Wellington Management Group LLP Buys 98,496 Shares of GitLab Inc. (NASDAQ:GTLB)

Wellington Management Group LLP increased its stake in GitLab Inc. (NASDAQ:GTLB - Free Report) by 15.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 743,492 shares of the company's stock after purchasing an additional 98,496 shares during the period. Wellington Management Group LLP owned 0.46% of GitLab worth $41,896,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. EverSource Wealth Advisors LLC raised its position in shares of GitLab by 5,700.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 522 shares of the company's stock worth $29,000 after acquiring an additional 513 shares during the last quarter. CoreCap Advisors LLC lifted its position in GitLab by 327.5% during the 4th quarter. CoreCap Advisors LLC now owns 590 shares of the company's stock valued at $33,000 after purchasing an additional 452 shares during the period. IMG Wealth Management Inc. acquired a new position in GitLab during the 4th quarter valued at about $46,000. Smartleaf Asset Management LLC boosted its stake in shares of GitLab by 1,067.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,261 shares of the company's stock valued at $71,000 after purchasing an additional 1,153 shares during the last quarter. Finally, True Wealth Design LLC grew its position in shares of GitLab by 20.0% during the 4th quarter. True Wealth Design LLC now owns 1,297 shares of the company's stock worth $73,000 after buying an additional 216 shares during the period. Institutional investors and hedge funds own 95.04% of the company's stock.

GitLab Trading Up 1.2%

Shares of GTLB traded up $0.56 during mid-day trading on Tuesday, reaching $46.11. The company's stock had a trading volume of 1,385,918 shares, compared to its average volume of 2,594,444. GitLab Inc. has a 1-year low of $37.90 and a 1-year high of $74.18. The business has a 50-day simple moving average of $46.28 and a two-hundred day simple moving average of $56.38. The stock has a market cap of $7.56 billion, a P/E ratio of -144.09 and a beta of 0.79.

Analysts Set New Price Targets

GTLB has been the topic of several analyst reports. Cantor Fitzgerald restated an "overweight" rating and issued a $80.00 price objective on shares of GitLab in a report on Tuesday, March 4th. Morgan Stanley reduced 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. JPMorgan Chase & Co. lowered their price target on GitLab from $65.00 to $62.00 and set a "neutral" rating for the company in a research note on Tuesday, March 4th. KeyCorp cut their price target on shares of GitLab from $80.00 to $60.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Finally, Robert W. Baird reduced their price objective on shares of GitLab from $80.00 to $76.00 and set an "outperform" rating on the stock in a research note on Monday, March 3rd. Three investment 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 MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $71.73.

Insider Buying and Selling at GitLab

In other GitLab news, Director Susan L. Bostrom sold 40,000 shares of the stock in a transaction dated 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 sale, the director now directly owns 144,913 shares in the company, valued at $7,518,086.44. This represents a 21.63% 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, insider Sytse Sijbrandij sold 108,600 shares of the company's stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $42.87, for a total transaction of $4,655,682.00. The disclosure for this sale can be found here. Insiders have sold a total of 461,584 shares of company stock worth $23,192,574 over the last ninety days. 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.