Barclays PLC Boosts Stake in GitLab Inc. (NASDAQ:GTLB)

Barclays PLC boosted its stake in shares of GitLab Inc. (NASDAQ:GTLB) by 189.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 61,419 shares of the company’s stock after buying an additional 40,171 shares during the period. Barclays PLC’s holdings in GitLab were worth $3,164,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Y Intercept Hong Kong Ltd purchased a new stake in shares of GitLab during the third quarter worth approximately $678,000. State Street Corp increased its position in GitLab by 5.8% during the third quarter. State Street Corp now owns 2,032,206 shares of the company’s stock worth $104,740,000 after buying an additional 111,997 shares during the period. ARK Investment Management LLC purchased a new stake in GitLab in the 3rd quarter valued at $13,435,000. Mission Creek Capital Partners Inc. raised its holdings in shares of GitLab by 113.9% in the third quarter. Mission Creek Capital Partners Inc. now owns 79,917 shares of the company’s stock valued at $4,119,000 after buying an additional 42,550 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in GitLab by 111.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 336,317 shares of the company’s stock valued at $17,334,000 after acquiring an additional 176,967 shares during the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

Insider Transactions at GitLab

In other GitLab news, CEO Sytse Sijbrandij sold 56,000 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total transaction of $3,062,080.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Brian G. Robins sold 16,666 shares of the firm’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $56.74, for a total transaction of $945,628.84. Following the completion of the transaction, the chief financial officer now directly owns 242,803 shares in the company, valued at $13,776,642.22. This represents a 6.42 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 183,178 shares of company stock valued at $10,634,456. 21.36% of the stock is currently owned by corporate insiders.

GitLab Stock Performance

Shares of GTLB opened at $60.01 on Tuesday. GitLab Inc. has a one year low of $40.72 and a one year high of $78.53. The stock has a 50-day moving average price of $59.65 and a 200 day moving average price of $52.86. The company has a market capitalization of $9.74 billion, a P/E ratio of -187.53 and a beta of 0.54.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. The Goldman Sachs Group upped their price objective on shares of GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Royal Bank of Canada boosted their price objective on shares of GitLab from $73.00 to $80.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. BTIG Research increased their target price on GitLab from $58.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. KeyCorp raised their price target on shares of GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Finally, UBS Group boosted their price target on GitLab from $62.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Three analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $76.42.

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.