Infinitum Asset Management LLC Acquires Shares of 120,000 GitLab Inc. (NASDAQ:GTLB)

Infinitum Asset Management LLC acquired a new stake in GitLab Inc. (NASDAQ:GTLB - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 120,000 shares of the company's stock, valued at approximately $6,762,000. GitLab makes up about 3.6% of Infinitum Asset Management LLC's portfolio, making the stock its 10th biggest holding. Infinitum Asset Management LLC owned 0.07% of GitLab as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. Norges Bank bought a new stake in shares of GitLab in the fourth quarter valued at about $279,089,000. Ameriprise Financial Inc. raised its position in GitLab by 276.9% in the 4th quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company's stock valued at $121,435,000 after buying an additional 1,583,221 shares during the last quarter. Artisan Partners Limited Partnership lifted its stake in GitLab by 55.7% in the 4th 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 in the last quarter. Alliancebernstein L.P. boosted its position in GitLab by 4,042.0% during the 4th quarter. Alliancebernstein L.P. now owns 1,455,385 shares of the company's stock worth $82,011,000 after acquiring an additional 1,420,248 shares during the last quarter. Finally, Marshall Wace LLP boosted its position in GitLab by 572.3% during the 4th quarter. Marshall Wace LLP now owns 1,094,128 shares of the company's stock worth $61,654,000 after acquiring an additional 931,396 shares during the last quarter. 95.04% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Morgan Stanley cut their price objective on shares of GitLab from $77.00 to $53.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Barclays cut their price target on shares of GitLab from $70.00 to $58.00 and set an "equal weight" rating on the stock in a research report on Tuesday, March 4th. KeyCorp lowered their target price on GitLab from $80.00 to $60.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Royal Bank of Canada reissued an "outperform" rating and set a $80.00 price target on shares of GitLab in a research report on Tuesday, March 4th. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $80.00 price target on shares of GitLab in a research note on Tuesday, March 4th. Three research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $71.73.

GitLab Stock Down 3.6%

GitLab stock traded down $1.75 during trading hours on Wednesday, reaching $46.25. 2,801,602 shares of the company's stock were exchanged, compared to its average volume of 2,598,969. The firm's 50 day simple moving average is $46.67 and its 200 day simple moving average is $56.74. GitLab Inc. has a twelve month low of $37.90 and a twelve month high of $74.18. The firm has a market capitalization of $7.59 billion, a PE ratio of -144.53 and a beta of 0.79.

Insider Activity at GitLab

In other news, CFO Brian G. Robins sold 45,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The shares were 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 $18,251,329.20. This trade represents a 11.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Susan L. Bostrom sold 40,000 shares of the company's stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $51.88, for a total value of $2,075,200.00. Following the completion of the transaction, the director now owns 144,913 shares in the company, valued at approximately $7,518,086.44. The trade was a 21.63% decrease in their position. The disclosure for this sale can be found here. Insiders sold 461,584 shares of company stock valued at $23,192,574 in the last three months. Corporate insiders own 16.37% of the company's stock.

About GitLab

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.