Pier Capital LLC Acquires 51,365 Shares of GitLab Inc. (NASDAQ:GTLB)

Pier Capital LLC increased its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 58.8% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 138,693 shares of the company’s stock after purchasing an additional 51,365 shares during the period. Pier Capital LLC’s holdings in GitLab were worth $7,815,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of GTLB. Vanguard Group Inc. lifted its holdings in shares of GitLab by 7.2% in the fourth quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company’s stock worth $740,585,000 after acquiring an additional 885,955 shares during the last quarter. Franklin Resources Inc. increased its position in GitLab by 0.8% during the 3rd quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company’s stock worth $146,774,000 after purchasing an additional 21,976 shares in the last quarter. State Street Corp lifted its stake in 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 purchasing an additional 111,997 shares during the last quarter. Geode Capital Management LLC boosted its position in GitLab by 7.0% in the third quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company’s stock valued at $104,476,000 after buying an additional 132,548 shares in the last quarter. Finally, Bamco Inc. NY grew its stake in shares of 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 buying an additional 4,874 shares during the last quarter. 95.04% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently commented on GTLB shares. KeyCorp increased their price target on GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Royal Bank of Canada reissued an “outperform” rating and set a $80.00 price target on shares of GitLab in a research note on Tuesday, March 4th. DA Davidson reduced their price target on GitLab from $70.00 to $60.00 and set a “neutral” rating on the stock in a report on Friday, February 28th. Truist Financial reiterated a “buy” rating and issued a $90.00 price objective (up previously from $80.00) on shares of GitLab in a report on Friday, December 6th. Finally, Morgan Stanley boosted their target price on shares of GitLab from $70.00 to $77.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $75.52.

Insiders Place Their Bets

In other GitLab news, Director Matthew Jacobson sold 547,679 shares of the firm’s stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $59.72, for a total value of $32,707,389.88. Following the completion of the sale, the director now directly owns 58,471 shares in the company, valued at approximately $3,491,888.12. This trade represents a 90.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Robin Schulman sold 7,330 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $56.98, for a total transaction of $417,663.40. Following the transaction, the insider now owns 121,893 shares in the company, valued at $6,945,463.14. This represents a 5.67 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 744,011 shares of company stock worth $44,546,933. 21.36% of the stock is owned by corporate insiders.

GitLab Price Performance

Shares of NASDAQ:GTLB opened at $52.12 on Tuesday. GitLab Inc. has a 1 year low of $40.72 and a 1 year high of $74.18. The business’s 50-day moving average is $62.66 and its 200-day moving average is $59.31. The company has a market capitalization of $8.46 billion, a price-to-earnings ratio of -162.88 and a beta of 0.67.

GitLab 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.