GitLab Inc. (NASDAQ:GTLB) Shares Bought by Vanguard Group Inc.

Vanguard Group Inc. grew its stake in GitLab Inc. (NASDAQ:GTLB - Free Report) by 7.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 13,142,592 shares of the company's stock after purchasing an additional 885,955 shares during the period. Vanguard Group Inc. owned approximately 8.10% of GitLab worth $740,585,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. EverSource Wealth Advisors LLC boosted its stake in GitLab by 5,700.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock worth $29,000 after buying an additional 513 shares during the last quarter. IMG Wealth Management Inc. acquired a new stake in GitLab during the fourth quarter worth about $46,000. True Wealth Design LLC purchased a new position in GitLab during the third quarter worth about $56,000. Raleigh Capital Management Inc. acquired a new position in GitLab in the 4th quarter valued at about $66,000. Finally, Smartleaf Asset Management LLC grew its stake in shares of GitLab by 1,067.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company's stock valued at $71,000 after buying an additional 1,153 shares during the period. Institutional investors and hedge funds own 95.04% of the company's stock.

GitLab Stock Down 12.0 %

NASDAQ GTLB traded down $5.80 on Thursday, hitting $42.53. 3,799,022 shares of the stock were exchanged, compared to its average volume of 2,437,191. GitLab Inc. has a fifty-two week low of $40.72 and a fifty-two week high of $74.18. The company has a 50-day moving average price of $60.29 and a 200-day moving average price of $58.92. The company has a market cap of $6.90 billion, a PE ratio of -132.91 and a beta of 0.67.

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Insider Transactions at GitLab

In other GitLab news, CFO Brian G. Robins sold 10,000 shares of the firm's stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $70.83, for a total transaction of $708,300.00. Following the sale, the chief financial officer now owns 267,380 shares of the company's stock, valued at approximately $18,938,525.40. This trade represents a 3.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Matthew Jacobson sold 152,884 shares of the company's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $52.34, for a total transaction of $8,001,948.56. Following the completion of the transaction, the director now owns 493,554 shares of the company's stock, valued at approximately $25,832,616.36. The trade was a 23.65 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 311,886 shares of company stock valued at $17,736,229. Insiders own 21.36% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Macquarie reissued an "outperform" rating and set a $90.00 target price on shares of GitLab in a research note on Tuesday, March 4th. The Goldman Sachs Group upped their target price on shares of GitLab from $80.00 to $88.00 and gave the company a "buy" rating in a research report on Friday, December 6th. KeyCorp lifted their price target on shares of GitLab from $74.00 to $80.00 and gave the company an "overweight" rating in a research report on Friday, December 6th. Robert W. Baird decreased their price objective on shares of GitLab from $80.00 to $76.00 and set an "outperform" rating on the stock in a report on Monday, March 3rd. Finally, DA Davidson dropped their target price on shares of GitLab from $70.00 to $60.00 and set a "neutral" rating for the company in a report on Friday, February 28th. Three equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $75.09.

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.