Marcho Partners LLP Has $21.68 Million Position in GitLab Inc. (NASDAQ:GTLB)

Marcho Partners LLP lowered its stake in shares of GitLab Inc. (NASDAQ:GTLB) by 10.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 384,723 shares of the company’s stock after selling 46,949 shares during the period. GitLab accounts for 5.8% of Marcho Partners LLP’s holdings, making the stock its 7th biggest position. Marcho Partners LLP owned about 0.24% of GitLab worth $21,679,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently made changes to their positions in the stock. Y Intercept Hong Kong Ltd acquired a new position in GitLab during the third quarter worth approximately $678,000. State Street Corp boosted its stake in shares of GitLab by 5.8% during the 3rd 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. Barclays PLC increased its holdings in shares of GitLab by 189.1% during the 3rd quarter. Barclays PLC now owns 61,419 shares of the company’s stock worth $3,164,000 after acquiring an additional 40,171 shares during the last quarter. Oddo BHF Asset Management Sas acquired a new position in shares of GitLab during the 3rd quarter worth approximately $6,865,000. Finally, Swiss National Bank raised its stake in GitLab by 3.7% in the 4th quarter. Swiss National Bank now owns 215,000 shares of the company’s stock valued at $12,115,000 after acquiring an additional 7,700 shares during the period. Institutional investors and hedge funds own 95.04% of the company’s stock.

Analyst Upgrades and Downgrades

GTLB has been the topic of several research reports. JPMorgan Chase & Co. decreased their price objective on shares of GitLab from $65.00 to $62.00 and set a “neutral” rating on the stock in a report on Tuesday, March 4th. Macquarie reiterated an “outperform” rating and issued a $90.00 price target on shares of GitLab in a research note on Tuesday, March 4th. KeyCorp increased their price target on shares of GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Piper Sandler boosted their price objective on GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Finally, The Goldman Sachs Group increased their target price on GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Three analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $75.09.

Insider Transactions at GitLab

In related news, CFO Brian G. Robins sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $70.83, for a total transaction of $708,300.00. Following the completion of the transaction, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Matthew Jacobson sold 152,884 shares of the stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $52.34, for a total transaction of $8,001,948.56. Following the completion of the transaction, the director now directly owns 493,554 shares of the company’s stock, valued at approximately $25,832,616.36. The trade was a 23.65 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 311,886 shares of company stock valued at $17,736,229. 21.36% of the stock is currently owned by insiders.

GitLab Stock Down 3.4 %

Shares of GTLB stock opened at $41.09 on Friday. The business has a fifty day simple moving average of $59.82 and a 200 day simple moving average of $58.84. The company has a market cap of $6.67 billion, a P/E ratio of -128.41 and a beta of 0.67. GitLab Inc. has a twelve month low of $37.90 and a twelve month high of $74.18.

About GitLab

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.