Cetera Investment Advisers Increases Holdings in GitLab Inc. (NASDAQ:GTLB)

Cetera Investment Advisers grew its position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 76.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,787 shares of the company's stock after buying an additional 16,796 shares during the quarter. Cetera Investment Advisers' holdings in GitLab were worth $2,186,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of GTLB. Norges Bank purchased a new stake in GitLab during the fourth quarter valued at $279,089,000. Ameriprise Financial Inc. increased its position in GitLab by 276.9% during the fourth quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company's stock valued at $121,435,000 after acquiring an additional 1,583,221 shares during the last quarter. Artisan Partners Limited Partnership increased its position in GitLab by 55.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company's stock valued at $227,318,000 after acquiring an additional 1,443,160 shares during the last quarter. Alliancebernstein L.P. increased its position 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 during the last quarter. Finally, Marshall Wace LLP increased its position in GitLab by 572.3% during the fourth quarter. Marshall Wace LLP now owns 1,094,128 shares of the company's stock valued at $61,654,000 after acquiring an additional 931,396 shares during the last quarter. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently commented on GTLB shares. Wells Fargo & Company reduced their price objective on GitLab from $85.00 to $65.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Mizuho cut their price objective on shares of GitLab from $80.00 to $72.00 and set an "outperform" rating for the company in a research report on Tuesday, March 4th. JPMorgan Chase & Co. cut 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. Barclays cut their price objective on shares of GitLab from $70.00 to $58.00 and set an "equal weight" rating for the company in a research report on Tuesday, March 4th. Finally, Needham & Company LLC reissued a "buy" rating and set a $85.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. Three equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $71.73.

Insiders Place Their Bets

In other GitLab news, insider Sytse Sijbrandij sold 108,600 shares of the business's stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $42.87, for a total value of $4,655,682.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Brian G. Robins sold 45,000 shares of the business's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $53.04, for a total transaction of $2,386,800.00. Following the completion of the sale, the chief financial officer now owns 344,105 shares in the company, valued at approximately $18,251,329.20. The trade was a 11.57% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 461,584 shares of company stock worth $23,192,574 in the last 90 days. 16.37% of the stock is currently owned by corporate insiders.

GitLab Stock Down 0.6%

Shares of GTLB stock opened at $51.49 on Monday. The stock has a market cap of $8.36 billion, a P/E ratio of -160.91 and a beta of 0.79. GitLab Inc. has a 52 week low of $37.90 and a 52 week high of $74.18. The company's fifty day simple moving average is $47.20 and its two-hundred day simple moving average is $57.31.

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.

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