Lord Abbett & CO. LLC bought a new stake in GitLab Inc. (NASDAQ:GTLB - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 318,009 shares of the company's stock, valued at approximately $17,920,000. Lord Abbett & CO. LLC owned about 0.20% of GitLab as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GTLB. Vanguard Group Inc. grew its stake in shares of GitLab by 7.2% in the fourth quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company's stock valued at $740,585,000 after buying an additional 885,955 shares in the last quarter. Norges Bank purchased a new position in GitLab during the 4th quarter valued at about $279,089,000. Artisan Partners Limited Partnership grew its position in GitLab by 55.7% in the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company's stock valued at $227,318,000 after acquiring an additional 1,443,160 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of GitLab by 17.6% during the fourth quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company's stock worth $176,954,000 after purchasing an additional 470,192 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of GitLab by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 2,091,780 shares of the company's stock worth $117,908,000 after purchasing an additional 65,213 shares in the last quarter. Hedge funds and other institutional investors own 95.04% of the company's stock.
Insider Buying and Selling
In other news, Director Karen Blasing sold 3,250 shares of the stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $45.00, for a total value of $146,250.00. Following the completion of the sale, the director now directly owns 111,983 shares of the company's stock, valued at approximately $5,039,235. This represents a 2.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Sytse Sijbrandij sold 108,600 shares of the firm's stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $42.87, for a total transaction of $4,655,682.00. The disclosure for this sale can be found here. Insiders have sold 323,985 shares of company stock worth $16,234,951 in the last quarter. 21.36% of the stock is owned by insiders.
GitLab Stock Performance
Shares of GTLB stock opened at $47.16 on Friday. GitLab Inc. has a 1 year low of $37.90 and a 1 year high of $74.18. The firm has a market cap of $7.65 billion, a price-to-earnings ratio of -147.38 and a beta of 0.79. The stock's 50-day moving average is $50.60 and its two-hundred day moving average is $57.88.
Analyst Upgrades and Downgrades
A number of research analysts recently weighed in on the stock. DA Davidson dropped their price objective on shares of GitLab from $60.00 to $45.00 and set a "neutral" rating for the company in a report on Monday, April 14th. 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. Royal Bank of Canada reiterated an "outperform" rating and issued a $80.00 target price on shares of GitLab in a report on Tuesday, March 4th. Robert W. Baird lowered their target price on GitLab from $80.00 to $76.00 and set an "outperform" rating for the company in a research note on Monday, March 3rd. Finally, Wells Fargo & Company reduced their price target on GitLab from $85.00 to $65.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Three research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, GitLab presently has a consensus rating of "Moderate Buy" and a consensus target price of $71.73.
Check Out Our Latest Stock Analysis on GTLB
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.
Further Reading
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