Wellington Management Group LLP Acquires 98,496 Shares of GitLab Inc. (NASDAQ:GTLB)

Wellington Management Group LLP lifted its holdings in GitLab Inc. (NASDAQ:GTLB) by 15.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 743,492 shares of the company’s stock after acquiring an additional 98,496 shares during the period. Wellington Management Group LLP’s holdings in GitLab were worth $41,896,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Barclays PLC lifted its stake in shares of GitLab by 189.1% in the 3rd quarter. Barclays PLC now owns 61,419 shares of the company’s stock valued at $3,164,000 after purchasing an additional 40,171 shares during the last quarter. Swiss National Bank lifted its stake in shares of GitLab by 3.7% in the 4th quarter. Swiss National Bank now owns 215,000 shares of the company’s stock valued at $12,115,000 after purchasing an additional 7,700 shares during the last quarter. Barton Investment Management lifted its stake in shares of GitLab by 99.4% in the 4th quarter. Barton Investment Management now owns 335,648 shares of the company’s stock valued at $18,914,000 after purchasing an additional 167,290 shares during the last quarter. SYM FINANCIAL Corp bought a new stake in GitLab in the fourth quarter worth $201,000. Finally, Oak Harvest Investment Services bought a new stake in GitLab in the fourth quarter worth $1,737,000. Institutional investors own 95.04% of the company’s stock.

Insiders Place Their Bets

In other GitLab news, Director Karen Blasing sold 3,250 shares of the stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $51.58, for a total transaction of $167,635.00. Following the completion of the sale, the director now directly owns 108,733 shares of the company’s stock, valued at approximately $5,608,448.14. This represents a 2.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Sytse Sijbrandij sold 108,600 shares of the stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $42.87, for a total transaction of $4,655,682.00. The disclosure for this sale can be found here. Insiders sold a total of 461,584 shares of company stock worth $23,192,574 over the last 90 days. Company insiders own 16.37% of the company’s stock.

GitLab Stock Performance

Shares of GTLB opened at $45.68 on Friday. The company has a 50 day moving average price of $46.54 and a 200-day moving average price of $56.64. GitLab Inc. has a fifty-two week low of $37.90 and a fifty-two week high of $74.18. The stock has a market capitalization of $7.49 billion, a PE ratio of -142.75 and a beta of 0.79.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on GTLB. Robert W. Baird lowered their target price on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a report on Monday, March 3rd. Barclays dropped their price target on shares of GitLab from $70.00 to $58.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 4th. Morgan Stanley dropped their target price on GitLab from $77.00 to $53.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. JPMorgan Chase & Co. dropped their target price on GitLab from $65.00 to $62.00 and set a “neutral” rating for the company in a research report on Tuesday, March 4th. Finally, Mizuho dropped their price objective on GitLab from $80.00 to $72.00 and set an “outperform” rating for the company in a report on Tuesday, March 4th. Three analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $71.73.

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.