GitLab Inc. (NASDAQ:GTLB) Shares Bought by Primecap Management Co. CA

Primecap Management Co. CA increased its stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 1.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 835,940 shares of the company's stock after purchasing an additional 14,600 shares during the quarter. Primecap Management Co. CA owned approximately 0.52% of GitLab worth $47,105,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. EverSource Wealth Advisors LLC lifted its stake in shares of GitLab by 5,700.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock worth $29,000 after purchasing an additional 513 shares during the last quarter. IMG Wealth Management Inc. purchased a new position in shares of GitLab in the fourth quarter worth about $46,000. True Wealth Design LLC purchased a new position in shares of GitLab in the third quarter worth about $56,000. Raleigh Capital Management Inc. acquired a new stake in GitLab during the fourth quarter worth about $66,000. Finally, Smartleaf Asset Management LLC grew its holdings in GitLab by 1,067.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company's stock worth $71,000 after acquiring an additional 1,153 shares during the period. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Mizuho dropped their target price on GitLab from $80.00 to $72.00 and set an "outperform" rating on the stock in a report on Tuesday, March 4th. Wells Fargo & Company raised their target price on GitLab from $80.00 to $85.00 and gave the company an "overweight" rating in a research report on Thursday, February 20th. Robert W. Baird reduced their price objective on GitLab from $80.00 to $76.00 and set an "outperform" rating on the stock in a research report on Monday, March 3rd. Morgan Stanley lifted their price objective on GitLab from $70.00 to $77.00 and gave the stock an "overweight" rating in a research report on Friday, December 6th. Finally, JPMorgan Chase & Co. reduced their price objective on GitLab from $65.00 to $62.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 4th. Three analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, GitLab presently has an average rating of "Moderate Buy" and an average target price of $75.38.

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GitLab Stock Down 0.4 %

NASDAQ GTLB traded down $0.21 during trading hours on Friday, hitting $50.95. 2,472,987 shares of the company were exchanged, compared to its average volume of 2,411,247. GitLab Inc. has a 52-week low of $40.72 and a 52-week high of $74.18. The firm has a market cap of $8.27 billion, a price-to-earnings ratio of -159.22 and a beta of 0.67. The company has a 50 day moving average of $62.77 and a two-hundred day moving average of $59.20.

Insider Activity

In other news, insider Robin Schulman sold 7,330 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $56.98, for a total value of $417,663.40. Following the transaction, the insider now owns 121,893 shares in the company, valued at approximately $6,945,463.14. This represents a 5.67 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Susan L. Bostrom sold 40,000 shares of the stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $51.88, for a total value of $2,075,200.00. Following the completion of the transaction, the director now owns 144,913 shares in the company, valued at approximately $7,518,086.44. The trade was a 21.63 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 764,011 shares of company stock worth $45,750,733. 21.36% of the stock is currently owned by insiders.

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.