Sei Investments Co. Has $23.36 Million Stake in GitLab Inc. (NASDAQ:GTLB)

Sei Investments Co. raised its stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 69.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 414,518 shares of the company's stock after acquiring an additional 169,240 shares during the quarter. Sei Investments Co. owned approximately 0.26% of GitLab worth $23,358,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. ARK Investment Management LLC lifted its holdings in GitLab by 345.2% during the 4th quarter. ARK Investment Management LLC now owns 1,160,502 shares of the company's stock valued at $65,394,000 after purchasing an additional 899,823 shares during the last quarter. Amundi increased its holdings in shares of GitLab by 613.0% during the fourth quarter. Amundi now owns 616,806 shares of the company's stock worth $38,020,000 after buying an additional 530,297 shares in the last quarter. Atreides Management LP bought a new position in shares of GitLab in the third quarter valued at approximately $25,605,000. Los Angeles Capital Management LLC boosted its holdings in shares of GitLab by 67.7% in the 4th quarter. Los Angeles Capital Management LLC now owns 1,003,010 shares of the company's stock worth $56,520,000 after acquiring an additional 404,895 shares in the last quarter. Finally, Trivest Advisors Ltd bought a new stake in GitLab during the 4th quarter worth approximately $17,018,000. Institutional investors and hedge funds own 95.04% of the company's stock.

GitLab Stock Performance

NASDAQ:GTLB traded down $1.80 during trading hours on Friday, hitting $48.38. The stock had a trading volume of 1,851,502 shares, compared to its average volume of 2,426,612. The business's 50 day moving average is $61.70 and its 200-day moving average is $59.21. The company has a market cap of $7.85 billion, a price-to-earnings ratio of -151.19 and a beta of 0.67. GitLab Inc. has a one year low of $40.72 and a one year high of $74.18.

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Insider Activity

In other news, CFO Brian G. Robins sold 10,000 shares of the firm's stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $56.24, for a total transaction of $562,400.00. Following the sale, the chief financial officer now owns 267,380 shares of the company's stock, valued at $15,037,451.20. This trade represents a 3.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Susan L. Bostrom sold 20,000 shares of GitLab stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $56.26, for a total value of $1,125,200.00. Following the transaction, the director now owns 184,913 shares in the company, valued at $10,403,205.38. This trade represents a 9.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 349,216 shares of company stock valued at $19,841,492 in the last quarter. Company insiders own 21.36% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on GTLB shares. Mizuho reduced their price objective on GitLab from $80.00 to $72.00 and set an "outperform" rating on the stock in a research note on Tuesday, March 4th. DA Davidson decreased their price objective on shares of GitLab from $70.00 to $60.00 and set a "neutral" rating on the stock in a report on Friday, February 28th. Truist Financial reaffirmed a "buy" rating and issued a $90.00 target price (up from $80.00) on shares of GitLab in a research note on Friday, December 6th. Piper Sandler increased their price target on shares of GitLab from $75.00 to $85.00 and gave the company an "overweight" rating in a research note on Friday, December 6th. Finally, Royal Bank of Canada restated an "outperform" rating and issued a $80.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. Three equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $75.52.

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.