SBI Securities Co. Ltd. Acquires Shares of 5,502 GitLab Inc. (NASDAQ:GTLB)

SBI Securities Co. Ltd. acquired a new stake in shares of GitLab Inc. (NASDAQ:GTLB) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 5,502 shares of the company’s stock, valued at approximately $310,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of GTLB. ARK Investment Management LLC grew its position 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 buying an additional 899,823 shares during the period. Los Angeles Capital Management LLC purchased a new stake in shares of GitLab in the 3rd quarter worth about $30,827,000. Atreides Management LP purchased a new stake in shares of GitLab in the 3rd quarter worth about $25,605,000. Thrivent Financial for Lutherans grew its position in shares of GitLab by 128.8% in the 3rd quarter. Thrivent Financial for Lutherans now owns 554,455 shares of the company’s stock worth $28,577,000 after buying an additional 312,119 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. grew its position in shares of GitLab by 6,821.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 297,632 shares of the company’s stock worth $15,340,000 after buying an additional 293,332 shares during the period. 95.04% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at GitLab

In other news, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $67.59, for a total value of $675,900.00. Following the transaction, the chief financial officer now owns 242,803 shares in the company, valued at $16,411,054.77. This represents a 3.96 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Robin Schulman sold 2,996 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $55.98, for a total transaction of $167,716.08. Following the completion of the transaction, the insider now owns 129,223 shares in the company, valued at $7,233,903.54. This trade represents a 2.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 740,257 shares of company stock worth $44,710,867 in the last quarter. Company insiders own 21.36% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Canaccord Genuity Group upped their target price on shares of GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Needham & Company LLC reissued a “buy” rating and set a $85.00 price objective on shares of GitLab in a research report on Tuesday. DA Davidson cut their price objective on shares of GitLab from $70.00 to $60.00 and set a “neutral” rating on the stock in a research report on Friday, February 28th. TD Cowen increased their price objective on shares of GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, November 21st. Finally, JPMorgan Chase & Co. cut their price objective on shares of GitLab from $65.00 to $62.00 and set a “neutral” rating on the stock in a research report on Tuesday. Three investment analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $75.36.

GitLab Stock Down 1.6 %

Shares of NASDAQ:GTLB opened at $61.79 on Thursday. The firm’s 50 day moving average price is $64.38 and its 200-day moving average price is $58.84. GitLab Inc. has a twelve month low of $40.72 and a twelve month high of $74.18. The stock has a market capitalization of $10.03 billion, a PE ratio of -193.09 and a beta of 0.63.

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.