West Tower Group LLC Increases Stock Position in GitLab Inc. (NASDAQ:GTLB)

West Tower Group LLC lifted its holdings in GitLab Inc. (NASDAQ:GTLB) by 33.3% during the 4th quarter, Holdings Channel.com reports. The firm owned 4,000 shares of the company’s stock after buying an additional 1,000 shares during the period. West Tower Group LLC’s holdings in GitLab were worth $225,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in GTLB. ARK Investment Management LLC lifted its stake in shares of GitLab by 345.2% in the 4th quarter. ARK Investment Management LLC now owns 1,160,502 shares of the company’s stock worth $65,394,000 after purchasing an additional 899,823 shares during the period. Amundi lifted its stake in shares of GitLab by 613.0% in the 4th quarter. Amundi now owns 616,806 shares of the company’s stock worth $38,020,000 after purchasing an additional 530,297 shares during the period. Atreides Management LP bought a new position in shares of GitLab in the 3rd quarter worth approximately $25,605,000. Los Angeles Capital Management LLC lifted its stake in shares of GitLab by 67.7% in the 4th quarter. Los Angeles Capital Management LLC now owns 1,003,010 shares of the company’s stock worth $56,520,000 after purchasing an additional 404,895 shares during the period. Finally, Thrivent Financial for Lutherans raised its stake in GitLab by 128.8% during the 3rd quarter. Thrivent Financial for Lutherans now owns 554,455 shares of the company’s stock worth $28,577,000 after acquiring an additional 312,119 shares during the period. Institutional investors own 95.04% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on GTLB shares. Truist Financial restated a “buy” rating and set a $90.00 target price (up previously from $80.00) on shares of GitLab in a research note on Friday, December 6th. TD Cowen raised their target price on shares of GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, November 21st. Mizuho decreased their target price on shares of GitLab from $80.00 to $72.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 4th. The Goldman Sachs Group raised their target price on shares of GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Finally, Needham & Company LLC restated a “buy” rating and set a $85.00 target price on shares of GitLab in a research note on Tuesday, March 4th. Three equities research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $75.38.

GitLab Price Performance

GTLB stock opened at $49.89 on Wednesday. The business has a 50-day moving average price of $63.36 and a 200 day moving average price of $59.29. The company has a market capitalization of $8.10 billion, a P/E ratio of -155.91 and a beta of 0.67. GitLab Inc. has a 1-year low of $40.72 and a 1-year high of $74.18.

Insider Activity at GitLab

In related news, Director Matthew Jacobson sold 547,679 shares of GitLab stock in a transaction dated Thursday, December 26th. The stock was sold at an average price of $59.72, for a total value of $32,707,389.88. Following the completion of the sale, the director now directly owns 58,471 shares in the company, valued at $3,491,888.12. The trade was a 90.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Robin Schulman sold 2,996 shares of GitLab stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $55.98, for a total value of $167,716.08. Following the completion of the sale, the insider now owns 129,223 shares of the company’s stock, valued at $7,233,903.54. The trade was a 2.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 727,007 shares of company stock worth $43,843,249 over the last three months. 21.36% of the stock is owned by corporate insiders.

GitLab 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.