Northern Trust Corp Increases Stock Holdings in GitLab Inc. (NASDAQ:GTLB)

Northern Trust Corp grew its holdings in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 20.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 650,369 shares of the company's stock after purchasing an additional 109,182 shares during the period. Northern Trust Corp owned about 0.40% of GitLab worth $36,648,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in GTLB. Beacon Pointe Advisors LLC purchased a new stake in GitLab during the 4th quarter worth approximately $1,695,000. Aquatic Capital Management LLC increased its position in shares of GitLab by 88.8% during the fourth quarter. Aquatic Capital Management LLC now owns 111,384 shares of the company's stock worth $6,276,000 after acquiring an additional 52,384 shares during the period. Arnhold LLC raised its stake in shares of GitLab by 112.2% in the fourth quarter. Arnhold LLC now owns 22,865 shares of the company's stock valued at $1,288,000 after acquiring an additional 12,090 shares in the last quarter. Two Sigma Securities LLC boosted its holdings in GitLab by 789.8% in the fourth quarter. Two Sigma Securities LLC now owns 3,559 shares of the company's stock valued at $201,000 after purchasing an additional 3,159 shares during the period. Finally, Lord Abbett & CO. LLC acquired a new position in GitLab during the 4th quarter worth $17,920,000. Institutional investors and hedge funds own 95.04% of the company's stock.

Insiders Place Their Bets

In other GitLab 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 transaction of $4,655,682.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Karen Blasing sold 3,250 shares of the business's 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 of the company's stock, valued at approximately $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. Over the last quarter, insiders sold 304,734 shares of company stock worth $14,879,081. Insiders own 16.37% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on GTLB shares. Mizuho lowered their price objective on GitLab from $80.00 to $72.00 and set an "outperform" rating for the company in a research report on Tuesday, March 4th. DA Davidson dropped their price objective on shares of GitLab from $60.00 to $45.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Robert W. Baird decreased their price target on GitLab from $80.00 to $76.00 and set an "outperform" rating for the company in a report on Monday, March 3rd. Wells Fargo & Company dropped their price objective on GitLab from $85.00 to $65.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Finally, Truist Financial decreased their target price on GitLab from $90.00 to $80.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Three equities research 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. Based on data from MarketBeat.com, GitLab currently has an average rating of "Moderate Buy" and an average target price of $71.73.

GitLab Trading Up 2.5%

Shares of NASDAQ:GTLB traded up $1.30 during midday trading on Tuesday, hitting $53.36. 2,294,652 shares of the stock were exchanged, compared to its average volume of 2,560,786. GitLab Inc. has a twelve month low of $37.90 and a twelve month high of $74.18. The company has a 50 day moving average price of $47.35 and a 200-day moving average price of $57.36. The stock has a market cap of $8.66 billion, a P/E ratio of -166.75 and a beta of 0.79.

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.