Artisan Partners Limited Partnership Acquires 1,443,160 Shares of GitLab Inc. (NASDAQ:GTLB)

Artisan Partners Limited Partnership lifted its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 55.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,034,041 shares of the company’s stock after buying an additional 1,443,160 shares during the period. Artisan Partners Limited Partnership owned approximately 2.49% of GitLab worth $227,318,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. EverSource Wealth Advisors LLC boosted its holdings in shares of GitLab by 5,700.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock valued at $29,000 after acquiring an additional 513 shares during the last quarter. IMG Wealth Management Inc. purchased a new stake in GitLab in the fourth quarter worth approximately $46,000. True Wealth Design LLC bought a new stake in GitLab in the 3rd quarter worth approximately $56,000. Raleigh Capital Management Inc. bought a new stake in GitLab in the 4th quarter worth approximately $66,000. Finally, Smartleaf Asset Management LLC raised its stake in GitLab by 1,067.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock valued at $71,000 after buying an additional 1,153 shares during the last quarter. 95.04% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on GTLB. Scotiabank upped their price objective on GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a research report on Wednesday, December 4th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $80.00 price target on shares of GitLab in a research report on Tuesday, March 4th. Robert W. Baird lowered their price objective on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a research note on Monday, March 3rd. Royal Bank of Canada restated an “outperform” rating and set a $80.00 target price on shares of GitLab in a research report on Tuesday, March 4th. Finally, KeyCorp increased their price target on shares of GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Three analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $75.52.

GitLab Stock Performance

Shares of NASDAQ GTLB opened at $51.40 on Thursday. The company has a market cap of $8.34 billion, a P/E ratio of -160.63 and a beta of 0.67. The firm’s fifty day moving average is $62.27 and its two-hundred day moving average is $59.26. GitLab Inc. has a 52-week low of $40.72 and a 52-week high of $74.18.

Insider Buying and Selling

In other news, Director Susan L. Bostrom sold 40,000 shares of the company’s stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $51.88, for a total transaction of $2,075,200.00. Following the sale, the director now directly owns 144,913 shares in the company, valued at approximately $7,518,086.44. This represents a 21.63 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew Jacobson sold 152,884 shares of GitLab stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $52.34, for a total value of $8,001,948.56. Following the completion of the transaction, the director now owns 493,554 shares of the company’s stock, valued at approximately $25,832,616.36. This represents a 23.65 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 349,216 shares of company stock worth $19,841,492. Corporate 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.