Vanguard Group Inc. Acquires 1,070,994 Shares of GitLab Inc. (NASDAQ:GTLB)

Vanguard Group Inc. boosted its stake in GitLab Inc. (NASDAQ:GTLB) by 12.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,388,440 shares of the company’s stock after purchasing an additional 1,070,994 shares during the quarter. Vanguard Group Inc. owned about 6.03% of GitLab worth $591,096,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of GTLB. Wellington Management Group LLP raised its stake in GitLab by 25.8% during the fourth quarter. Wellington Management Group LLP now owns 791,356 shares of the company’s stock worth $49,824,000 after acquiring an additional 162,369 shares in the last quarter. Tucker Asset Management LLC acquired a new position in shares of GitLab in the fourth quarter valued at approximately $83,000. Quarry LP increased its stake in shares of 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 shares of GitLab in the fourth quarter valued at approximately $5,900,000. Finally, Oracle Alpha Inc. acquired a new position in shares of GitLab in the fourth quarter valued at approximately $971,000. Institutional investors and hedge funds own 91.72% of the company’s stock.

GitLab Price Performance

GitLab stock opened at $44.10 on Tuesday. GitLab Inc. has a one year low of $40.19 and a one year high of $78.53. The business’s fifty day moving average is $51.10 and its 200 day moving average is $59.45. The stock has a market capitalization of $7.01 billion, a PE ratio of -16.04 and a beta of 0.44.

Insider Buying and Selling at GitLab

In other GitLab news, Director Sundeep Bedi sold 9,000 shares of the stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $58.64, for a total value of $527,760.00. Following the transaction, the director now owns 8,369 shares of the company’s stock, valued at $490,758.16. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other GitLab news, Director Sundeep Bedi sold 9,000 shares of the stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $58.64, for a total value of $527,760.00. Following the transaction, the director now owns 8,369 shares of the company’s stock, valued at $490,758.16. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Brian G. Robins sold 60,000 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $56.08, for a total value of $3,364,800.00. Following the completion of the transaction, the chief financial officer now directly owns 346,146 shares in the company, valued at approximately $19,411,867.68. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 148,828 shares of company stock valued at $8,027,879. 21.36% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on GTLB. Capital One Financial began coverage on GitLab in a research note on Friday, March 22nd. They issued an “overweight” rating and a $72.00 price objective for the company. Wolfe Research upgraded GitLab from a “peer perform” rating to an “outperform” rating and set a $75.00 price target on the stock in a report on Wednesday, March 6th. Sanford C. Bernstein increased their price target on GitLab from $71.00 to $76.00 and gave the stock an “outperform” rating in a report on Tuesday, March 5th. Needham & Company LLC reaffirmed a “hold” rating on shares of GitLab in a research report on Tuesday, June 4th. Finally, Barclays lowered their target price on GitLab from $55.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Tuesday, June 4th. Four equities research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat.com, GitLab presently has a consensus rating of “Moderate Buy” and a consensus price target of $67.70.

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.