Stevens Capital Management LP Takes $274,000 Position in GitLab Inc. (NASDAQ:GTLB)

Stevens Capital Management LP purchased a new position in shares of GitLab Inc. (NASDAQ:GTLB) during the 4th quarter, HoldingsChannel reports. The institutional investor purchased 4,854 shares of the company’s stock, valued at approximately $274,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Franklin Resources Inc. boosted its stake in shares of 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 purchasing an additional 21,976 shares during the period. State Street Corp boosted its position in GitLab by 5.8% during the 3rd quarter. State Street Corp now owns 2,032,206 shares of the company’s stock valued at $104,740,000 after buying an additional 111,997 shares during the period. Geode Capital Management LLC boosted its position in GitLab by 7.0% during the 3rd quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company’s stock valued at $104,476,000 after buying an additional 132,548 shares during the period. Bamco Inc. NY grew its holdings in GitLab by 0.4% in the 3rd quarter. Bamco Inc. NY now owns 1,253,244 shares of the company’s stock worth $64,592,000 after acquiring an additional 4,874 shares during the last quarter. Finally, ARK Investment Management LLC increased its position in shares of GitLab by 345.2% in 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 during the period. 95.04% of the stock is currently owned by institutional investors.

Insider Buying and Selling at GitLab

In related news, Director Matthew Jacobson sold 547,679 shares of the company’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $59.72, for a total transaction of $32,707,389.88. Following the completion of the sale, the director now owns 58,471 shares in the company, valued at approximately $3,491,888.12. This represents a 90.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 10,000 shares of the business’s 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 owns 267,380 shares of the company’s stock, valued at approximately $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. In the last 90 days, insiders have sold 744,011 shares of company stock worth $44,546,933. Company insiders own 21.36% of the company’s stock.

GitLab Trading Up 2.3 %

GTLB stock opened at $52.12 on Tuesday. The stock’s 50 day simple moving average is $62.66 and its 200 day simple moving average is $59.31. GitLab Inc. has a 12-month low of $40.72 and a 12-month high of $74.18. The stock has a market capitalization of $8.46 billion, a PE ratio of -162.88 and a beta of 0.67.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Needham & Company LLC reiterated a “buy” rating and set a $85.00 target price on shares of GitLab in a report on Tuesday, March 4th. Macquarie reiterated an “outperform” rating and issued a $90.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. Robert W. Baird decreased their target price on GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a report on Monday, March 3rd. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $80.00 price target on shares of GitLab in a research note on Tuesday, March 4th. Finally, Barclays reduced their price objective 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 research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, GitLab currently has a consensus rating of “Moderate Buy” and an average price target of $75.52.

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.