West Tower Group LLC Buys 1,000 Shares of GitLab Inc. (NASDAQ:GTLB)

West Tower Group LLC grew its holdings in GitLab Inc. (NASDAQ:GTLB) by 33.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,000 shares of the company’s stock after purchasing an additional 1,000 shares during the period. West Tower Group LLC’s holdings in GitLab were worth $225,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of GTLB. Franklin Resources Inc. grew its stake in GitLab by 0.8% during the third quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company’s stock valued at $146,774,000 after acquiring an additional 21,976 shares in the last quarter. State Street Corp grew its stake in GitLab by 5.8% during the third quarter. State Street Corp now owns 2,032,206 shares of the company’s stock valued at $104,740,000 after acquiring an additional 111,997 shares in the last quarter. Geode Capital Management LLC grew its stake in GitLab by 7.0% during the third quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company’s stock valued at $104,476,000 after acquiring an additional 132,548 shares in the last quarter. Bamco Inc. NY grew its stake in GitLab by 0.4% during the third quarter. Bamco Inc. NY now owns 1,253,244 shares of the company’s stock valued at $64,592,000 after acquiring an additional 4,874 shares in the last quarter. Finally, ARK Investment Management LLC grew its stake in GitLab by 345.2% during the fourth quarter. ARK Investment Management LLC now owns 1,160,502 shares of the company’s stock valued at $65,394,000 after acquiring an additional 899,823 shares in the last quarter. Institutional investors own 95.04% of the company’s stock.

Insider Transactions at GitLab

In other news, Director Matthew Jacobson sold 547,679 shares of the company’s stock in a transaction dated 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 sale, the director now directly owns 58,471 shares of the company’s stock, valued at $3,491,888.12. This represents a 90.35 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Brian G. Robins sold 10,000 shares of the company’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $70.83, for a total transaction of $708,300.00. Following the completion of the sale, the chief financial officer now directly owns 267,380 shares in the company, valued at $18,938,525.40. This represents a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 727,007 shares of company stock valued at $43,843,249 in the last three months. 21.36% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

GTLB has been the subject of several recent analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $80.00 price objective on shares of GitLab in a research note on Tuesday, March 4th. Mizuho cut their price target on shares of GitLab from $80.00 to $72.00 and set an “outperform” rating for the company in a research note on Tuesday, March 4th. Robert W. Baird cut their price target on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a research note on Monday, March 3rd. Royal Bank of Canada reissued an “outperform” rating and issued a $80.00 price target on shares of GitLab in a research note on Tuesday, March 4th. Finally, Canaccord Genuity Group boosted their price target on shares of GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Three research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $75.38.

GitLab Price Performance

NASDAQ:GTLB opened at $49.89 on Wednesday. The firm’s 50-day moving average price is $63.36 and its 200-day moving average price is $59.29. The company has a market capitalization of $8.10 billion, a PE ratio of -155.91 and a beta of 0.67. GitLab Inc. has a 1-year low of $40.72 and a 1-year 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.