Bryce Point Capital LLC Takes $473,000 Position in GitLab Inc. (NASDAQ:GTLB)

Bryce Point Capital LLC acquired a new stake in shares of GitLab Inc. (NASDAQ:GTLB) during the 4th quarter, Holdings Channel.com reports. The fund acquired 8,398 shares of the company’s stock, valued at approximately $473,000.

Several other large investors also recently bought and sold shares of the business. Norges Bank purchased a new stake in shares of GitLab during the 4th quarter valued at about $279,089,000. Artisan Partners Limited Partnership grew its position in GitLab by 55.7% in the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock worth $227,318,000 after purchasing an additional 1,443,160 shares during the period. Alliancebernstein L.P. grew its holdings in shares of GitLab by 4,042.0% in the fourth quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company’s stock worth $82,011,000 after acquiring an additional 1,420,248 shares during the period. ARK Investment Management LLC grew its stake in shares of GitLab by 345.2% during the 4th quarter. ARK Investment Management LLC now owns 1,160,502 shares of the company’s stock valued at $65,394,000 after purchasing an additional 899,823 shares during the period. Finally, Vanguard Group Inc. grew its position in GitLab by 7.2% during the fourth quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company’s stock valued at $740,585,000 after buying an additional 885,955 shares during the period. 95.04% of the stock is currently owned by institutional investors.

GitLab Trading Down 3.4 %

GitLab stock opened at $41.09 on Friday. GitLab Inc. has a 12-month low of $37.90 and a 12-month high of $74.18. The firm has a 50-day moving average price of $59.82 and a 200-day moving average price of $58.84. The firm has a market capitalization of $6.67 billion, a PE ratio of -128.41 and a beta of 0.67.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Canaccord Genuity Group boosted their price target on GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a report on Friday, December 6th. Mizuho decreased their price target on GitLab from $80.00 to $72.00 and set an “outperform” rating on the stock in a report on Tuesday, March 4th. Royal Bank of Canada restated an “outperform” rating and issued a $80.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. Morgan Stanley lifted their target price on GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Finally, JPMorgan Chase & Co. dropped their price target on GitLab from $65.00 to $62.00 and set a “neutral” rating for the company in a research note on Tuesday, March 4th. Three equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, GitLab has an average rating of “Moderate Buy” and a consensus price target of $75.09.

Insiders Place Their Bets

In related news, insider Sytse Sijbrandij sold 84,000 shares of the business’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $62.99, for a total transaction of $5,291,160.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Karen Blasing sold 6,500 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $63.19, for a total value of $410,735.00. Following the completion of the sale, the director now owns 128,233 shares in the company, valued at approximately $8,103,043.27. The trade was a 4.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 311,886 shares of company stock valued at $17,736,229 over the last 90 days. Insiders own 21.36% of the company’s stock.

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.