limited Partnership raised its position in shares of GitLab by 55.7% during the 4th 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 period. Franklin Resources Inc. lifted its holdings in GitLab by 17.6% in the fourth quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company's stock valued at $176,954,000 after acquiring an additional 470,192 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in GitLab by 3.2% in the fourth quarter. Geode Capital Management LLC now owns 2,091,780 shares of the company's stock worth $117,908,000 after acquiring an additional 65,213 shares during the period. Institutional investors and hedge funds own 95.04% of the company's stock.
Analysts Set New Price Targets
GTLB has been the subject of a number of research analyst reports. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $80.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. Mizuho dropped their price objective on GitLab from $80.00 to $72.00 and set an "outperform" rating for the company in a research note on Tuesday, March 4th. DA Davidson decreased their target price on GitLab from $70.00 to $60.00 and set a "neutral" rating on the stock in a research note on Friday, February 28th. Needham & Company LLC restated a "buy" rating and set a $85.00 target price on shares of GitLab in a report on Tuesday, March 4th. Finally, Wells Fargo & Company boosted their price target 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. Three analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, GitLab has a consensus rating of "Moderate Buy" and an average target price of $75.09.
View Our Latest Stock Analysis on GTLB
Insiders Place Their Bets
In other GitLab 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 value of $410,735.00. Following the sale, the director now owns 128,233 shares of the company's stock, valued at approximately $8,103,043.27. This represents a 4.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Sytse Sijbrandij sold 84,000 shares of GitLab stock in a transaction on Wednesday, January 15th. The stock was 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. In the last ninety days, insiders have sold 311,886 shares of company stock worth $17,736,229. Corporate insiders own 21.36% of the company's stock.
GitLab Trading Up 1.1 %
Shares of GTLB traded up $0.49 during mid-day trading on Tuesday, hitting $43.29. 694,187 shares of the company's stock were exchanged, compared to its average volume of 2,450,608. GitLab Inc. has a fifty-two week low of $37.90 and a fifty-two week high of $74.18. The business's 50 day moving average is $59.38 and its two-hundred day moving average is $58.88. The firm has a market capitalization of $7.03 billion, a P/E ratio of -135.58 and a beta of 0.79.
GitLab Company Profile
(
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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