Newlands Management Operations LLC Invests $624,000 in GitLab Inc. (NASDAQ:GTLB)

Newlands Management Operations LLC acquired a new position in GitLab Inc. (NASDAQ:GTLB - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 11,076 shares of the company's stock, valued at approximately $624,000. GitLab accounts for approximately 0.0% of Newlands Management Operations LLC's portfolio, making the stock its 22nd largest holding.

Other large investors also recently modified their holdings of the company. Barclays PLC grew its holdings in GitLab by 189.1% during the third quarter. Barclays PLC now owns 61,419 shares of the company's stock valued at $3,164,000 after purchasing an additional 40,171 shares during the period. Swiss National Bank grew its holdings in GitLab by 3.7% during the fourth quarter. Swiss National Bank now owns 215,000 shares of the company's stock valued at $12,115,000 after purchasing an additional 7,700 shares during the period. Barton Investment Management grew its holdings in GitLab by 99.4% during the fourth quarter. Barton Investment Management now owns 335,648 shares of the company's stock valued at $18,914,000 after purchasing an additional 167,290 shares during the period. Jackson Square Capital LLC grew its holdings in GitLab by 328.1% during the fourth quarter. Jackson Square Capital LLC now owns 36,600 shares of the company's stock valued at $2,062,000 after purchasing an additional 28,050 shares during the period. Finally, Smith Group Asset Management LLC grew its holdings in GitLab by 70.9% during the fourth quarter. Smith Group Asset Management LLC now owns 17,020 shares of the company's stock valued at $959,000 after purchasing an additional 7,060 shares during the period. Institutional investors own 95.04% of the company's stock.

GitLab Stock Down 0.6%

GitLab stock traded down $0.32 during midday trading on Friday, reaching $51.49. 1,942,409 shares of the stock traded hands, compared to its average volume of 2,562,688. The stock's fifty day moving average is $47.20 and its 200-day moving average is $57.27. GitLab Inc. has a 12 month low of $37.90 and a 12 month high of $74.18. The stock has a market cap of $8.36 billion, a P/E ratio of -160.91 and a beta of 0.79.

Insider Activity at GitLab

In other news, CFO Brian G. Robins sold 45,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The stock was 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 directly owns 344,105 shares of the company's stock, valued at $18,251,329.20. This trade represents a 11.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Susan L. Bostrom sold 40,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $51.88, for a total value of $2,075,200.00. Following the completion of the sale, the director now directly owns 144,913 shares of the company's stock, valued at $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. Over the last three months, insiders sold 461,584 shares of company stock valued at $23,192,574. Insiders own 16.37% of the company's stock.

Wall Street Analysts Forecast Growth

GTLB has been the subject of several recent research reports. JPMorgan Chase & Co. cut their price target on GitLab from $65.00 to $62.00 and set a "neutral" rating for the company in a report on Tuesday, March 4th. Barclays cut their price target on GitLab from $70.00 to $58.00 and set an "equal weight" rating for the company in a report on Tuesday, March 4th. DA Davidson cut their price target on GitLab from $60.00 to $45.00 and set a "neutral" rating for the company in a report on Monday, April 14th. Morgan Stanley cut their price target on GitLab from $77.00 to $53.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Finally, KeyCorp cut their price target on GitLab from $80.00 to $60.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Three investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $71.73.

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.