Pier Capital LLC lowered its stake in GitLab Inc. (NASDAQ:GTLB - Free Report) by 20.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 87,328 shares of the company's stock after selling 22,702 shares during the period. Pier Capital LLC owned 0.05% of GitLab worth $4,501,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. State Street Corp boosted its holdings in shares of GitLab by 5.8% during the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company's stock valued at $104,740,000 after acquiring an additional 111,997 shares in the last quarter. Fiera Capital Corp raised its position in GitLab by 1.4% in the third quarter. Fiera Capital Corp now owns 1,259,429 shares of the company's stock valued at $64,911,000 after purchasing an additional 16,961 shares during the last quarter. Bamco Inc. NY grew its holdings in shares of GitLab by 0.4% during the third quarter. Bamco Inc. NY now owns 1,253,244 shares of the company's stock worth $64,592,000 after purchasing an additional 4,874 shares during the last quarter. Renaissance Technologies LLC grew its holdings in shares of GitLab by 168.8% during the second quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company's stock worth $59,196,000 after purchasing an additional 747,712 shares during the last quarter. Finally, Primecap Management Co. CA increased its stake in shares of GitLab by 269.5% in the second quarter. Primecap Management Co. CA now owns 827,040 shares of the company's stock valued at $41,120,000 after buying an additional 603,200 shares during the period. Institutional investors own 91.72% of the company's stock.
Wall Street Analyst Weigh In
Several analysts recently weighed in on the stock. Morgan Stanley boosted their price objective on shares of GitLab from $70.00 to $77.00 and gave the stock an "overweight" rating in a research note on Friday. Robert W. Baird lifted their price objective on GitLab from $62.00 to $75.00 and gave the stock an "outperform" rating in a research note on Friday. Bank of America increased their target price on shares of GitLab from $66.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday, September 4th. DA Davidson boosted their price target on shares of GitLab from $50.00 to $70.00 and gave the stock a "neutral" rating in a research report on Friday. Finally, Canaccord Genuity Group increased their price objective on shares of GitLab from $65.00 to $78.00 and gave the stock a "buy" rating in a research report on Friday. Three analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $74.56.
Check Out Our Latest Stock Analysis on GitLab
GitLab Stock Performance
GTLB traded up $1.15 during mid-day trading on Friday, reaching $67.19. 12,913,277 shares of the stock were exchanged, compared to its average volume of 1,952,928. The stock has a market capitalization of $10.78 billion, a PE ratio of -209.97 and a beta of 0.54. GitLab Inc. has a 1 year low of $40.72 and a 1 year high of $78.53. The company has a 50 day moving average price of $57.91 and a two-hundred day moving average price of $52.20.
Insider Buying and Selling at GitLab
In other news, CEO Sytse Sijbrandij sold 84,776 shares of the company's stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $59.64, for a total transaction of $5,056,040.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Erin Mannix sold 1,433 shares of the stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $52.80, for a total value of $75,662.40. Following the completion of the sale, the chief accounting officer now owns 72,448 shares in the company, valued at approximately $3,825,254.40. The trade was a 1.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 185,033 shares of company stock worth $10,569,356 over the last ninety days. Company insiders own 21.36% of the company's stock.
GitLab Profile
(
Free Report)
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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