Comerica Bank Grows Position in GitLab Inc. (NASDAQ:GTLB)

Comerica Bank grew its stake in GitLab Inc. (NASDAQ:GTLB - Free Report) by 41.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 51,980 shares of the company's stock after buying an additional 15,323 shares during the quarter. Comerica Bank's holdings in GitLab were worth $2,929,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Norges Bank purchased a new stake in GitLab in the 4th quarter worth approximately $279,089,000. Artisan Partners Limited Partnership lifted its holdings in GitLab by 55.7% in the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company's stock worth $227,318,000 after purchasing an additional 1,443,160 shares in the last quarter. Alliancebernstein L.P. grew its stake in GitLab by 4,042.0% during the fourth quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company's stock valued at $82,011,000 after acquiring an additional 1,420,248 shares in the last quarter. Marshall Wace LLP boosted its holdings in shares of GitLab by 572.3% during the 4th quarter. Marshall Wace LLP now owns 1,094,128 shares of the company's stock valued at $61,654,000 after purchasing an additional 931,396 shares during the last quarter. Finally, ARK Investment Management LLC grew its position in shares of GitLab by 345.2% during the fourth quarter. ARK Investment Management LLC now owns 1,160,502 shares of the company's stock valued at $65,394,000 after purchasing an additional 899,823 shares in the last quarter. Institutional investors own 95.04% of the company's stock.

Insider Activity

In related news, insider Sytse Sijbrandij sold 108,600 shares of the stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $42.87, for a total transaction of $4,655,682.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Matthew Jacobson sold 152,884 shares of GitLab stock in a transaction on Monday, March 24th. The stock was sold at an average price of $52.34, for a total transaction of $8,001,948.56. Following the completion of the transaction, the director now directly owns 493,554 shares in the company, valued at $25,832,616.36. This represents a 23.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 304,734 shares of company stock worth $14,879,081. Corporate insiders own 21.36% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on GTLB. Needham & Company LLC reissued a "buy" rating and set a $85.00 price target on shares of GitLab in a research note on Tuesday, March 4th. DA Davidson lowered their target price on 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 reduced their price target on shares of GitLab from $80.00 to $76.00 and set an "outperform" rating on the stock in a research report on Monday, March 3rd. Wells Fargo & Company lowered their price objective on shares of GitLab from $85.00 to $65.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Finally, Morgan Stanley reduced their target price on shares of GitLab from $77.00 to $53.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Three research 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. According to MarketBeat, GitLab presently has an average rating of "Moderate Buy" and an average price target of $71.73.

GitLab Price Performance

Shares of GTLB stock opened at $47.11 on Thursday. The company has a market cap of $7.65 billion, a P/E ratio of -147.21 and a beta of 0.79. The stock's 50-day moving average is $47.95 and its 200 day moving average is $57.42. GitLab Inc. has a 1-year low of $37.90 and a 1-year high of $74.18.

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.

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