Ieq Capital LLC Increases Position in GitLab Inc. (NASDAQ:GTLB)

Ieq Capital LLC increased its position in GitLab Inc. (NASDAQ:GTLB - Free Report) by 201.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 132,250 shares of the company's stock after purchasing an additional 88,394 shares during the period. Ieq Capital LLC owned approximately 0.08% of GitLab worth $7,452,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Franklin Resources Inc. lifted its stake in shares of GitLab by 0.8% in the third quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company's stock worth $146,774,000 after buying an additional 21,976 shares in the last quarter. State Street Corp raised its holdings in GitLab by 5.8% in the 3rd 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. Geode Capital Management LLC lifted its position in GitLab by 7.0% in the 3rd quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company's stock valued at $104,476,000 after acquiring an additional 132,548 shares in the last quarter. Fiera Capital Corp boosted its stake in GitLab by 1.4% during the 3rd quarter. Fiera Capital Corp now owns 1,259,429 shares of the company's stock valued at $64,911,000 after purchasing an additional 16,961 shares during the last quarter. Finally, Bamco Inc. NY increased its holdings in shares of GitLab by 0.4% in the 3rd quarter. Bamco Inc. NY now owns 1,253,244 shares of the company's stock worth $64,592,000 after purchasing an additional 4,874 shares in the last quarter. Institutional investors own 95.04% of the company's stock.

Insider Activity at GitLab

In other news, insider Robin Schulman sold 9,251 shares of the business's stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $70.00, for a total value of $647,570.00. Following the sale, the insider now directly owns 121,893 shares in the company, valued at $8,532,510. The trade was a 7.05 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $67.59, for a total transaction of $675,900.00. Following the completion of the transaction, the chief financial officer now directly owns 242,803 shares of the company's stock, valued at approximately $16,411,054.77. The trade was a 3.96 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 740,257 shares of company stock valued at $44,710,867. Insiders own 21.36% of the company's stock.

GitLab Stock Performance

Shares of GTLB traded down $3.33 during midday trading on Friday, hitting $64.12. 2,127,843 shares of the company traded hands, compared to its average volume of 2,777,022. GitLab Inc. has a 52 week low of $40.72 and a 52 week high of $76.41. The firm has a 50 day moving average of $64.00 and a 200-day moving average of $57.61. The stock has a market cap of $10.41 billion, a price-to-earnings ratio of -200.38 and a beta of 0.63.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. The Goldman Sachs Group upped their price target on GitLab from $80.00 to $88.00 and gave the company a "buy" rating in a report on Friday, December 6th. Macquarie reiterated an "outperform" rating and issued a $90.00 price target on shares of GitLab in a research note on Wednesday, January 15th. Needham & Company LLC restated a "buy" rating and set a $85.00 price objective on shares of GitLab in a research report on Tuesday, January 7th. 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. Finally, Robert W. Baird increased their target price on GitLab from $62.00 to $75.00 and gave the company an "outperform" rating in a report on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $76.62.

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.