GitLab Inc. (NASDAQ:GTLB) Stock Position Lifted by Primecap Management Co. CA

Primecap Management Co. CA lifted its holdings in GitLab Inc. (NASDAQ:GTLB) by 1.8% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 835,940 shares of the company’s stock after purchasing an additional 14,600 shares during the quarter. Primecap Management Co. CA’s holdings in GitLab were worth $47,105,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. EverSource Wealth Advisors LLC lifted its holdings in shares of GitLab by 5,700.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock valued at $29,000 after buying an additional 513 shares during the period. IMG Wealth Management Inc. acquired a new stake in shares of GitLab in the fourth quarter valued at $46,000. True Wealth Design LLC acquired a new stake in shares of GitLab in the third quarter valued at $56,000. Raleigh Capital Management Inc. purchased a new stake in shares of GitLab during the fourth quarter valued at $66,000. Finally, Smartleaf Asset Management LLC lifted its holdings in shares of GitLab by 1,067.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock valued at $71,000 after purchasing an additional 1,153 shares during the last quarter. Institutional investors own 95.04% of the company’s stock.

GitLab Price Performance

Shares of GTLB stock opened at $49.89 on Wednesday. The firm has a market cap of $8.10 billion, a P/E ratio of -155.91 and a beta of 0.67. The stock’s 50-day moving average is $63.36 and its two-hundred day moving average is $59.29. GitLab Inc. has a fifty-two week low of $40.72 and a fifty-two week high of $74.18.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. KeyCorp upped their target price on GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, December 6th. TD Cowen upped their target price on GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, November 21st. Wells Fargo & Company upped their target price on GitLab from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Canaccord Genuity Group upped their target price on GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a report on Friday, December 6th. Finally, Mizuho reduced their target price on GitLab from $80.00 to $72.00 and set an “outperform” rating for the company in a report on Tuesday, March 4th. Three equities research analysts have rated the stock with a hold rating, twenty-one have assigned 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 price target of $75.38.

Insider Activity

In other news, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $56.24, for a total transaction of $562,400.00. Following the transaction, the chief financial officer now owns 267,380 shares of the company’s stock, valued at approximately $15,037,451.20. This represents a 3.61 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Robin Schulman sold 9,251 shares of the stock in a transaction dated 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 directly owns 121,893 shares in the company, valued at approximately $8,532,510. This represents a 7.05 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 727,007 shares of company stock valued at $43,843,249. 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.