GitLab Inc. (NASDAQ:GTLB) Shares Acquired by Bank of America Corp DE

Bank of America Corp DE grew its stake in GitLab Inc. (NASDAQ:GTLB - Free Report) by 78.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,423,487 shares of the company's stock after acquiring an additional 624,235 shares during the quarter. Bank of America Corp DE owned about 0.88% of GitLab worth $80,213,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Barclays PLC boosted its stake 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 purchasing an additional 40,171 shares during the last quarter. Swiss National Bank lifted its stake in shares of GitLab by 3.7% during the fourth quarter. Swiss National Bank now owns 215,000 shares of the company's stock valued at $12,115,000 after buying an additional 7,700 shares during the period. Barton Investment Management boosted its position in GitLab by 99.4% during the fourth quarter. Barton Investment Management now owns 335,648 shares of the company's stock worth $18,914,000 after acquiring an additional 167,290 shares during the last quarter. Jackson Square Capital LLC grew its stake in GitLab by 328.1% in the 4th quarter. Jackson Square Capital LLC now owns 36,600 shares of the company's stock worth $2,062,000 after acquiring an additional 28,050 shares during the period. Finally, Smith Group Asset Management LLC raised its holdings in GitLab by 70.9% in the 4th quarter. Smith Group Asset Management LLC now owns 17,020 shares of the company's stock valued at $959,000 after acquiring an additional 7,060 shares during the last quarter. Institutional investors and hedge funds own 95.04% of the company's stock.

Wall Street Analyst Weigh In

GTLB has been the subject of several recent analyst reports. Needham & Company LLC restated a "buy" rating and issued a $85.00 price target on shares of GitLab in a report on Tuesday, March 4th. DA Davidson dropped their price target 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. Truist Financial cut their price target on shares of GitLab from $90.00 to $80.00 and set a "buy" rating on the stock in a research note on Monday, March 31st. Mizuho lowered their price objective on shares of GitLab from $80.00 to $72.00 and set an "outperform" rating for the company in a research note on Tuesday, March 4th. Finally, Macquarie reaffirmed an "outperform" rating and issued a $90.00 target price on shares of GitLab in a research report on Tuesday, March 4th. Three investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $71.73.

Insider Activity

In other GitLab news, Director Susan L. Bostrom sold 40,000 shares of GitLab stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $51.88, for a total transaction of $2,075,200.00. Following the sale, the director now directly owns 144,913 shares in the company, valued at $7,518,086.44. The trade was a 21.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Karen Blasing sold 3,250 shares of the stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $45.00, for a total value of $146,250.00. Following the transaction, the director now owns 111,983 shares of the company's stock, valued at approximately $5,039,235. This trade represents a 2.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 304,734 shares of company stock worth $14,879,081 over the last ninety days. Corporate insiders own 16.37% of the company's stock.

GitLab Price Performance

GTLB traded up $0.07 during trading hours on Wednesday, reaching $53.43. 2,401,854 shares of the stock traded hands, compared to its average volume of 2,563,445. GitLab Inc. has a fifty-two week low of $37.90 and a fifty-two week high of $74.18. The company has a market cap of $8.67 billion, a price-to-earnings ratio of -166.97 and a beta of 0.79. The firm's fifty day simple moving average is $47.25 and its two-hundred day simple moving average is $57.33.

GitLab 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.