GitLab Inc. (NASDAQ:GTLB) is Light Street Capital Management LLC’s 8th Largest Position

Light Street Capital Management LLC raised its stake in shares of GitLab Inc. (NASDAQ:GTLB) by 2.1% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 376,803 shares of the company’s stock after acquiring an additional 7,848 shares during the period. GitLab makes up approximately 3.9% of Light Street Capital Management LLC’s holdings, making the stock its 8th biggest position. Light Street Capital Management LLC owned approximately 0.23% of GitLab worth $21,233,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Norges Bank purchased a new stake in GitLab during the 4th quarter valued at $279,089,000. Ameriprise Financial Inc. increased its position in GitLab by 276.9% during the fourth quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company’s stock valued at $121,435,000 after acquiring an additional 1,583,221 shares during the last quarter. Artisan Partners Limited Partnership boosted its position in 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 purchasing an additional 1,443,160 shares during the last quarter. Alliancebernstein L.P. grew its stake in shares of GitLab by 4,042.0% during the 4th quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company’s stock valued at $82,011,000 after purchasing an additional 1,420,248 shares during the period. Finally, Marshall Wace LLP increased its position in shares of GitLab by 572.3% during the 4th quarter. Marshall Wace LLP now owns 1,094,128 shares of the company’s stock valued at $61,654,000 after purchasing an additional 931,396 shares during the last quarter. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Insider Activity

In other news, Director Susan L. Bostrom sold 40,000 shares of GitLab stock in a transaction on 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 completion of the sale, the director now directly owns 144,913 shares in the company, valued at approximately $7,518,086.44. The trade was a 21.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Sytse Sijbrandij sold 108,600 shares of the company’s stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $42.87, for a total value of $4,655,682.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 304,734 shares of company stock valued at $14,879,081. 16.37% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. KeyCorp decreased their price target on shares of GitLab from $80.00 to $60.00 and set an “overweight” rating on the stock in a research report on Thursday, April 17th. Royal Bank of Canada reiterated an “outperform” rating and issued a $80.00 price target on shares of GitLab in a research report on Tuesday, March 4th. Robert W. Baird decreased their price objective on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a research report on Monday, March 3rd. Barclays cut their price target on GitLab from $70.00 to $58.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 4th. Finally, JPMorgan Chase & Co. dropped their price objective on GitLab from $65.00 to $62.00 and set a “neutral” rating for the company in a research note on Tuesday, March 4th. Three analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $71.73.

GitLab Stock Performance

Shares of NASDAQ GTLB opened at $49.14 on Monday. The business’s 50 day moving average price is $47.55 and its 200-day moving average price is $57.38. GitLab Inc. has a fifty-two week low of $37.90 and a fifty-two week high of $74.18. The company has a market cap of $7.98 billion, a price-to-earnings ratio of -153.56 and a beta of 0.79.

About GitLab

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.