GitLab Inc. (NASDAQ:GTLB) Shares Purchased by Sycomore Asset Management

Sycomore Asset Management raised its stake in GitLab Inc. (NASDAQ:GTLB - Free Report) by 6.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 133,668 shares of the company's stock after buying an additional 8,204 shares during the quarter. Sycomore Asset Management owned approximately 0.08% of GitLab worth $6,872,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Y Intercept Hong Kong Ltd purchased a new position in shares of GitLab during the 3rd quarter worth $678,000. State Street Corp grew 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 worth $104,740,000 after purchasing an additional 111,997 shares during the period. Barclays PLC lifted 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 acquiring an additional 40,171 shares in the last quarter. Oddo BHF Asset Management Sas acquired a new position in GitLab during the 3rd quarter worth about $6,865,000. Finally, Barton Investment Management lifted its stake in GitLab by 99.4% during the 4th quarter. Barton Investment Management now owns 335,648 shares of the company's stock worth $18,914,000 after acquiring an additional 167,290 shares in the last quarter. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on GTLB. Needham & Company LLC reissued a "buy" rating and set a $85.00 target price on shares of GitLab in a research note on Tuesday, January 7th. Canaccord Genuity Group increased their target price on GitLab from $65.00 to $78.00 and gave the stock a "buy" rating in a research note on Friday, December 6th. The Goldman Sachs Group increased their target price on GitLab from $80.00 to $88.00 and gave the stock a "buy" rating in a research note on Friday, December 6th. Wells Fargo & Company increased their target price on GitLab from $75.00 to $80.00 and gave the stock an "overweight" rating in a research note on Friday, December 6th. Finally, Royal Bank of Canada increased their target price on GitLab from $73.00 to $80.00 and gave the stock an "outperform" rating in a research note on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $76.42.

Insider Buying and Selling

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $70.83, for a total value of $708,300.00. Following the transaction, the chief financial officer now directly owns 267,380 shares in the company, valued at approximately $18,938,525.40. This trade represents a 3.61 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Robin Schulman sold 9,251 shares of GitLab stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $70.00, for a total value of $647,570.00. Following the completion of the transaction, the insider now owns 121,893 shares in the company, valued at $8,532,510. This trade represents a 7.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 828,283 shares of company stock worth $49,959,990 in the last quarter. 21.36% of the stock is owned by insiders.

GitLab Price Performance

Shares of GTLB traded up $0.77 during mid-day trading on Thursday, reaching $70.56. The company's stock had a trading volume of 2,019,355 shares, compared to its average volume of 2,812,667. The company's 50 day moving average is $63.36 and its 200 day moving average is $56.86. The stock has a market cap of $11.45 billion, a PE ratio of -220.50 and a beta of 0.63. GitLab Inc. has a 12-month low of $40.72 and a 12-month high of $76.58.

GitLab 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.