Polar Asset Management Partners Inc. Boosts Holdings in GitLab Inc. (NASDAQ:GTLB)

Polar Asset Management Partners Inc. raised its position in GitLab Inc. (NASDAQ:GTLB - Free Report) by 120.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 209,500 shares of the company's stock after buying an additional 114,300 shares during the quarter. Polar Asset Management Partners Inc. owned 0.13% of GitLab worth $11,805,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Barclays PLC increased its holdings in GitLab by 189.1% in the third quarter. Barclays PLC now owns 61,419 shares of the company's stock worth $3,164,000 after purchasing an additional 40,171 shares in the last quarter. Park Avenue Securities LLC boosted its holdings in shares of GitLab by 44.5% in the fourth quarter. Park Avenue Securities LLC now owns 7,220 shares of the company's stock worth $407,000 after acquiring an additional 2,225 shares during the period. Merit Financial Group LLC purchased a new stake in shares of GitLab in the fourth quarter worth $406,000. SG Americas Securities LLC raised its position in GitLab by 594.9% during the fourth quarter. SG Americas Securities LLC now owns 16,074 shares of the company's stock valued at $906,000 after purchasing an additional 13,761 shares in the last quarter. Finally, Janney Montgomery Scott LLC grew its stake in shares of GitLab by 11.0% during the fourth quarter. Janney Montgomery Scott LLC now owns 40,446 shares of the company's stock valued at $2,279,000 after buying an additional 3,995 shares during the last quarter. 95.04% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at GitLab

In other GitLab news, CFO Brian G. Robins sold 45,000 shares of the business'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 value of $2,386,800.00. Following the completion of the transaction, the chief financial officer now owns 344,105 shares of the company's stock, valued at $18,251,329.20. The trade was a 11.57% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 transaction of $2,075,200.00. Following the transaction, the director now directly owns 144,913 shares in the company, valued at approximately $7,518,086.44. This represents a 21.63% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 461,584 shares of company stock worth $23,192,574. Corporate insiders own 16.37% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on GTLB. Wells Fargo & Company reduced their target price on shares of GitLab from $85.00 to $65.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. KeyCorp lowered their target price on GitLab from $80.00 to $60.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Morgan Stanley cut their price target on GitLab from $77.00 to $53.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Robert W. Baird lowered their price objective on GitLab from $80.00 to $76.00 and set an "outperform" rating on the stock in a research report on Monday, March 3rd. Finally, Macquarie reissued an "outperform" rating and set a $90.00 price objective on shares of GitLab in a report on Tuesday, March 4th. Three equities 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 stock. According to data from MarketBeat, GitLab has an average rating of "Moderate Buy" and an average price target of $71.73.

GitLab Trading Down 3.6%

Shares of NASDAQ:GTLB traded down $1.75 on Wednesday, hitting $46.25. The company had a trading volume of 2,801,602 shares, compared to its average volume of 2,598,969. The stock has a market cap of $7.59 billion, a price-to-earnings ratio of -144.53 and a beta of 0.79. The stock has a 50 day moving average price of $46.76 and a 200 day moving average price of $56.82. GitLab Inc. has a 1-year low of $37.90 and a 1-year high of $74.18.

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.