GitLab Inc. (NASDAQ:GTLB) Shares Purchased by ARK Investment Management LLC

ARK Investment Management LLC raised its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 345.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,160,502 shares of the company’s stock after purchasing an additional 899,823 shares during the quarter. ARK Investment Management LLC owned 0.72% of GitLab worth $65,394,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. True Wealth Design LLC acquired a new stake in GitLab during the 3rd quarter valued at approximately $56,000. Raleigh Capital Management Inc. acquired a new stake in GitLab during the 4th quarter valued at approximately $66,000. Rakuten Securities Inc. grew its stake in GitLab by 268.1% during the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock valued at $73,000 after purchasing an additional 1,032 shares in the last quarter. First Horizon Advisors Inc. grew its stake in GitLab by 57.8% during the 4th quarter. First Horizon Advisors Inc. now owns 1,436 shares of the company’s stock valued at $81,000 after purchasing an additional 526 shares in the last quarter. Finally, Capital Performance Advisors LLP acquired a new stake in GitLab during the 3rd quarter valued at approximately $96,000. Institutional investors and hedge funds own 95.04% of the company’s stock.

Insider Buying and Selling at GitLab

In other news, Director Karen Blasing sold 3,250 shares of the business’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $58.99, for a total value of $191,717.50. Following the sale, the director now owns 134,733 shares of the company’s stock, valued at approximately $7,947,899.67. The trade was a 2.36 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Brian G. Robins sold 10,000 shares of the business’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $67.59, for a total value of $675,900.00. Following the completion of the sale, the chief financial officer now directly owns 242,803 shares in the company, valued at $16,411,054.77. This represents a 3.96 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 740,257 shares of company stock valued at $44,710,867 in the last quarter. Corporate insiders own 21.36% of the company’s stock.

GitLab Price Performance

Shares of GitLab stock opened at $60.80 on Wednesday. The business’s fifty day moving average price is $64.21 and its two-hundred day moving average price is $58.25. The company has a market capitalization of $9.87 billion, a P/E ratio of -190.00 and a beta of 0.63. GitLab Inc. has a 1-year low of $40.72 and a 1-year high of $76.41.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on GTLB. TD Cowen lifted 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. Needham & Company LLC reiterated a “buy” rating and issued a $85.00 target price on shares of GitLab in a research report on Tuesday, January 7th. Scotiabank lifted their target price on GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, December 4th. Cantor Fitzgerald lifted their target price on GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Finally, DA Davidson lifted their target price on GitLab from $50.00 to $70.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $76.62.

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.