Ameriprise Financial Inc. Increases Holdings in GitLab Inc. (NASDAQ:GTLB)

Ameriprise Financial Inc. raised its position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 276.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,155,016 shares of the company's stock after purchasing an additional 1,583,221 shares during the period. Ameriprise Financial Inc. owned 1.33% of GitLab worth $121,435,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the company. EverSource Wealth Advisors LLC raised its position in shares of GitLab by 5,700.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock valued at $29,000 after purchasing an additional 513 shares during the period. IMG Wealth Management Inc. bought a new position in shares of GitLab in the fourth quarter worth $46,000. Raleigh Capital Management Inc. purchased a new position in shares of GitLab in the fourth quarter valued at $66,000. Smartleaf Asset Management LLC raised its stake in shares of GitLab by 1,067.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company's stock valued at $71,000 after purchasing an additional 1,153 shares during the period. Finally, Steward Partners Investment Advisory LLC lifted its holdings in GitLab by 4,273.3% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,312 shares of the company's stock worth $74,000 after purchasing an additional 1,282 shares in the last quarter. 95.04% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on GTLB. DA Davidson cut their price objective on shares of GitLab from $60.00 to $45.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Robert W. Baird cut their price target on shares of GitLab from $80.00 to $76.00 and set an "outperform" rating for the company in a report on Monday, March 3rd. Barclays decreased their price target on shares of GitLab from $70.00 to $58.00 and set an "equal weight" rating on the stock in a report on Tuesday, March 4th. Morgan Stanley dropped their price objective on GitLab from $77.00 to $53.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Finally, Mizuho decreased their target price on GitLab from $80.00 to $72.00 and set an "outperform" rating on the stock in a research note on Tuesday, March 4th. Three analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, GitLab has a consensus rating of "Moderate Buy" and an average target price of $71.73.

GitLab Trading Down 0.8 %

GTLB traded down $0.39 during midday trading on Friday, reaching $49.14. The company's stock had a trading volume of 2,084,973 shares, compared to its average volume of 2,559,550. GitLab Inc. has a 1 year low of $37.90 and a 1 year high of $74.18. The stock's 50-day moving average is $47.55 and its 200-day moving average is $57.37. The firm has a market capitalization of $7.98 billion, a price-to-earnings ratio of -153.56 and a beta of 0.79.

Insider Buying and Selling

In related news, Director Karen Blasing sold 3,250 shares of the stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $45.00, for a total transaction of $146,250.00. Following the sale, the director now directly owns 111,983 shares of the company's stock, valued at approximately $5,039,235. This represents a 2.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Sytse Sijbrandij sold 108,600 shares of GitLab stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $42.87, for a total transaction of $4,655,682.00. The disclosure for this sale can be found here. Insiders have sold 304,734 shares of company stock worth $14,879,081 in the last 90 days. Insiders own 16.37% 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.