GitLab Inc. (NASDAQ:GTLB) Stake Lifted by Lazard Asset Management LLC

Lazard Asset Management LLC boosted its position in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 230.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 49,214 shares of the company's stock after purchasing an additional 34,342 shares during the quarter. Lazard Asset Management LLC's holdings in GitLab were worth $2,772,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of GTLB. Barclays PLC boosted its position in GitLab by 189.1% during 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 position in GitLab by 44.5% during the fourth quarter. Park Avenue Securities LLC now owns 7,220 shares of the company's stock worth $407,000 after purchasing an additional 2,225 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in GitLab during the fourth quarter worth $225,000. Wealthcare Advisory Partners LLC purchased a new stake in GitLab during the fourth quarter worth $311,000. Finally, Avanza Fonder AB purchased a new stake in shares of GitLab in the fourth quarter valued at $278,000. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Matthew Jacobson sold 152,884 shares of the business's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $52.34, for a total value of $8,001,948.56. Following the completion of the sale, the director now directly owns 493,554 shares in the company, valued at approximately $25,832,616.36. The trade was a 23.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 sale, the chief financial officer now owns 344,105 shares of the company's stock, valued at $18,251,329.20. This trade represents a 11.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 461,584 shares of company stock worth $23,192,574. 21.36% of the stock is currently owned by insiders.

GitLab Trading Up 0.3%

GTLB stock traded up $0.14 during midday trading on Thursday, hitting $47.74. 858,438 shares of the company's stock were exchanged, compared to its average volume of 2,579,102. GitLab Inc. has a 12-month low of $37.90 and a 12-month high of $74.18. The stock has a market capitalization of $7.83 billion, a price-to-earnings ratio of -149.53 and a beta of 0.79. The firm has a 50 day moving average price of $47.04 and a 200-day moving average price of $57.14.

Wall Street Analyst Weigh In

GTLB has been the topic of several recent research reports. Barclays reduced their price objective 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. Royal Bank of Canada restated an "outperform" rating and issued a $80.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. Mizuho reduced their price objective on GitLab from $80.00 to $72.00 and set an "outperform" rating on the stock in a research report on Tuesday, March 4th. Needham & Company LLC restated a "buy" rating and issued a $85.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. Finally, Truist Financial reduced their price objective on GitLab from $90.00 to $80.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. Three investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $71.73.

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.