American Century Companies Inc. Purchases 29,399 Shares of GitLab Inc. (NASDAQ:GTLB)

American Century Companies Inc. grew its position in GitLab Inc. (NASDAQ:GTLB) by 314.9% in the fourth quarter, HoldingsChannel.com reports. The fund owned 38,734 shares of the company’s stock after buying an additional 29,399 shares during the quarter. American Century Companies Inc.’s holdings in GitLab were worth $2,183,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Franklin Resources Inc. increased its holdings in GitLab by 0.8% during the 3rd 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 in the last quarter. State Street Corp increased its stake in shares of GitLab by 5.8% in the third 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 in the last quarter. Geode Capital Management LLC raised its holdings in shares of GitLab by 7.0% in the third 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 last quarter. ARK Investment Management LLC raised its holdings 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 buying an additional 899,823 shares during the last quarter. Finally, Los Angeles Capital Management LLC lifted its position in GitLab by 67.7% during the 4th quarter. Los Angeles Capital Management LLC now owns 1,003,010 shares of the company’s stock worth $56,520,000 after buying an additional 404,895 shares in the last quarter. 95.04% of the stock is owned by institutional investors and hedge funds.

GitLab Price Performance

NASDAQ:GTLB opened at $40.52 on Wednesday. The business’s 50-day simple moving average is $58.14 and its 200-day simple moving average is $58.67. GitLab Inc. has a fifty-two week low of $37.90 and a fifty-two week high of $74.18. The stock has a market capitalization of $6.58 billion, a PE ratio of -126.63 and a beta of 0.79.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. JPMorgan Chase & Co. lowered their price objective on shares of GitLab from $65.00 to $62.00 and set a “neutral” rating for the company in a research report on Tuesday, March 4th. Needham & Company LLC restated a “buy” rating and issued a $85.00 price objective on shares of GitLab in a research 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. Mizuho cut their price target on GitLab from $80.00 to $72.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 4th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $80.00 price objective on shares of GitLab 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’s stock. According to data from MarketBeat, GitLab presently has a consensus rating of “Moderate Buy” and a consensus target price of $75.09.

Insiders Place Their Bets

In other GitLab news, Director Karen Blasing sold 6,500 shares of GitLab stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $63.19, for a total value of $410,735.00. Following the sale, the director now owns 128,233 shares of the company’s stock, valued at $8,103,043.27. This trade represents a 4.82 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Susan L. Bostrom sold 40,000 shares of the company’s stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $51.88, for a total value of $2,075,200.00. Following the transaction, the director now directly owns 144,913 shares of the company’s stock, valued at $7,518,086.44. This represents a 21.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 311,886 shares of company stock worth $17,736,229. Company insiders own 21.36% of the company’s stock.

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.