Victory Capital Management Inc. lifted its position in GitLab Inc. (NASDAQ:GTLB - Free Report) by 30.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 460,302 shares of the company's stock after acquiring an additional 108,046 shares during the quarter. Victory Capital Management Inc. owned approximately 0.28% of GitLab worth $25,938,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in GTLB. Franklin Resources Inc. boosted its holdings in shares of GitLab by 0.8% in the third quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company's stock worth $146,774,000 after acquiring an additional 21,976 shares during the period. State Street Corp boosted its stake in shares of GitLab by 5.8% in the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company's stock valued at $104,740,000 after purchasing an additional 111,997 shares in the last quarter. Geode Capital Management LLC boosted its holdings in GitLab by 7.0% during the 3rd quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company's stock valued at $104,476,000 after acquiring an additional 132,548 shares during the period. Bamco Inc. NY increased its stake in shares of GitLab by 0.4% in the third quarter. Bamco Inc. NY now owns 1,253,244 shares of the company's stock worth $64,592,000 after buying an additional 4,874 shares during the period. Finally, ARK Investment Management LLC raised 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 buying an additional 899,823 shares during the last quarter. Hedge funds and other institutional investors own 95.04% of the company's stock.
Insider Transactions at GitLab
In related news, insider Robin Schulman sold 2,996 shares of the company's stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $55.98, for a total transaction of $167,716.08. Following the completion of the transaction, the insider now owns 129,223 shares in the company, valued at $7,233,903.54. This represents a 2.27 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Karen Blasing sold 3,250 shares of GitLab stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $58.99, for a total value of $191,717.50. Following the completion of the sale, the director now owns 134,733 shares in the company, valued at approximately $7,947,899.67. The trade was a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 730,257 shares of company stock valued at $44,034,967 in the last three months. 21.36% of the stock is currently owned by company insiders.
GitLab Price Performance
NASDAQ GTLB traded up $0.86 during trading hours on Wednesday, reaching $52.80. The company's stock had a trading volume of 1,344,334 shares, compared to its average volume of 2,998,903. The firm has a market capitalization of $8.57 billion, a price-to-earnings ratio of -165.11 and a beta of 0.67. The company's 50-day moving average is $64.12 and its two-hundred day moving average is $59.14. GitLab Inc. has a 1-year low of $40.72 and a 1-year high of $74.18.
Analyst Ratings Changes
A number of analysts have recently weighed in on the stock. Cantor Fitzgerald reiterated an "overweight" rating and set a $80.00 target price on shares of GitLab in a report on Tuesday, March 4th. Royal Bank of Canada reissued an "outperform" rating and set a $80.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. Macquarie reiterated an "outperform" rating and set a $90.00 price target on shares of GitLab in a research report on Tuesday, March 4th. Scotiabank upped their price target on GitLab from $65.00 to $75.00 and gave the stock a "sector outperform" rating in a research note on Wednesday, December 4th. Finally, Morgan Stanley raised their price objective on GitLab from $70.00 to $77.00 and gave the company an "overweight" rating in a research report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $75.38.
Check Out Our Latest Analysis on GitLab
GitLab Company Profile
(
Free Report)
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.
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