Swedbank AB Purchases 88,000 Shares of GitLab Inc. $GTLB

Key Points

• Swedbank AB increased its holdings in GitLab Inc. by 51.8%, purchasing an additional 88,000 shares and owning a total of 258,000 shares worth approximately $12.1 million.
• Multiple hedge funds, including Cetera Investment Advisers and Deutsche Bank AG, have also significantly raised their positions in GitLab, reflecting growing institutional interest in the company.
• Analysts have given GitLab an average rating of "Moderate Buy" with a price target of $58.88, indicating confidence in its potential growth despite mixed price objectives from different firms.

Swedbank AB lifted its position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 51.8% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 258,000 shares of the company's stock after purchasing an additional 88,000 shares during the quarter. Swedbank AB owned about 0.16% of GitLab worth $12,126,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in GTLB. Cetera Investment Advisers boosted its position in shares of GitLab by 76.4% during the fourth quarter. Cetera Investment Advisers now owns 38,787 shares of the company's stock valued at $2,186,000 after purchasing an additional 16,796 shares in the last quarter. Deutsche Bank AG raised its stake in GitLab by 29.8% during the fourth quarter. Deutsche Bank AG now owns 63,029 shares of the company's stock valued at $3,552,000 after buying an additional 14,468 shares during the last quarter. Janus Henderson Group PLC raised its stake in GitLab by 5.5% during the fourth quarter. Janus Henderson Group PLC now owns 49,594 shares of the company's stock valued at $2,794,000 after buying an additional 2,600 shares during the last quarter. Quantinno Capital Management LP purchased a new position in GitLab during the fourth quarter valued at $301,000. Finally, Point72 Asset Management L.P. raised its stake in GitLab by 500.0% during the fourth quarter. Point72 Asset Management L.P. now owns 4,000 shares of the company's stock valued at $225,000 after buying an additional 5,000 shares during the last quarter. 95.04% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Guggenheim assumed coverage on GitLab in a research note on Thursday. They set a "buy" rating and a $70.00 price objective for the company. Truist Financial lowered their price objective on GitLab from $75.00 to $55.00 and set a "buy" rating for the company in a research note on Thursday, September 4th. Cowen reiterated a "buy" rating on shares of GitLab in a research note on Friday, June 6th. Cantor Fitzgerald reiterated an "overweight" rating and set a $60.00 price objective on shares of GitLab in a research note on Thursday, September 4th. Finally, FBN Securities upgraded GitLab to a "strong-buy" rating in a research note on Thursday, September 4th. One research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $58.88.

GitLab Price Performance

GTLB stock opened at $50.30 on Monday. GitLab Inc. has a 1-year low of $37.90 and a 1-year high of $74.18. The business has a fifty day moving average price of $45.13 and a 200-day moving average price of $46.61. The stock has a market capitalization of $8.39 billion, a P/E ratio of -1,257.50 and a beta of 0.74.

Insider Transactions at GitLab

In related news, Director Karen Blasing sold 3,250 shares of the company's stock in a transaction on Friday, June 27th. The stock was sold at an average price of $45.00, for a total transaction of $146,250.00. Following the completion of the sale, the director owned 110,389 shares in the company, valued at approximately $4,967,505. This represents a 2.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Matthew Jacobson sold 143,205 shares of the company's stock in a transaction on Monday, September 8th. The shares were sold at an average price of $46.80, for a total value of $6,701,994.00. Following the sale, the director owned 498,098 shares of the company's stock, valued at approximately $23,310,986.40. This trade represents a 22.33% decrease in their position. The disclosure for this sale can be found here. Insiders sold 499,555 shares of company stock worth $22,226,966 over the last quarter. 21.36% of the stock is currently owned by insiders.

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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