IQ EQ FUND MANAGEMENT IRELAND Ltd Buys Shares of 13,815 GitLab Inc. (NASDAQ:GTLB)

IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new stake in shares of GitLab Inc. (NASDAQ:GTLB) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 13,815 shares of the company’s stock, valued at approximately $778,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of GTLB. Artisan Partners Limited Partnership lifted its position in GitLab by 55.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock valued at $227,318,000 after purchasing an additional 1,443,160 shares in the last quarter. Pier Capital LLC lifted its position in shares of GitLab by 58.8% during the 4th quarter. Pier Capital LLC now owns 138,693 shares of the company’s stock valued at $7,815,000 after buying an additional 51,365 shares in the last quarter. Congress Wealth Management LLC DE purchased a new stake in GitLab in the 4th quarter worth approximately $424,000. Vanguard Group Inc. raised its stake in GitLab by 7.2% during the 4th quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company’s stock worth $740,585,000 after acquiring an additional 885,955 shares during the period. Finally, Stevens Capital Management LP purchased a new position in GitLab during the fourth quarter valued at approximately $274,000. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. DA Davidson reduced their price objective on shares of GitLab from $70.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday, February 28th. The Goldman Sachs Group raised their price target on GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a report on Friday, December 6th. KeyCorp boosted their price objective on GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Scotiabank increased their target price on GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, December 4th. Finally, Mizuho cut their price objective on shares of GitLab from $80.00 to $72.00 and set an “outperform” rating for the company in a report on Tuesday, March 4th. Three analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $75.52.

GitLab Stock Down 2.4 %

GTLB stock opened at $50.18 on Friday. GitLab Inc. has a twelve month low of $40.72 and a twelve month high of $74.18. The stock has a market capitalization of $8.14 billion, a price-to-earnings ratio of -156.81 and a beta of 0.67. The firm’s fifty day simple moving average is $61.99 and its two-hundred day simple moving average is $59.20.

Insider Buying and Selling

In related news, Director Matthew Jacobson sold 152,884 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $52.34, for a total transaction of $8,001,948.56. Following the completion of the sale, the director now directly owns 493,554 shares of the company’s stock, valued at approximately $25,832,616.36. This trade represents a 23.65 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Susan L. Bostrom sold 40,000 shares of the company’s stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $51.88, for a total value of $2,075,200.00. Following the completion of the transaction, the director now directly owns 144,913 shares in the company, 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 sold 349,216 shares of company stock valued at $19,841,492. Company insiders own 21.36% of the company’s stock.

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.