Vivaldi Capital Management LP Purchases New Position in GitLab Inc. (NASDAQ:GTLB)

Vivaldi Capital Management LP bought a new stake in GitLab Inc. (NASDAQ:GTLB - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 14,192 shares of the company's stock, valued at approximately $800,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank acquired a new position in GitLab in the 4th quarter valued at about $279,089,000. Ameriprise Financial Inc. increased 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 acquiring an additional 1,583,221 shares during the period. Artisan Partners Limited Partnership increased its position 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 during the period. Alliancebernstein L.P. increased its position in GitLab by 4,042.0% in the 4th 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 period. Finally, Marshall Wace LLP increased its position in GitLab by 572.3% in the 4th 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 period. 95.04% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Sytse Sijbrandij sold 108,600 shares of the stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $42.87, for a total value of $4,655,682.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Karen Blasing sold 3,250 shares of the stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $45.00, for a total value of $146,250.00. Following the completion of the transaction, the director now directly owns 111,983 shares in the company, valued at $5,039,235. This trade represents a 2.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 461,584 shares of company stock valued at $23,192,574. 21.36% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

GTLB has been the topic of several recent research reports. JPMorgan Chase & Co. dropped their price target on GitLab from $65.00 to $62.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 4th. Truist Financial dropped their price target on GitLab from $90.00 to $80.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. Needham & Company LLC restated a "buy" rating and issued a $85.00 price target on shares of GitLab in a research report on Tuesday, March 4th. Barclays dropped their price target on GitLab from $70.00 to $58.00 and set an "equal weight" rating on the stock in a research report on Tuesday, March 4th. Finally, DA Davidson dropped their price target on GitLab from $60.00 to $45.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Three research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $71.73.

GitLab Trading Down 0.6%

Shares of GitLab stock traded down $0.27 during trading hours on Friday, reaching $47.50. 1,866,308 shares of the company's stock were exchanged, compared to its average volume of 2,591,914. The firm has a market capitalization of $7.79 billion, a price-to-earnings ratio of -148.44 and a beta of 0.79. The company has a fifty day moving average of $46.91 and a 200-day moving average of $57.02. GitLab Inc. has a 52-week low of $37.90 and a 52-week 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.