Wellington Management Group LLP Has $49.82 Million Stake in GitLab Inc. (NASDAQ:GTLB)

Wellington Management Group LLP boosted its holdings in GitLab Inc. (NASDAQ:GTLB) by 25.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 791,356 shares of the company’s stock after buying an additional 162,369 shares during the period. Wellington Management Group LLP owned approximately 0.51% of GitLab worth $49,824,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the business. Tucker Asset Management LLC acquired a new position in GitLab in the fourth quarter valued at approximately $83,000. Quarry LP lifted its holdings in GitLab by 75.1% in the fourth quarter. Quarry LP now owns 1,166 shares of the company’s stock valued at $73,000 after buying an additional 500 shares during the period. Occudo Quantitative Strategies LP acquired a new position in GitLab in the fourth quarter valued at approximately $5,900,000. Oracle Alpha Inc. acquired a new position in GitLab in the fourth quarter valued at approximately $971,000. Finally, Harbert Fund Advisors Inc. lifted its holdings in GitLab by 6.7% in the fourth quarter. Harbert Fund Advisors Inc. now owns 12,000 shares of the company’s stock valued at $756,000 after buying an additional 750 shares during the period. 91.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at GitLab

In other news, CFO Brian G. Robins sold 11,667 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $45.46, for a total transaction of $530,381.82. Following the completion of the sale, the chief financial officer now owns 293,508 shares in the company, valued at approximately $13,342,873.68. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other GitLab news, CFO Brian G. Robins sold 11,667 shares of GitLab stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $45.46, for a total value of $530,381.82. Following the completion of the sale, the chief financial officer now owns 293,508 shares in the company, valued at approximately $13,342,873.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sytse Sijbrandij sold 56,000 shares of GitLab stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $54.92, for a total transaction of $3,075,520.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 148,334 shares of company stock worth $8,006,676. 21.36% of the stock is owned by insiders.

GitLab Stock Performance

NASDAQ GTLB opened at $43.82 on Friday. The firm has a 50-day moving average of $51.30 and a 200-day moving average of $59.56. The stock has a market cap of $6.96 billion, a PE ratio of -15.93 and a beta of 0.44. GitLab Inc. has a 52-week low of $40.19 and a 52-week high of $78.53.

Analysts Set New Price Targets

Several equities research analysts have weighed in on GTLB shares. Citic Securities started coverage on shares of GitLab in a report on Monday, June 3rd. They issued a “buy” rating and a $80.00 target price on the stock. Barclays cut their target price on shares of GitLab from $55.00 to $50.00 and set an “equal weight” rating on the stock in a report on Tuesday, June 4th. KeyCorp cut their target price on shares of GitLab from $70.00 to $62.00 and set an “overweight” rating on the stock in a report on Tuesday, June 4th. Wolfe Research upgraded shares of GitLab from a “peer perform” rating to an “outperform” rating and set a $75.00 target price on the stock in a report on Wednesday, March 6th. Finally, Wells Fargo & Company started coverage on shares of GitLab in a report on Tuesday, April 9th. They issued an “overweight” rating and a $70.00 target price on the stock. Four research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, GitLab currently has a consensus rating of “Moderate Buy” and an average price target of $67.70.

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.