Polar Asset Management Partners Inc. Has $11.81 Million Stake in GitLab Inc. (NASDAQ:GTLB)

Polar Asset Management Partners Inc. grew its holdings in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 120.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 209,500 shares of the company's stock after purchasing an additional 114,300 shares during the quarter. Polar Asset Management Partners Inc. owned approximately 0.13% of GitLab worth $11,805,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of GTLB. Norges Bank bought a new position in shares of GitLab in the fourth quarter worth $279,089,000. Ameriprise Financial Inc. lifted its holdings in shares of GitLab by 276.9% in the 4th quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company's stock worth $121,435,000 after acquiring an additional 1,583,221 shares during the last quarter. Artisan Partners Limited Partnership lifted its stake in GitLab by 55.7% in the fourth 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 during the last quarter. Alliancebernstein L.P. boosted 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 buying an additional 1,420,248 shares during the period. Finally, Marshall Wace LLP grew its stake in shares of 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 buying an additional 931,396 shares during the last quarter. 95.04% of the stock is owned by hedge funds and other institutional investors.

GitLab Price Performance

NASDAQ:GTLB traded up $0.11 during trading hours on Friday, reaching $45.79. 2,612,483 shares of the company were exchanged, compared to its average volume of 2,765,821. The firm has a market cap of $7.51 billion, a price-to-earnings ratio of -143.08 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 stock has a 50 day simple moving average of $46.54 and a 200 day simple moving average of $56.64.

Insider Buying and Selling at GitLab

In related news, Director Karen Blasing sold 3,250 shares of the firm's stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $45.00, for a total transaction of $146,250.00. Following the completion of the sale, the director now directly owns 111,983 shares in the company, valued at approximately $5,039,235. This trade represents a 2.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Susan L. Bostrom sold 40,000 shares of the stock in a transaction 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 sale, the director now owns 144,913 shares of the company's stock, valued at $7,518,086.44. The trade was a 21.63% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 461,584 shares of company stock worth $23,192,574 over the last quarter. 16.37% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages recently commented on GTLB. Macquarie restated an "outperform" rating and set a $90.00 target price on shares of GitLab in a report on Tuesday, March 4th. Royal Bank of Canada restated an "outperform" rating and issued a $80.00 price target on shares of GitLab in a research note on Tuesday, March 4th. Morgan Stanley lowered their target price on GitLab from $77.00 to $53.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Truist Financial decreased 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. Finally, KeyCorp decreased their price target on GitLab from $80.00 to $60.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Three research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $71.73.

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.