GitLab Inc. (NASDAQ:GTLB) Holdings Increased by Blue Trust Inc.

Blue Trust Inc. increased its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 68.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,329 shares of the company’s stock after buying an additional 2,163 shares during the quarter. Blue Trust Inc.’s holdings in GitLab were worth $275,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GTLB. Los Angeles Capital Management LLC acquired a new stake in shares of GitLab in the 3rd quarter valued at $30,827,000. Atreides Management LP bought a new position in GitLab in the third quarter valued at about $25,605,000. Thrivent Financial for Lutherans increased its position in GitLab by 128.8% in the third quarter. Thrivent Financial for Lutherans now owns 554,455 shares of the company’s stock worth $28,577,000 after purchasing an additional 312,119 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its holdings in GitLab by 6,821.7% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 297,632 shares of the company’s stock worth $15,340,000 after purchasing an additional 293,332 shares during the last quarter. Finally, ARK Investment Management LLC acquired a new position in GitLab during the 3rd quarter valued at about $13,435,000. 95.04% of the stock is owned by hedge funds and other institutional investors.

GitLab Trading Up 4.9 %

Shares of GTLB opened at $72.76 on Monday. The firm has a fifty day moving average price of $62.38 and a 200-day moving average price of $55.90. The firm has a market capitalization of $11.81 billion, a P/E ratio of -227.38 and a beta of 0.57. GitLab Inc. has a 12-month low of $40.72 and a 12-month high of $78.53.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on GTLB shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $85.00 target price on shares of GitLab in a research report on Tuesday, January 7th. Canaccord Genuity Group lifted their price objective on shares of GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. TD Cowen increased their price objective on shares of GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, November 21st. JPMorgan Chase & Co. upped their price target on shares of GitLab from $60.00 to $65.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Finally, Wells Fargo & Company raised their price objective on shares of GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $76.42.

Insider Buying and Selling at GitLab

In other GitLab news, Director Karen Blasing sold 3,250 shares of the company’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $59.41, for a total value of $193,082.50. Following the sale, the director now directly owns 137,983 shares of the company’s stock, valued at approximately $8,197,570.03. This represents a 2.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Robin Schulman sold 9,251 shares of GitLab stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $70.00, for a total value of $647,570.00. Following the transaction, the insider now owns 121,893 shares of the company’s stock, valued at approximately $8,532,510. This represents a 7.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 818,283 shares of company stock worth $49,251,690 over the last quarter. 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.