Pier Capital LLC Increases Stake in GitLab Inc. (NASDAQ:GTLB)

Pier Capital LLC increased its holdings in GitLab Inc. (NASDAQ:GTLB - Free Report) by 58.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 138,693 shares of the company's stock after purchasing an additional 51,365 shares during the quarter. Pier Capital LLC owned 0.09% of GitLab worth $7,815,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in GTLB. Charles Schwab Investment Management Inc. increased its position in shares of GitLab by 8.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 751,415 shares of the company's stock valued at $38,728,000 after acquiring an additional 57,381 shares during the period. Cerity Partners LLC grew its holdings in GitLab by 772.3% in the third quarter. Cerity Partners LLC now owns 56,307 shares of the company's stock worth $2,902,000 after purchasing an additional 49,852 shares during the period. Whetstone Capital Advisors LLC increased its position in GitLab by 60.8% during the 3rd quarter. Whetstone Capital Advisors LLC now owns 110,544 shares of the company's stock valued at $5,697,000 after buying an additional 41,804 shares in the last quarter. Bank of Montreal Can increased its holdings in shares of GitLab by 360.4% during the third quarter. Bank of Montreal Can now owns 59,200 shares of the company's stock valued at $3,058,000 after acquiring an additional 46,343 shares in the last quarter. Finally, Qsemble Capital Management LP raised its holdings in GitLab by 41.7% in the third quarter. Qsemble Capital Management LP now owns 23,256 shares of the company's stock worth $1,199,000 after buying an additional 6,846 shares during the last quarter. 95.04% of the stock is owned by institutional investors.

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GitLab Stock Down 3.6 %

NASDAQ GTLB traded down $1.80 on Friday, reaching $48.38. The company had a trading volume of 1,851,502 shares, compared to its average volume of 2,426,612. The firm's 50 day moving average price is $61.70 and its 200 day moving average price is $59.18. GitLab Inc. has a 12 month low of $40.72 and a 12 month high of $74.18. The stock has a market capitalization of $7.85 billion, a PE ratio of -151.19 and a beta of 0.67.

Analyst Ratings Changes

GTLB has been the topic of a number of research analyst reports. KeyCorp increased their price objective on shares of GitLab from $74.00 to $80.00 and gave the company an "overweight" rating in a research report on Friday, December 6th. The Goldman Sachs Group raised their target price on GitLab from $80.00 to $88.00 and gave the stock a "buy" rating in a research report on Friday, December 6th. Macquarie reissued an "outperform" rating and issued a $90.00 price objective on shares of GitLab in a report on Tuesday, March 4th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $80.00 target price on shares of GitLab in a report on Tuesday, March 4th. Finally, DA Davidson dropped their price target on shares of GitLab from $70.00 to $60.00 and set a "neutral" rating on the stock in a research note on Friday, February 28th. Three equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, GitLab currently has a consensus rating of "Moderate Buy" and a consensus price target of $75.52.

Insider Transactions at GitLab

In related news, Director Karen Blasing sold 6,500 shares of the firm's stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $63.19, for a total value of $410,735.00. Following the completion of the transaction, the director now directly owns 128,233 shares of the company's stock, valued at approximately $8,103,043.27. This trade represents a 4.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Brian G. Robins sold 10,000 shares of the business's stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $56.24, for a total transaction of $562,400.00. Following the completion of the sale, the chief financial officer now owns 267,380 shares in the company, valued at $15,037,451.20. This represents a 3.61 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 349,216 shares of company stock valued at $19,841,492. 21.36% of the stock is currently owned by insiders.

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.