GitLab Inc. (NASDAQ:GTLB) Shares Bought by Wellington Management Group LLP

Wellington Management Group LLP lifted its holdings in GitLab Inc. (NASDAQ:GTLB - Free Report) by 15.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 743,492 shares of the company's stock after buying an additional 98,496 shares during the quarter. Wellington Management Group LLP owned approximately 0.46% of GitLab worth $41,896,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Y Intercept Hong Kong Ltd purchased a new position in GitLab during the 3rd quarter worth $678,000. State Street Corp increased its holdings 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 purchasing an additional 111,997 shares during the period. Barclays PLC increased its holdings 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 purchasing an additional 40,171 shares during the period. Oddo BHF Asset Management Sas bought a new stake in GitLab during the 3rd quarter valued at $6,865,000. Finally, Swiss National Bank boosted its position in GitLab by 3.7% during the 4th quarter. Swiss National Bank now owns 215,000 shares of the company's stock valued at $12,115,000 after acquiring an additional 7,700 shares in the last quarter. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

GitLab Stock Performance

Shares of GitLab stock traded down $2.87 during trading hours on Thursday, reaching $43.44. 884,140 shares of the company were exchanged, compared to its average volume of 2,474,552. GitLab Inc. has a 1 year low of $37.90 and a 1 year high of $74.18. The stock's fifty day moving average is $57.15 and its 200 day moving average is $58.53. The firm has a market cap of $7.05 billion, a PE ratio of -136.63 and a beta of 0.79.

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Insider Transactions at GitLab

In related news, Director Matthew Jacobson sold 152,884 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $52.34, for a total value of $8,001,948.56. Following the transaction, the director now owns 493,554 shares of the company's stock, valued at $25,832,616.36. This represents a 23.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Sytse Sijbrandij sold 84,000 shares of the stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $62.99, for a total value of $5,291,160.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 311,886 shares of company stock valued at $17,736,229. 21.36% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on GTLB shares. Robert W. Baird dropped their target price on GitLab from $80.00 to $76.00 and set an "outperform" rating on the stock in a research report on Monday, March 3rd. Royal Bank of Canada reissued an "outperform" rating and issued a $80.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. Barclays lowered their price objective on GitLab from $70.00 to $58.00 and set an "equal weight" rating for the company in a research report on Tuesday, March 4th. Wells Fargo & Company raised their price objective on GitLab from $80.00 to $85.00 and gave the stock an "overweight" rating in a research report on Thursday, February 20th. Finally, JPMorgan Chase & Co. lowered their price target on GitLab from $65.00 to $62.00 and set a "neutral" rating for the company in a research report on Tuesday, March 4th. Three analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $75.09.

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.