GitLab Inc. (NASDAQ:GTLB) Shares Acquired by ARK Investment Management LLC

ARK Investment Management LLC increased its stake in GitLab Inc. (NASDAQ:GTLB) by 345.2% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,160,502 shares of the company’s stock after acquiring an additional 899,823 shares during the quarter. ARK Investment Management LLC’s holdings in GitLab were worth $65,394,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of GTLB. Creative Planning acquired a new position in shares of GitLab in the 3rd quarter worth $208,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of GitLab by 22.2% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,000 shares of the company’s stock worth $568,000 after acquiring an additional 2,000 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in shares of GitLab by 35.1% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 91,164 shares of the company’s stock worth $4,699,000 after acquiring an additional 23,690 shares during the last quarter. Pallas Capital Advisors LLC acquired a new position in shares of GitLab in the 3rd quarter worth $1,105,000. Finally, Smith Group Asset Management LLC acquired a new position in shares of GitLab in the 3rd quarter worth $513,000. 95.04% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at GitLab

In related news, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $67.59, for a total transaction of $675,900.00. Following the completion of the sale, the chief financial officer now owns 242,803 shares in the company, valued at $16,411,054.77. This represents a 3.96 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Sytse Sijbrandij sold 84,000 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $62.99, for a total value of $5,291,160.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 740,257 shares of company stock worth $44,710,867. 21.36% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on GTLB. Cantor Fitzgerald lifted their price target on GitLab from $75.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Piper Sandler upped their price target on GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Mizuho upped their price target on GitLab from $67.00 to $80.00 and gave the company an “outperform” rating in a research report on Monday, December 9th. Needham & Company LLC reissued a “buy” rating and set a $85.00 price target on shares of GitLab in a research report on Tuesday, January 7th. Finally, The Goldman Sachs Group upped their price target on GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $76.62.

GitLab Stock Performance

GTLB opened at $60.80 on Wednesday. The company has a market cap of $9.87 billion, a PE ratio of -190.00 and a beta of 0.63. The stock has a 50-day moving average of $64.21 and a 200-day moving average of $58.25. 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.