Y Intercept Hong Kong Ltd Makes New $678,000 Investment in GitLab Inc. (NASDAQ:GTLB)

Y Intercept Hong Kong Ltd bought a new position in shares of GitLab Inc. (NASDAQ:GTLB) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 13,156 shares of the company’s stock, valued at approximately $678,000.

A number of other institutional investors also recently bought and sold shares of the company. Renaissance Technologies LLC lifted its position in shares of GitLab by 168.8% in the second quarter. Renaissance Technologies LLC now owns 1,190,582 shares of the company’s stock valued at $59,196,000 after acquiring an additional 747,712 shares in the last quarter. Primecap Management Co. CA lifted its position in shares of GitLab by 269.5% in the second quarter. Primecap Management Co. CA now owns 827,040 shares of the company’s stock valued at $41,120,000 after acquiring an additional 603,200 shares in the last quarter. Los Angeles Capital Management LLC purchased a new stake in shares of GitLab in the third quarter valued at $30,827,000. Atreides Management LP purchased a new stake in shares of GitLab in the third quarter valued at $25,605,000. Finally, William Blair Investment Management LLC purchased a new stake in shares of GitLab in the second quarter valued at $16,071,000. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at GitLab

In related news, CEO Sytse Sijbrandij sold 56,000 shares of GitLab stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $54.68, for a total value of $3,062,080.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, 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 transaction, the chief accounting officer now owns 72,448 shares in the company, valued at $3,825,254.40. The trade was a 1.94 % 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 in the last quarter. Corporate insiders own 21.36% of the company’s stock.

GitLab Price Performance

Shares of GitLab stock opened at $58.60 on Friday. The business’s fifty day moving average price is $59.08 and its two-hundred day moving average price is $52.45. The company has a market capitalization of $9.51 billion, a P/E ratio of -183.13 and a beta of 0.54. GitLab Inc. has a 1-year low of $40.72 and a 1-year high of $78.53.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on GTLB shares. Scotiabank upped their price objective on GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a research report on Wednesday, December 4th. Wells Fargo & Company increased their target price on GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Barclays increased their target price on GitLab from $55.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Monday, December 9th. Bank of America increased their target price on GitLab from $66.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Finally, DA Davidson increased 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. Three research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, GitLab currently has a consensus rating of “Moderate Buy” and an average price target of $76.42.

GitLab Company 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.