Polar Asset Management Partners Inc. Boosts Stock Holdings in GitLab Inc. (NASDAQ:GTLB)

Polar Asset Management Partners Inc. lifted its position in GitLab Inc. (NASDAQ:GTLB - Free Report) by 120.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 209,500 shares of the company's stock after purchasing an additional 114,300 shares during the quarter. Polar Asset Management Partners Inc. owned about 0.13% of GitLab worth $11,805,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in GTLB. Barclays PLC increased its stake in GitLab by 189.1% in the third quarter. Barclays PLC now owns 61,419 shares of the company's stock valued at $3,164,000 after acquiring an additional 40,171 shares during the last quarter. Park Avenue Securities LLC increased its position in shares of GitLab by 44.5% during the 4th quarter. Park Avenue Securities LLC now owns 7,220 shares of the company's stock valued at $407,000 after purchasing an additional 2,225 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of GitLab during the 4th quarter valued at about $225,000. Northside Capital Management LLC bought a new stake in GitLab in the 4th quarter worth approximately $329,000. Finally, Wealthcare Advisory Partners LLC bought a new stake in GitLab in the 4th quarter worth approximately $311,000. Hedge funds and other institutional investors own 95.04% of the company's stock.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Cantor Fitzgerald reissued an "overweight" rating and set a $80.00 price target on shares of GitLab in a research note on Tuesday, March 4th. Truist Financial reduced 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. KeyCorp decreased their target price 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. Royal Bank of Canada restated an "outperform" rating and set a $80.00 price target on shares of GitLab in a research report on Tuesday, March 4th. Finally, Barclays decreased their price objective on GitLab from $70.00 to $58.00 and set an "equal weight" rating on the stock in a report on Tuesday, March 4th. Three equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $71.73.

GitLab Stock Performance

Shares of GTLB traded up $1.17 during mid-day trading on Tuesday, reaching $50.12. The company had a trading volume of 1,730,099 shares, compared to its average volume of 2,569,123. The company has a market capitalization of $8.13 billion, a price-to-earnings ratio of -156.35 and a beta of 0.79. The firm has a 50-day moving average price of $47.13 and a 200 day moving average price of $57.25. GitLab Inc. has a 52 week low of $37.90 and a 52 week high of $74.18.

Insider Buying and Selling at GitLab

In related news, 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 transaction, the chief financial officer now directly owns 344,105 shares in the company, valued at $18,251,329.20. The trade was a 11.57% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Karen Blasing sold 3,250 shares of the stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $51.58, for a total value of $167,635.00. Following the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 461,584 shares of company stock worth $23,192,574. 16.37% of the stock is owned by insiders.

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.