Worldquant Millennium Advisors LLC Has $2.03 Million Stock Position in GitLab Inc. (NASDAQ:GTLB)

Worldquant Millennium Advisors LLC lifted its position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 309.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 39,434 shares of the company's stock after purchasing an additional 29,803 shares during the quarter. Worldquant Millennium Advisors LLC's holdings in GitLab were worth $2,032,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. ARK Investment Management LLC bought a new stake in GitLab in the 3rd quarter valued at $13,435,000. Mission Creek Capital Partners Inc. lifted its position in GitLab by 113.9% in the 3rd quarter. Mission Creek Capital Partners Inc. now owns 79,917 shares of the company's stock valued at $4,119,000 after acquiring an additional 42,550 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in GitLab by 111.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 336,317 shares of the company's stock valued at $17,334,000 after acquiring an additional 176,967 shares in the last quarter. Victory Capital Management Inc. lifted its position in GitLab by 56.1% in the 3rd quarter. Victory Capital Management Inc. now owns 352,256 shares of the company's stock valued at $18,155,000 after acquiring an additional 126,578 shares in the last quarter. Finally, William Blair Investment Management LLC bought a new stake in GitLab in the 2nd quarter valued at $16,071,000. 95.04% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on GTLB shares. Baird R W raised shares of GitLab to a "strong-buy" rating in a research report on Tuesday, August 27th. BTIG Research boosted their price target on shares of GitLab from $58.00 to $63.00 and gave the stock a "buy" rating in a research report on Wednesday, September 4th. TD Cowen boosted their price target on shares of GitLab from $63.00 to $70.00 and gave the stock a "buy" rating in a research report on Thursday, November 21st. Needham & Company LLC boosted their price target on shares of GitLab from $70.00 to $85.00 and gave the stock a "buy" rating in a research report on Friday. Finally, Piper Sandler boosted their price target on shares of GitLab from $75.00 to $85.00 and gave the stock an "overweight" rating in a research report on Friday. Three research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $75.88.

GitLab Stock Performance

Shares of GitLab stock traded down $0.46 on Monday, reaching $66.73. 4,682,635 shares of the stock were exchanged, compared to its average volume of 2,403,436. The firm's 50 day moving average is $58.22 and its 200-day moving average is $52.27. GitLab Inc. has a one year low of $40.72 and a one year high of $78.53. The firm has a market cap of $10.71 billion, a PE ratio of -208.53 and a beta of 0.54.

Insider Transactions at GitLab

In related news, CEO Sytse Sijbrandij sold 84,776 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $59.64, for a total value of $5,056,040.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Brian G. Robins sold 16,666 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $56.74, for a total transaction of $945,628.84. Following the completion of the transaction, the chief financial officer now directly owns 242,803 shares of the company's stock, valued at approximately $13,776,642.22. The trade was a 6.42 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 168,365 shares of company stock valued at $9,674,784. Company insiders own 21.36% of the company's stock.

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.