Los Angeles Capital Management LLC Has $56.52 Million Holdings in GitLab Inc. (NASDAQ:GTLB)

Los Angeles Capital Management LLC boosted its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 67.7% in the fourth quarter, HoldingsChannel reports. The firm owned 1,003,010 shares of the company’s stock after acquiring an additional 404,895 shares during the period. Los Angeles Capital Management LLC’s holdings in GitLab were worth $56,520,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of GTLB. Creative Planning acquired a new stake in GitLab during the 3rd quarter valued at $208,000. Blue Trust Inc. increased its holdings in GitLab by 18.2% during the 3rd quarter. Blue Trust Inc. now owns 3,166 shares of the company’s stock valued at $157,000 after purchasing an additional 488 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in GitLab by 22.2% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,000 shares of the company’s stock valued at $568,000 after purchasing an additional 2,000 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in GitLab by 35.1% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 91,164 shares of the company’s stock valued at $4,699,000 after purchasing an additional 23,690 shares in the last quarter. Finally, Pallas Capital Advisors LLC acquired a new stake in GitLab during the 3rd quarter valued at $1,105,000. 95.04% of the stock is owned by institutional investors and hedge funds.

Insider Activity at GitLab

In related news, insider Sytse Sijbrandij sold 84,000 shares of GitLab stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $62.99, for a total transaction of $5,291,160.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $70.83, for a total value of $708,300.00. Following the transaction, the chief financial officer now owns 267,380 shares of the company’s stock, valued at $18,938,525.40. The trade was a 3.61 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 740,257 shares of company stock valued at $44,710,867. 21.36% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Robert W. Baird increased their price objective on GitLab from $62.00 to $75.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. Piper Sandler increased their price objective on GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Needham & Company LLC reiterated a “buy” rating and issued a $85.00 price objective on shares of GitLab in a research report on Tuesday, January 7th. Barclays increased their price objective on GitLab from $55.00 to $70.00 and gave the company an “equal weight” rating in a research report on Monday, December 9th. Finally, Royal Bank of Canada raised their price target on GitLab from $73.00 to $80.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $76.62.

GitLab Stock Performance

NASDAQ:GTLB opened at $62.28 on Tuesday. The stock’s 50-day simple moving average is $64.17 and its 200 day simple moving average is $58.11. The company has a market cap of $10.11 billion, a P/E ratio of -194.63 and a beta of 0.63. GitLab Inc. has a 52-week low of $40.72 and a 52-week 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.