IQ EQ FUND MANAGEMENT IRELAND Ltd Invests $778,000 in GitLab Inc. (NASDAQ:GTLB)

IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 13,815 shares of the company's stock, valued at approximately $778,000.

Several other hedge funds have also recently made changes to their positions in GTLB. Y Intercept Hong Kong Ltd purchased a new position in GitLab during the 3rd quarter worth approximately $678,000. State Street Corp lifted its position in GitLab by 5.8% during the third quarter. State Street Corp now owns 2,032,206 shares of the company's stock valued at $104,740,000 after purchasing an additional 111,997 shares during the period. Barclays PLC boosted its holdings in GitLab by 189.1% in the third quarter. Barclays PLC now owns 61,419 shares of the company's stock valued at $3,164,000 after purchasing an additional 40,171 shares during the last quarter. Oddo BHF Asset Management Sas acquired a new stake in GitLab during the 3rd quarter worth about $6,865,000. Finally, Swiss National Bank raised its stake in shares of GitLab by 3.7% during the 4th quarter. Swiss National Bank now owns 215,000 shares of the company's stock valued at $12,115,000 after buying an additional 7,700 shares during the last quarter. 95.04% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on GTLB shares. Royal Bank of Canada reiterated an "outperform" rating and set a $80.00 price target on shares of GitLab in a research report on Tuesday, March 4th. Morgan Stanley boosted their target price on shares of GitLab from $70.00 to $77.00 and gave the company an "overweight" rating in a research note on Friday, December 6th. Truist Financial dropped their price target on shares of GitLab from $90.00 to $80.00 and set a "buy" rating on the stock in a research report on Monday. Piper Sandler upped their price objective on shares of GitLab from $75.00 to $85.00 and gave the stock an "overweight" rating in a research report on Friday, December 6th. Finally, 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. Three equities research 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 company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $75.09.

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Insider Transactions at GitLab

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of the firm's stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $56.24, for a total transaction of $562,400.00. Following the completion of the sale, the chief financial officer now owns 267,380 shares of the company's stock, valued at $15,037,451.20. This trade represents a 3.61 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Matthew Jacobson sold 152,884 shares of GitLab stock in a transaction on Monday, March 24th. The shares were sold at an average price of $52.34, for a total value of $8,001,948.56. Following the completion of the sale, the director now owns 493,554 shares in the company, valued at $25,832,616.36. This represents a 23.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 329,216 shares of company stock worth $18,716,292 in the last quarter. Company insiders own 21.36% of the company's stock.

GitLab Price Performance

GitLab stock traded up $0.50 during trading on Tuesday, reaching $47.50. 623,069 shares of the company were exchanged, compared to its average volume of 2,776,045. The stock's 50 day simple moving average is $61.38 and its two-hundred day simple moving average is $59.16. The company has a market capitalization of $7.71 billion, a P/E ratio of -148.43 and a beta of 0.67. GitLab Inc. has a 52-week low of $40.72 and a 52-week high of $74.18.

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.