Victory Capital Management Inc. Acquires 108,046 Shares of GitLab Inc. (NASDAQ:GTLB)

Victory Capital Management Inc. lifted its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 30.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 460,302 shares of the company’s stock after purchasing an additional 108,046 shares during the period. Victory Capital Management Inc. owned about 0.28% of GitLab worth $25,938,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in GTLB. Y Intercept Hong Kong Ltd bought a new stake in GitLab in the 3rd quarter valued at about $678,000. State Street Corp raised its stake in GitLab by 5.8% in the 3rd 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 during the period. Barclays PLC raised its stake in GitLab by 189.1% in the 3rd quarter. Barclays PLC now owns 61,419 shares of the company’s stock valued at $3,164,000 after acquiring an additional 40,171 shares during the period. Oddo BHF Asset Management Sas bought a new stake in GitLab in the 3rd quarter valued at about $6,865,000. Finally, Barton Investment Management raised its stake in GitLab by 99.4% in the 4th quarter. Barton Investment Management now owns 335,648 shares of the company’s stock valued at $18,914,000 after acquiring an additional 167,290 shares during the period. 95.04% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

GTLB has been the topic of a number of research reports. JPMorgan Chase & Co. lowered their price objective on GitLab from $65.00 to $62.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 4th. DA Davidson decreased their price target on GitLab from $70.00 to $60.00 and set a “neutral” rating on the stock in a research report on Friday, February 28th. Truist Financial reiterated a “buy” rating and set a $90.00 price target (up from $80.00) on shares of GitLab in a research report on Friday, December 6th. Piper Sandler upped their price target on GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Finally, Barclays decreased their price target on 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 equities 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. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $75.38.

Insider Buying and Selling

In other GitLab news, insider Robin Schulman sold 2,996 shares of the business’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $55.98, for a total transaction of $167,716.08. Following the completion of the sale, the insider now directly owns 129,223 shares in the company, valued at $7,233,903.54. The trade was a 2.27 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Matthew Jacobson sold 547,679 shares of the business’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 owns 58,471 shares of the company’s stock, valued at approximately $3,491,888.12. This represents a 90.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 730,257 shares of company stock worth $44,034,967. 21.36% of the stock is owned by corporate insiders.

GitLab Stock Performance

NASDAQ GTLB opened at $50.99 on Tuesday. GitLab Inc. has a one year low of $40.72 and a one year high of $74.18. The stock has a 50-day moving average of $64.20 and a 200 day moving average of $59.11. The company has a market capitalization of $8.28 billion, a price-to-earnings ratio of -159.34 and a beta of 0.67.

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.