Nikko Asset Management Americas Inc. Raises Stock Holdings in GitLab Inc. (NASDAQ:GTLB)

Nikko Asset Management Americas Inc. lifted its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 70.6% in the fourth quarter, HoldingsChannel.com reports. The fund owned 507,713 shares of the company’s stock after acquiring an additional 210,081 shares during the period. Nikko Asset Management Americas Inc.’s holdings in GitLab were worth $28,589,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of GTLB. EverSource Wealth Advisors LLC increased its position in GitLab by 5,700.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after buying an additional 513 shares during the last quarter. IMG Wealth Management Inc. purchased a new stake in GitLab in the fourth quarter worth $46,000. True Wealth Design LLC purchased a new stake in GitLab in the third quarter worth $56,000. Raleigh Capital Management Inc. purchased a new stake in GitLab in the fourth quarter worth $66,000. Finally, Smartleaf Asset Management LLC increased its position in GitLab by 1,067.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock worth $71,000 after buying an additional 1,153 shares during the last quarter. 95.04% of the stock is owned by hedge funds and other institutional investors.

GitLab Trading Up 4.2 %

Shares of GTLB stock opened at $52.08 on Monday. The business’s fifty day simple moving average is $63.76 and its 200-day simple moving average is $59.24. The company has a market cap of $8.45 billion, a PE ratio of -162.75 and a beta of 0.67. GitLab Inc. has a 12-month low of $40.72 and a 12-month high of $74.18.

Wall Street Analyst Weigh In

GTLB has been the subject of a number of recent research reports. TD Cowen raised their target price on GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Cantor Fitzgerald reissued an “overweight” rating and set a $80.00 price objective on shares of GitLab in a research note on Tuesday, March 4th. Royal Bank of Canada reissued an “outperform” rating and set a $80.00 price objective on shares of GitLab in a research note on Tuesday, March 4th. KeyCorp lifted their price objective on GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Finally, Scotiabank lifted their price target on GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, December 4th. Three investment analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $75.38.

Insider Buying and Selling at GitLab

In other news, insider Sytse Sijbrandij sold 84,000 shares of the stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $62.99, for a total transaction of $5,291,160.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Robin Schulman sold 2,996 shares of the company’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $55.98, for a total transaction of $167,716.08. Following the transaction, the insider now owns 129,223 shares of the company’s stock, valued at approximately $7,233,903.54. This trade represents a 2.27 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 727,007 shares of company stock valued at $43,843,249. 21.36% of the stock is owned by insiders.

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.