GitLab Inc. (NASDAQ:GTLB) Stake Boosted by LPL Financial LLC

LPL Financial LLC increased its stake in GitLab Inc. (NASDAQ:GTLB - Free Report) by 67.8% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 36,549 shares of the company's stock after buying an additional 14,765 shares during the quarter. LPL Financial LLC's holdings in GitLab were worth $2,060,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Franklin Resources Inc. lifted its position in shares of GitLab by 0.8% during the third quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company's stock worth $146,774,000 after purchasing an additional 21,976 shares in the last quarter. State Street Corp lifted 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 buying an additional 111,997 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of GitLab by 7.0% during the third 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. ARK Investment Management LLC increased its position in shares of GitLab by 345.2% during the fourth quarter. ARK Investment Management LLC now owns 1,160,502 shares of the company's stock worth $65,394,000 after acquiring an additional 899,823 shares during the last quarter. Finally, Los Angeles Capital Management LLC increased its position in shares of GitLab by 67.7% during the fourth quarter. Los Angeles Capital Management LLC now owns 1,003,010 shares of the company's stock worth $56,520,000 after acquiring an additional 404,895 shares during the last quarter. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Robin Schulman sold 9,251 shares of the company's stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $70.00, for a total value of $647,570.00. Following the completion of the sale, the insider now owns 121,893 shares in the company, valued at $8,532,510. This represents a 7.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $70.83, for a total value of $708,300.00. Following the transaction, the chief financial officer now directly owns 267,380 shares in the company, valued at approximately $18,938,525.40. The trade was a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 320,735 shares of company stock worth $16,088,701 over the last three months. Corporate insiders own 21.36% of the company's stock.

GitLab Stock Performance

Shares of NASDAQ:GTLB traded up $0.73 during trading hours on Friday, hitting $42.90. The stock had a trading volume of 3,099,786 shares, compared to its average volume of 2,530,734. The stock's fifty day simple moving average is $53.18 and its 200 day simple moving average is $58.12. The firm has a market capitalization of $6.96 billion, a price-to-earnings ratio of -134.06 and a beta of 0.79. GitLab Inc. has a 1-year low of $37.90 and a 1-year high of $74.18.

Analyst Upgrades and Downgrades

GTLB has been the subject of a number of analyst reports. KeyCorp reduced their price target on GitLab from $80.00 to $60.00 and set an "overweight" rating for the company in a report on Thursday. Wells Fargo & Company increased their target price on GitLab from $80.00 to $85.00 and gave the company an "overweight" rating in a research note on Thursday, February 20th. Morgan Stanley cut their price target on shares of GitLab from $77.00 to $53.00 and set an "overweight" rating on the stock in a report on Wednesday. Truist Financial reduced their price objective on shares of GitLab from $90.00 to $80.00 and set a "buy" rating on the stock in a research note on Monday, March 31st. Finally, Mizuho dropped their target price on shares of GitLab from $80.00 to $72.00 and set an "outperform" rating for the company in a research report on Tuesday, March 4th. Three equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, GitLab presently has an average rating of "Moderate Buy" and an average price target of $72.64.

GitLab Company 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.