Nikko Asset Management Americas Inc. Boosts Stock Position in GitLab Inc. (NASDAQ:GTLB)

Nikko Asset Management Americas Inc. lifted its holdings in GitLab Inc. (NASDAQ:GTLB - Free Report) by 70.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 507,713 shares of the company's stock after purchasing an additional 210,081 shares during the quarter. Nikko Asset Management Americas Inc. owned about 0.31% of GitLab worth $28,589,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Sumitomo Mitsui Trust Group Inc. raised its stake in GitLab by 6,821.7% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 297,632 shares of the company's stock valued at $15,340,000 after buying an additional 293,332 shares during the last quarter. Victory Capital Management Inc. boosted its stake in GitLab by 56.1% in the 3rd quarter. Victory Capital Management Inc. now owns 352,256 shares of the company's stock worth $18,155,000 after purchasing an additional 126,578 shares in the last quarter. OneDigital Investment Advisors LLC purchased a new stake in GitLab during the 3rd quarter worth approximately $200,000. Claro Advisors LLC acquired a new position in GitLab during the 3rd quarter valued at approximately $811,000. Finally, Thrivent Financial for Lutherans raised its holdings in shares of GitLab by 128.8% in the third quarter. Thrivent Financial for Lutherans now owns 554,455 shares of the company's stock worth $28,577,000 after buying an additional 312,119 shares during the last quarter. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. TD Cowen upped their target price on GitLab from $63.00 to $70.00 and gave the company a "buy" rating in a research report on Thursday, November 21st. Barclays reduced their price objective on GitLab from $70.00 to $58.00 and set an "equal weight" rating for the company in a research note on Tuesday, March 4th. DA Davidson dropped their target price on GitLab from $70.00 to $60.00 and set a "neutral" rating on the stock in a research report on Friday, February 28th. The Goldman Sachs Group raised their price target on shares of GitLab from $80.00 to $88.00 and gave the stock a "buy" rating in a research report on Friday, December 6th. Finally, Macquarie restated an "outperform" rating and set a $90.00 price objective on shares of GitLab in a research note on Tuesday, March 4th. Three analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $75.38.

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Insider Buying and Selling

In other news, Director Matthew Jacobson sold 547,679 shares of GitLab stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $59.72, for a total value of $32,707,389.88. Following the sale, the director now directly owns 58,471 shares of the company's stock, valued at $3,491,888.12. The trade was a 90.35 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Susan L. Bostrom sold 20,000 shares of the business's stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $60.19, for a total value of $1,203,800.00. Following the sale, the director now owns 204,913 shares of the company's stock, valued at $12,333,713.47. The trade was a 8.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 724,011 shares of company stock worth $43,675,533. Insiders own 21.36% of the company's stock.

GitLab Stock Down 0.4 %

Shares of NASDAQ GTLB traded down $0.21 during trading on Friday, hitting $50.95. The company had a trading volume of 2,472,987 shares, compared to its average volume of 2,419,120. The firm has a market capitalization of $8.27 billion, a price-to-earnings ratio of -159.22 and a beta of 0.67. The stock has a fifty day simple moving average of $62.95 and a two-hundred day simple moving average of $59.18. GitLab Inc. has a fifty-two week low of $40.72 and a fifty-two 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.