Swedbank AB Takes Position in GitLab Inc. (NASDAQ:GTLB)

Swedbank AB purchased a new position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 170,000 shares of the company's stock, valued at approximately $9,580,000. Swedbank AB owned about 0.10% of GitLab as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GTLB. Y Intercept Hong Kong Ltd acquired a new position in GitLab during the 3rd quarter worth approximately $678,000. State Street Corp grew its stake in GitLab by 5.8% during the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company's stock worth $104,740,000 after buying an additional 111,997 shares during the last quarter. Barclays PLC grew its stake in GitLab by 189.1% during the 3rd quarter. Barclays PLC now owns 61,419 shares of the company's stock worth $3,164,000 after buying an additional 40,171 shares during the last quarter. Oddo BHF Asset Management Sas bought a new position in shares of GitLab in the third quarter worth $6,865,000. Finally, Jackson Square Capital LLC grew its stake in shares of GitLab by 328.1% in the fourth quarter. Jackson Square Capital LLC now owns 36,600 shares of the company's stock worth $2,062,000 after purchasing an additional 28,050 shares in the last quarter. Hedge funds and other institutional investors own 95.04% of the company's stock.

GitLab Stock Up 2.4 %

NASDAQ GTLB traded up $1.70 on Wednesday, reaching $73.14. The company had a trading volume of 2,604,520 shares, compared to its average volume of 2,985,121. The firm's 50 day moving average price is $62.56 and its 200 day moving average price is $56.15. GitLab Inc. has a 12 month low of $40.72 and a 12 month high of $78.53. The stock has a market capitalization of $11.87 billion, a PE ratio of -228.56 and a beta of 0.63.

Insider Buying and Selling at GitLab

In other news, Director Karen Blasing sold 3,250 shares of GitLab stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $59.41, for a total value of $193,082.50. Following the sale, the director now owns 137,983 shares in the company, valued at $8,197,570.03. This trade represents a 2.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Matthew Jacobson sold 547,679 shares of the business's stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $59.72, for a total transaction of $32,707,389.88. Following the transaction, the director now owns 58,471 shares in the company, valued at $3,491,888.12. The trade was a 90.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 828,283 shares of company stock valued at $49,959,990 in the last three months. Company insiders own 21.36% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on GTLB. Cantor Fitzgerald upped their target price on GitLab from $75.00 to $80.00 and gave the company an "overweight" rating in a report on Friday, December 6th. Truist Financial reissued a "buy" rating and set a $90.00 price objective (up previously from $80.00) on shares of GitLab in a report on Friday, December 6th. KeyCorp raised their target price on GitLab from $74.00 to $80.00 and gave the company an "overweight" rating in a report on Friday, December 6th. DA Davidson raised their price objective on GitLab from $50.00 to $70.00 and gave the stock a "neutral" rating in a research report on Friday, December 6th. Finally, TD Cowen raised their target price on GitLab from $63.00 to $70.00 and gave the stock a "buy" rating in a research report on Thursday, November 21st. Three research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $76.42.

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.