LMR Partners LLP Acquires Shares of 37,000 GitLab Inc. (NASDAQ:GTLB)

LMR Partners LLP bought a new stake in GitLab Inc. (NASDAQ:GTLB - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 37,000 shares of the company's stock, valued at approximately $2,085,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Barclays PLC lifted its stake in shares of GitLab by 189.1% during the 3rd quarter. Barclays PLC now owns 61,419 shares of the company's stock valued at $3,164,000 after buying an additional 40,171 shares in the last quarter. Swiss National Bank lifted its stake in shares of GitLab by 3.7% during the 4th quarter. Swiss National Bank now owns 215,000 shares of the company's stock valued at $12,115,000 after buying an additional 7,700 shares in the last quarter. Barton Investment Management lifted its stake in shares of GitLab by 99.4% during the 4th quarter. Barton Investment Management now owns 335,648 shares of the company's stock valued at $18,914,000 after buying an additional 167,290 shares in the last quarter. Jackson Square Capital LLC lifted its stake in shares of GitLab by 328.1% during the 4th quarter. Jackson Square Capital LLC now owns 36,600 shares of the company's stock valued at $2,062,000 after buying an additional 28,050 shares in the last quarter. Finally, Smith Group Asset Management LLC lifted its stake in shares of GitLab by 70.9% during the 4th quarter. Smith Group Asset Management LLC now owns 17,020 shares of the company's stock valued at $959,000 after buying an additional 7,060 shares in the last quarter. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

GitLab Stock Down 0.6%

Shares of NASDAQ:GTLB traded down $0.32 on Friday, hitting $51.49. The company had a trading volume of 1,942,409 shares, compared to its average volume of 2,562,688. The firm's 50-day simple moving average is $47.20 and its two-hundred day simple moving average is $57.27. GitLab Inc. has a 1 year low of $37.90 and a 1 year high of $74.18. The firm has a market capitalization of $8.36 billion, a price-to-earnings ratio of -160.91 and a beta of 0.79.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Truist Financial decreased their target price on shares of GitLab from $90.00 to $80.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Wells Fargo & Company decreased their price target on shares of GitLab from $85.00 to $65.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. DA Davidson decreased their price target on shares of GitLab from $60.00 to $45.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. KeyCorp decreased their price target on shares of GitLab from $80.00 to $60.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Finally, Macquarie reissued an "outperform" rating and issued a $90.00 price target on shares of GitLab in a report on Tuesday, March 4th. Three investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, GitLab currently has a consensus rating of "Moderate Buy" and an average price target of $71.73.

Insider Transactions at GitLab

In related news, Director Karen Blasing sold 3,250 shares of the stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $51.58, for a total value of $167,635.00. Following the completion of the transaction, the director now directly owns 108,733 shares in the company, valued at $5,608,448.14. This trade represents a 2.90% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Susan L. Bostrom sold 40,000 shares of the stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $51.88, for a total transaction of $2,075,200.00. Following the completion of the transaction, the director now owns 144,913 shares of the company's stock, valued at approximately $7,518,086.44. The trade was a 21.63% 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 valued at $23,192,574. Company insiders own 16.37% of the company's stock.

GitLab 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.