GitLab Inc. (NASDAQ:GTLB) Shares Acquired by Westend Capital Management LLC

Westend Capital Management LLC boosted its position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 82.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 174,666 shares of the company's stock after acquiring an additional 78,940 shares during the period. GitLab accounts for about 2.9% of Westend Capital Management LLC's investment portfolio, making the stock its 18th largest position. Westend Capital Management LLC owned about 0.11% of GitLab worth $9,842,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of GTLB. Y Intercept Hong Kong Ltd purchased a new position in GitLab in the 3rd quarter worth approximately $678,000. State Street Corp boosted its position in shares of GitLab by 5.8% during the third quarter. State Street Corp now owns 2,032,206 shares of the company's stock worth $104,740,000 after acquiring an additional 111,997 shares during the last quarter. Barclays PLC grew its stake in GitLab by 189.1% during the third quarter. Barclays PLC now owns 61,419 shares of the company's stock valued at $3,164,000 after acquiring an additional 40,171 shares in the last quarter. Oddo BHF Asset Management Sas bought a new stake in GitLab in the 3rd quarter valued at $6,865,000. Finally, ARK Investment Management LLC purchased a new stake in GitLab in the 3rd quarter worth $13,435,000. 95.04% of the stock is currently owned by institutional investors.

Insider Activity at GitLab

In related news, insider Robin Schulman sold 2,996 shares of the stock in a transaction that occurred on 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 sale, the insider now owns 129,223 shares of the company's stock, valued at $7,233,903.54. This represents a 2.27 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Sytse Sijbrandij sold 84,000 shares of GitLab stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $62.99, for a total transaction of $5,291,160.00. The disclosure for this sale can be found here. Insiders have sold a total of 816,447 shares of company stock valued at $48,948,434 over the last quarter. 21.36% of the stock is owned by corporate insiders.

GitLab Price Performance

NASDAQ GTLB traded down $1.18 during midday trading on Friday, hitting $63.02. 1,730,922 shares of the company traded hands, compared to its average volume of 2,298,061. GitLab Inc. has a 52 week low of $40.72 and a 52 week high of $78.53. The company's 50-day simple moving average is $61.30 and its 200-day simple moving average is $54.79. The company has a market cap of $10.23 billion, a PE ratio of -196.94 and a beta of 0.57.

Analyst Upgrades and Downgrades

A number of research firms recently commented on GTLB. DA Davidson boosted their target price on GitLab from $50.00 to $70.00 and gave the stock a "neutral" rating in a research report on Friday, December 6th. Wells Fargo & Company increased their target price on GitLab from $75.00 to $80.00 and gave the company an "overweight" rating in a research report on Friday, December 6th. Barclays upped their price target on shares of GitLab from $55.00 to $70.00 and gave the company an "equal weight" rating in a research note on Monday, December 9th. Scotiabank lifted their price objective on shares of GitLab from $65.00 to $75.00 and gave the stock a "sector outperform" rating in a research note on Wednesday, December 4th. Finally, Needham & Company LLC restated a "buy" rating and set a $85.00 target price on shares of GitLab in a research report on Tuesday, January 7th. Three investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, GitLab presently has a consensus rating of "Moderate Buy" and an average 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.