Geode Capital Management LLC Increases Stock Position in GitLab Inc. (NASDAQ:GTLB)

Geode Capital Management LLC grew its stake in GitLab Inc. (NASDAQ:GTLB) by 7.0% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 2,026,567 shares of the company’s stock after acquiring an additional 132,548 shares during the period. Geode Capital Management LLC’s holdings in GitLab were worth $104,476,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in GTLB. Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in GitLab in the second quarter valued at approximately $214,000. Summit Global Investments acquired a new stake in shares of GitLab in the second quarter valued at $293,000. Bank of New York Mellon Corp raised its holdings in shares of GitLab by 30.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 676,579 shares of the company’s stock valued at $33,640,000 after buying an additional 156,582 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in GitLab by 549.1% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 3,726 shares of the company’s stock worth $185,000 after acquiring an additional 3,152 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in GitLab by 48.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 24,524 shares of the company’s stock valued at $1,219,000 after acquiring an additional 7,987 shares during the period. 95.04% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at GitLab

In other news, insider Robin Schulman sold 2,990 shares of the stock in a transaction dated Thursday, October 10th. The shares were sold at an average price of $55.00, for a total transaction of $164,450.00. Following the completion of the sale, the insider now owns 136,076 shares in the company, valued at approximately $7,484,180. This represents a 2.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sytse Sijbrandij sold 56,000 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $54.68, for a total value of $3,062,080.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 180,182 shares of company stock worth $10,466,739. Insiders own 21.36% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on GTLB shares. TD Cowen increased their price target on shares of GitLab from $63.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, November 21st. Piper Sandler raised their price target on shares of GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. DA Davidson upped their price objective on GitLab from $50.00 to $70.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Cantor Fitzgerald increased their price objective on GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Finally, Royal Bank of Canada boosted their target price on GitLab from $73.00 to $80.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $76.42.

GitLab Stock Down 3.2 %

GTLB opened at $57.24 on Thursday. GitLab Inc. has a 52 week low of $40.72 and a 52 week high of $78.53. The business’s 50 day moving average is $59.52 and its two-hundred day moving average is $52.64. The firm has a market cap of $9.29 billion, a price-to-earnings ratio of -178.88 and a beta of 0.54.

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.