GitLab Inc. (NASDAQ:GTLB) Shares Bought by Primecap Management Co. CA

Primecap Management Co. CA grew its position in shares of GitLab Inc. (NASDAQ:GTLB) by 1.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 835,940 shares of the company’s stock after acquiring an additional 14,600 shares during the quarter. Primecap Management Co. CA owned about 0.52% of GitLab worth $47,105,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC increased its stake in GitLab by 5,700.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company’s stock worth $29,000 after acquiring an additional 513 shares during the last quarter. IMG Wealth Management Inc. acquired a new stake in shares of GitLab in the fourth quarter valued at about $46,000. True Wealth Design LLC acquired a new stake in shares of GitLab in the third quarter valued at about $56,000. Raleigh Capital Management Inc. acquired a new stake in shares of GitLab in the fourth quarter valued at about $66,000. Finally, Smartleaf Asset Management LLC grew its stake in shares of GitLab by 1,067.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company’s stock valued at $71,000 after buying an additional 1,153 shares in the last quarter. 95.04% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Robin Schulman sold 9,251 shares of the company’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $70.00, for a total transaction of $647,570.00. Following the completion of the transaction, the insider now directly owns 121,893 shares in the company, valued at $8,532,510. This represents a 7.05 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Brian G. Robins sold 10,000 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $56.24, for a total value of $562,400.00. Following the transaction, the chief financial officer now owns 267,380 shares of the company’s stock, valued at approximately $15,037,451.20. The trade was a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 727,007 shares of company stock worth $43,843,249 in the last three months. 21.36% of the stock is owned by insiders.

Analysts Set New Price Targets

GTLB has been the subject of a number of recent research reports. Mizuho lowered their target price on GitLab from $80.00 to $72.00 and set an “outperform” rating for the company in a research note on Tuesday, March 4th. TD Cowen increased their target price on GitLab from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, November 21st. Morgan Stanley increased their target price on GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Needham & Company LLC reiterated a “buy” rating and issued a $85.00 target price on shares of GitLab in a research note on Tuesday, March 4th. Finally, Robert W. Baird reduced their price target on GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a report on Monday, March 3rd. Three analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $75.38.

GitLab Price Performance

Shares of GTLB opened at $49.89 on Wednesday. The company has a market cap of $8.10 billion, a P/E ratio of -155.91 and a beta of 0.67. The stock has a fifty day moving average price of $63.36 and a 200 day moving average price of $59.29. GitLab Inc. has a 12 month low of $40.72 and a 12 month high of $74.18.

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.