Vanguard Group Inc. Increases Stake in GitLab Inc. (NASDAQ:GTLB)

Vanguard Group Inc. increased its holdings in GitLab Inc. (NASDAQ:GTLB) by 7.2% during the fourth quarter, Holdings Channel.com reports. The firm owned 13,142,592 shares of the company’s stock after acquiring an additional 885,955 shares during the quarter. Vanguard Group Inc. owned 0.08% of GitLab worth $740,585,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in GTLB. ARK Investment Management LLC lifted its stake in shares of GitLab by 345.2% in the 4th quarter. ARK Investment Management LLC now owns 1,160,502 shares of the company’s stock valued at $65,394,000 after acquiring an additional 899,823 shares during the last quarter. Amundi increased its stake in GitLab by 613.0% in the 4th quarter. Amundi now owns 616,806 shares of the company’s stock worth $38,020,000 after purchasing an additional 530,297 shares during the period. Atreides Management LP bought a new stake in GitLab in the third quarter valued at approximately $25,605,000. Los Angeles Capital Management LLC boosted its stake in shares of GitLab by 67.7% during the fourth quarter. Los Angeles Capital Management LLC now owns 1,003,010 shares of the company’s stock valued at $56,520,000 after purchasing an additional 404,895 shares during the period. Finally, Trivest Advisors Ltd bought a new position in shares of GitLab in the fourth quarter worth approximately $17,018,000. 95.04% of the stock is owned by institutional investors.

GitLab Price Performance

Shares of NASDAQ:GTLB opened at $48.38 on Friday. The business has a fifty day moving average price of $61.70 and a 200-day moving average price of $59.18. The company has a market capitalization of $7.85 billion, a PE ratio of -151.19 and a beta of 0.67. GitLab Inc. has a 1-year low of $40.72 and a 1-year high of $74.18.

Insider Activity at GitLab

In other news, Director Karen Blasing sold 6,500 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $63.19, for a total value of $410,735.00. Following the transaction, the director now owns 128,233 shares in the company, valued at approximately $8,103,043.27. This represents a 4.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Susan L. Bostrom sold 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $51.88, for a total transaction of $2,075,200.00. Following the sale, the director now directly owns 144,913 shares of the company’s stock, valued at $7,518,086.44. This trade represents a 21.63 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 349,216 shares of company stock valued at $19,841,492. 21.36% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Wells Fargo & Company boosted their price objective on shares of GitLab from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. Truist Financial reaffirmed a “buy” rating and set a $90.00 price target (up previously from $80.00) on shares of GitLab in a research report on Friday, December 6th. KeyCorp boosted their target price on GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. The Goldman Sachs Group raised their price target on GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Finally, Morgan Stanley boosted their price objective on shares of GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $75.52.

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.