Wellington Management Group LLP Has $41.90 Million Position in GitLab Inc. (NASDAQ:GTLB)

Wellington Management Group LLP raised its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 15.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 743,492 shares of the company’s stock after purchasing an additional 98,496 shares during the quarter. Wellington Management Group LLP owned approximately 0.46% of GitLab worth $41,896,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of GitLab by 7.2% during the 4th quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company’s stock worth $740,585,000 after buying an additional 885,955 shares during the last quarter. Norges Bank bought a new position in GitLab in the 4th quarter valued at about $279,089,000. Artisan Partners Limited Partnership lifted its position in GitLab by 55.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock worth $227,318,000 after acquiring an additional 1,443,160 shares during the last quarter. Franklin Resources Inc. lifted its position in GitLab by 0.8% during the third quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company’s stock worth $146,774,000 after acquiring an additional 21,976 shares during the last quarter. Finally, State Street Corp boosted its holdings in shares of GitLab by 5.8% during the third quarter. State Street Corp now owns 2,032,206 shares of the company’s stock worth $104,740,000 after acquiring an additional 111,997 shares during the period. 95.04% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on GTLB shares. Wells Fargo & Company lifted their price target on GitLab from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, February 20th. Needham & Company LLC reissued a “buy” rating and set a $85.00 target price on shares of GitLab in a report on Tuesday, March 4th. Robert W. Baird decreased their price target on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a research note on Monday, March 3rd. Mizuho dropped their price objective 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. Finally, Barclays decreased their target price on shares of GitLab from $70.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 4th. Three analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $75.09.

Insider Transactions at GitLab

In other GitLab news, insider Sytse Sijbrandij sold 84,000 shares of the company’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $62.99, for a total value of $5,291,160.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Brian G. Robins sold 10,000 shares of GitLab stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $70.83, for a total value of $708,300.00. Following the sale, the chief financial officer now directly owns 267,380 shares in the company, valued at $18,938,525.40. The trade was a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 311,886 shares of company stock worth $17,736,229. Corporate insiders own 21.36% of the company’s stock.

GitLab Price Performance

GTLB stock opened at $41.09 on Friday. GitLab Inc. has a 1 year low of $37.90 and a 1 year high of $74.18. The stock has a market cap of $6.67 billion, a price-to-earnings ratio of -128.41 and a beta of 0.79. The company has a 50 day simple moving average of $59.82 and a 200 day simple moving average of $58.89.

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.