Y Intercept Hong Kong Ltd purchased a new stake in GitLab Inc. (NASDAQ:GTLB - Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 13,156 shares of the company's stock, valued at approximately $678,000.
Several other hedge funds have also bought and sold shares of GTLB. ARK Investment Management LLC purchased a new position in GitLab during the third quarter worth approximately $13,435,000. Mission Creek Capital Partners Inc. raised its stake in shares of GitLab by 113.9% during the 3rd quarter. Mission Creek Capital Partners Inc. now owns 79,917 shares of the company's stock worth $4,119,000 after buying an additional 42,550 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of GitLab by 111.1% during 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 buying an additional 176,967 shares in the last quarter. Victory Capital Management Inc. grew its stake 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 during the period. Finally, William Blair Investment Management LLC purchased a new stake in GitLab in the 2nd quarter worth $16,071,000. Hedge funds and other institutional investors own 95.04% of the company's stock.
Insider Buying and Selling at GitLab
In other news, CAO Erin Mannix sold 1,433 shares of GitLab stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $52.80, for a total value of $75,662.40. Following the completion of the sale, the chief accounting officer now owns 72,448 shares of the company's stock, valued at $3,825,254.40. The trade was a 1.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brian G. Robins sold 16,666 shares of the stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $56.74, for a total value of $945,628.84. Following the transaction, the chief financial officer now owns 242,803 shares in the company, valued at $13,776,642.22. This trade represents a 6.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 178,365 shares of company stock valued at $10,350,684 over the last quarter. Corporate insiders own 21.36% of the company's stock.
Wall Street Analyst Weigh In
GTLB has been the topic of several recent research reports. Robert W. Baird lifted their target price on shares of GitLab from $62.00 to $75.00 and gave the stock an "outperform" rating in a research note on Friday, December 6th. Wells Fargo & Company raised their target price on shares of GitLab from $75.00 to $80.00 and gave the stock an "overweight" rating in a research note on Friday, December 6th. Morgan Stanley upped their price target on GitLab from $70.00 to $77.00 and gave the company an "overweight" rating in a research report on Friday, December 6th. The Goldman Sachs Group lifted their price objective on GitLab from $80.00 to $88.00 and gave the stock a "buy" rating in a research report on Friday, December 6th. Finally, TD Cowen upped their target price on GitLab from $63.00 to $70.00 and gave the company a "buy" rating in a report on Thursday, November 21st. Three research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $76.42.
Check Out Our Latest Analysis on GTLB
GitLab Trading Down 4.0 %
Shares of GTLB traded down $2.44 during trading hours on Friday, reaching $58.60. The company had a trading volume of 3,384,200 shares, compared to its average volume of 2,430,599. The company has a market capitalization of $9.51 billion, a price-to-earnings ratio of -183.13 and a beta of 0.54. GitLab Inc. has a 12-month low of $40.72 and a 12-month high of $78.53. The firm has a 50 day simple moving average of $59.08 and a 200-day simple moving average of $52.45.
GitLab 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.
See Also
Before you consider GitLab, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and GitLab wasn't on the list.
While GitLab currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Which stocks are major institutional investors including hedge funds and endowments buying in today's market? Click the link below and we'll send you MarketBeat's list of thirteen stocks that institutional investors are buying up as quickly as they can.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
