GitLab Inc. (NASDAQ:GTLB) Shares Acquired by State Street Corp

State Street Corp boosted its stake in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 5.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,032,206 shares of the company's stock after acquiring an additional 111,997 shares during the quarter. State Street Corp owned 1.27% of GitLab worth $104,740,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Future Financial Wealth Managment LLC acquired a new stake in shares of GitLab during the 3rd quarter valued at about $52,000. True Wealth Design LLC acquired a new stake in GitLab in the third quarter valued at approximately $56,000. Rakuten Securities Inc. grew its holdings in GitLab by 268.1% in the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company's stock valued at $73,000 after purchasing an additional 1,032 shares during the period. Quarry LP increased its position in shares of GitLab by 527.0% in the second quarter. Quarry LP now owns 1,787 shares of the company's stock valued at $89,000 after buying an additional 1,502 shares in the last quarter. Finally, Capital Performance Advisors LLP acquired a new position in shares of GitLab during the 3rd quarter worth approximately $96,000. 95.04% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at GitLab

In related news, CEO Sytse Sijbrandij sold 84,776 shares of the company's stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $59.64, for a total transaction of $5,056,040.64. 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 GitLab stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $67.59, for a total transaction of $675,900.00. Following the completion of the transaction, the chief financial officer now owns 242,803 shares of the company's stock, valued at $16,411,054.77. This represents a 3.96 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 178,365 shares of company stock valued at $10,350,684 over the last 90 days. 21.36% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Morgan Stanley lifted their price target on shares of GitLab from $70.00 to $77.00 and gave the company an "overweight" rating in a research note on Friday, December 6th. Needham & Company LLC boosted their target price on shares of GitLab from $70.00 to $85.00 and gave the stock a "buy" rating in a research note on Friday, December 6th. Piper Sandler raised 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. Cantor Fitzgerald lifted their price objective on GitLab from $75.00 to $80.00 and gave the stock an "overweight" rating in a report on Friday, December 6th. Finally, Bank of America increased their target price on GitLab from $66.00 to $68.00 and gave the company a "buy" rating in a report on Wednesday, September 4th. Three research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $76.42.

GitLab Trading Up 0.8 %

GTLB stock traded up $0.47 during midday trading on Monday, hitting $59.07. 3,719,130 shares of the company's stock were exchanged, compared to its average volume of 2,435,938. The business has a 50-day simple moving average of $59.08 and a two-hundred day simple moving average of $52.45. The stock has a market capitalization of $9.59 billion, a PE ratio of -183.13 and a beta of 0.54. GitLab Inc. has a 1-year low of $40.72 and a 1-year high of $78.53.

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.