Marshall Wace LLP Buys 931,396 Shares of GitLab Inc. (NASDAQ:GTLB)

Marshall Wace LLP increased its stake in shares of GitLab Inc. (NASDAQ:GTLB) by 572.3% in the fourth quarter, Holdings Channel.com reports. The fund owned 1,094,128 shares of the company’s stock after purchasing an additional 931,396 shares during the period. Marshall Wace LLP’s holdings in GitLab were worth $61,654,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of GTLB. Norges Bank purchased a new stake in GitLab in the 4th quarter worth $279,089,000. Artisan Partners Limited Partnership lifted its position in shares of GitLab by 55.7% in the fourth quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock worth $227,318,000 after buying an additional 1,443,160 shares in the last quarter. Alliancebernstein L.P. lifted its position in shares of GitLab by 4,042.0% in the fourth quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company’s stock worth $82,011,000 after buying an additional 1,420,248 shares in the last quarter. ARK Investment Management LLC boosted its stake in GitLab by 345.2% during the fourth quarter. ARK Investment Management LLC now owns 1,160,502 shares of the company’s stock valued at $65,394,000 after buying an additional 899,823 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in GitLab by 7.2% during the 4th quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company’s stock valued at $740,585,000 after buying an additional 885,955 shares in the last quarter. Institutional investors own 95.04% of the company’s stock.

GitLab Trading Up 1.7 %

NASDAQ:GTLB opened at $42.90 on Friday. The stock has a fifty day simple moving average of $53.70 and a 200-day simple moving average of $58.11. The company has a market cap of $6.96 billion, a price-to-earnings ratio of -134.06 and a beta of 0.79. GitLab Inc. has a twelve month low of $37.90 and a twelve month high of $74.18.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Mizuho decreased their price objective on GitLab from $80.00 to $72.00 and set an “outperform” rating on the stock in a report on Tuesday, March 4th. Cantor Fitzgerald restated an “overweight” rating and issued a $80.00 price target on shares of GitLab in a research report on Tuesday, March 4th. Morgan Stanley lowered their price objective on shares of GitLab from $77.00 to $53.00 and set an “overweight” rating for the company in a research report on Wednesday. Robert W. Baird reduced their target price on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a report on Monday, March 3rd. Finally, JPMorgan Chase & Co. decreased their target price on shares of GitLab from $65.00 to $62.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 4th. Three equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, GitLab has an average rating of “Moderate Buy” and an average price target of $72.64.

Insider Activity at GitLab

In other GitLab news, insider Sytse Sijbrandij sold 108,600 shares of the firm’s stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $42.87, for a total transaction of $4,655,682.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Robin Schulman sold 9,251 shares of the company’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $70.00, for a total value of $647,570.00. Following the completion of the sale, the insider now owns 121,893 shares of the company’s stock, valued at $8,532,510. This represents a 7.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 320,735 shares of company stock worth $16,088,701 in the last 90 days. 21.36% of the stock is owned by corporate 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.