Handelsbanken Fonder AB Increases Stake in GitLab Inc. (NASDAQ:GTLB)

Handelsbanken Fonder AB grew its stake in GitLab Inc. (NASDAQ:GTLB) by 9.9% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 31,000 shares of the company’s stock after buying an additional 2,800 shares during the quarter. Handelsbanken Fonder AB’s holdings in GitLab were worth $1,747,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Franklin Resources Inc. boosted its stake in shares of GitLab by 0.8% in the 3rd quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company’s stock valued at $146,774,000 after buying an additional 21,976 shares during the period. State Street Corp boosted its stake in shares of GitLab by 5.8% in the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company’s stock valued at $104,740,000 after buying an additional 111,997 shares during the period. Geode Capital Management LLC lifted its stake in GitLab by 7.0% during the third quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company’s stock worth $104,476,000 after purchasing an additional 132,548 shares during the last quarter. Fiera Capital Corp lifted its stake in GitLab by 1.4% during the third quarter. Fiera Capital Corp now owns 1,259,429 shares of the company’s stock worth $64,911,000 after purchasing an additional 16,961 shares during the last quarter. Finally, Bamco Inc. NY lifted its stake in GitLab by 0.4% during the third quarter. Bamco Inc. NY now owns 1,253,244 shares of the company’s stock worth $64,592,000 after purchasing an additional 4,874 shares during the last quarter. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Insider Buying and Selling

In related news, insider Robin Schulman sold 2,996 shares of the company’s stock in a transaction 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 transaction, the insider now owns 129,223 shares of the company’s stock, valued at $7,233,903.54. This represents a 2.27 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Brian G. Robins sold 10,000 shares of the company’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 transaction, 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 over the last quarter. Company insiders own 21.36% of the company’s stock.

Analysts Set New Price Targets

GTLB has been the subject of several recent analyst reports. Morgan Stanley boosted their target price on GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Piper Sandler boosted their target price on GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Cantor Fitzgerald boosted their target price on GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Royal Bank of Canada boosted their target price on GitLab from $73.00 to $80.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Finally, Mizuho boosted their target price on GitLab from $67.00 to $80.00 and gave the stock an “outperform” rating in a research note on Monday, December 9th. Three research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $76.62.

GitLab Trading Down 2.4 %

NASDAQ:GTLB opened at $60.80 on Wednesday. The firm has a market cap of $9.87 billion, a P/E ratio of -190.00 and a beta of 0.63. The stock’s 50 day simple moving average is $64.21 and its 200-day simple moving average is $58.25. GitLab Inc. has a 12-month low of $40.72 and a 12-month high of $76.41.

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.