NewEdge Advisors LLC Has $516,000 Position in GitLab Inc. (NASDAQ:GTLB)

NewEdge Advisors LLC increased its holdings in GitLab Inc. (NASDAQ:GTLB - Free Report) by 6,045.0% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,156 shares of the company's stock after purchasing an additional 9,007 shares during the period. NewEdge Advisors LLC's holdings in GitLab were worth $516,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Norges Bank bought a new position in shares of GitLab during the 4th quarter worth approximately $279,089,000. Artisan Partners Limited Partnership lifted its position in shares of GitLab by 55.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company's stock worth $227,318,000 after buying an additional 1,443,160 shares during the period. Alliancebernstein L.P. lifted its position in shares of GitLab by 4,042.0% during the 4th quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company's stock worth $82,011,000 after buying an additional 1,420,248 shares during the period. ARK Investment Management LLC lifted its position in shares of GitLab by 345.2% during the 4th quarter. ARK Investment Management LLC now owns 1,160,502 shares of the company's stock worth $65,394,000 after buying an additional 899,823 shares during the period. Finally, Vanguard Group Inc. lifted its position in shares of GitLab by 7.2% during the 4th quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company's stock worth $740,585,000 after buying an additional 885,955 shares during the period. Institutional investors own 95.04% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. JPMorgan Chase & Co. cut their target price on GitLab from $65.00 to $62.00 and set a "neutral" rating for the company in a research report on Tuesday, March 4th. Wells Fargo & Company dropped their price target on GitLab from $85.00 to $65.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $80.00 price target on shares of GitLab in a report on Tuesday, March 4th. Truist Financial dropped their price target on GitLab from $90.00 to $80.00 and set a "buy" rating for the company in a report on Monday, March 31st. Finally, Mizuho dropped their price target on GitLab from $80.00 to $72.00 and set an "outperform" rating for the company in a report on Tuesday, March 4th. Three research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, GitLab currently has an average rating of "Moderate Buy" and a consensus target price of $71.73.

GitLab Stock Performance

Shares of NASDAQ GTLB opened at $47.16 on Monday. GitLab Inc. has a 52 week low of $37.90 and a 52 week high of $74.18. The stock has a market capitalization of $7.65 billion, a P/E ratio of -147.38 and a beta of 0.79. The stock's fifty day moving average is $50.60 and its 200 day moving average is $57.90.

Insider Buying and Selling

In other GitLab news, insider Robin Schulman sold 9,251 shares of GitLab stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $70.00, for a total value of $647,570.00. Following the transaction, the insider now owns 121,893 shares in the company, valued at $8,532,510. The trade was a 7.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Karen Blasing sold 3,250 shares of GitLab stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $45.00, for a total value of $146,250.00. Following the completion of the transaction, the director now owns 111,983 shares in the company, valued at approximately $5,039,235. This represents a 2.82 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 323,985 shares of company stock worth $16,234,951. Company insiders own 21.36% of the company's stock.

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.

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