Oddo BHF Asset Management Sas Makes New $6.87 Million Investment in GitLab Inc. (NASDAQ:GTLB)

Oddo BHF Asset Management Sas acquired a new position in GitLab Inc. (NASDAQ:GTLB - Free Report) during the third quarter, according to the company in its most recent filing with the SEC. The fund acquired 133,188 shares of the company's stock, valued at approximately $6,865,000. Oddo BHF Asset Management Sas owned approximately 0.08% of GitLab at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. ARK Investment Management LLC purchased a new position in GitLab in the third quarter valued at about $13,435,000. Mission Creek Capital Partners Inc. boosted its stake in shares of GitLab by 113.9% during the 3rd quarter. Mission Creek Capital Partners Inc. now owns 79,917 shares of the company's stock valued at $4,119,000 after buying an additional 42,550 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of GitLab by 111.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 336,317 shares of the company's stock worth $17,334,000 after buying an additional 176,967 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of GitLab by 56.1% during the third quarter. Victory Capital Management Inc. now owns 352,256 shares of the company's stock worth $18,155,000 after buying an additional 126,578 shares in the last quarter. Finally, William Blair Investment Management LLC acquired a new stake in GitLab in the second quarter valued at $16,071,000. 95.04% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on GTLB shares. Needham & Company LLC raised their price objective on shares of GitLab from $70.00 to $85.00 and gave the stock a "buy" rating in a report on Friday, December 6th. Canaccord Genuity Group boosted their price objective on GitLab from $65.00 to $78.00 and gave the company a "buy" rating in a report on Friday, December 6th. Bank of America increased their target price on GitLab from $66.00 to $68.00 and gave the stock a "buy" rating in a report on Wednesday, September 4th. Cantor Fitzgerald boosted their price target on GitLab from $75.00 to $80.00 and gave the company an "overweight" rating in a report on Friday, December 6th. Finally, Barclays raised their price objective on GitLab from $55.00 to $70.00 and gave the stock an "equal weight" rating in a research note on Monday. Three investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, GitLab has a consensus rating of "Moderate Buy" and an average target price of $76.42.

GitLab Stock Performance

Shares of GTLB stock traded down $2.44 during midday trading on Friday, reaching $58.60. 3,380,369 shares of the company were exchanged, compared to its average volume of 2,430,599. The company's 50 day moving average price is $58.91 and its two-hundred day moving average price is $52.43. The company has a market cap of $9.41 billion, a P/E ratio of -184.84 and a beta of 0.54. GitLab Inc. has a 12 month low of $40.72 and a 12 month high of $78.53.

Insider Buying and Selling

In related news, CEO Sytse Sijbrandij sold 56,000 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total transaction of $3,062,080.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Erin Mannix sold 1,433 shares of GitLab stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $52.80, for a total transaction of $75,662.40. Following the completion of the transaction, the chief accounting officer now owns 72,448 shares in the company, valued at approximately $3,825,254.40. This trade represents a 1.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 178,365 shares of company stock valued at $10,350,684 over the last quarter. Corporate 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.