Westend Capital Management LLC boosted its holdings in shares of GitLab Inc. (NASDAQ:GTLB - Free Report) by 82.5% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 174,666 shares of the company's stock after purchasing an additional 78,940 shares during the quarter. GitLab makes up approximately 2.9% of Westend Capital Management LLC's holdings, making the stock its 18th largest holding. Westend Capital Management LLC owned about 0.11% of GitLab worth $9,842,000 as of its most recent SEC filing.
Several other large investors have also recently added to or reduced their stakes in GTLB. Future Financial Wealth Managment LLC acquired a new stake in GitLab in the third quarter worth $52,000. True Wealth Design LLC acquired a new position in GitLab during the 3rd quarter valued at about $56,000. Rakuten Securities Inc. grew its holdings in GitLab by 268.1% in the 3rd quarter. Rakuten Securities Inc. now owns 1,417 shares of the company's stock worth $73,000 after buying an additional 1,032 shares in the last quarter. Quarry LP grew its stake in shares of GitLab by 527.0% in the second quarter. Quarry LP now owns 1,787 shares of the company's stock worth $89,000 after purchasing an additional 1,502 shares in the last quarter. Finally, Capital Performance Advisors LLP acquired a new position in shares of GitLab during the third quarter valued at $96,000. 95.04% of the stock is currently owned by institutional investors.
Shares of GTLB stock opened at $63.02 on Friday. The stock's 50 day simple moving average is $61.30 and its 200 day simple moving average is $54.79. GitLab Inc. has a twelve month low of $40.72 and a twelve month high of $78.53. The company has a market capitalization of $10.23 billion, a price-to-earnings ratio of -196.94 and a beta of 0.57.
GTLB has been the subject of several research analyst reports. Cantor Fitzgerald upped their price objective on shares of GitLab from $75.00 to $80.00 and gave the stock an "overweight" rating in a report on Friday, December 6th. Barclays raised their price objective on shares of GitLab from $55.00 to $70.00 and gave the company an "equal weight" rating in a research note on Monday, December 9th. Morgan Stanley increased their price target on GitLab from $70.00 to $77.00 and gave the company an "overweight" rating in a research note on Friday, December 6th. Wells Fargo & Company boosted their price objective on GitLab from $75.00 to $80.00 and gave the stock an "overweight" rating in a research note on Friday, December 6th. Finally, DA Davidson raised their target price on GitLab from $50.00 to $70.00 and gave the company a "neutral" rating in a research note on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, GitLab presently has an average rating of "Moderate Buy" and an average price target of $76.42.
Get Our Latest Stock Report on GTLB
In other news, insider Robin Schulman sold 2,996 shares of the company's stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $55.98, for a total transaction of $167,716.08. Following the completion of the transaction, the insider now directly owns 129,223 shares in the company, valued at $7,233,903.54. The trade was a 2.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brian G. Robins sold 10,000 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $56.24, for a total transaction of $562,400.00. Following the completion of the sale, the chief financial officer now owns 267,380 shares of the company's stock, valued at approximately $15,037,451.20. The trade was a 3.61 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 816,447 shares of company stock worth $48,948,434 in the last quarter. 21.36% of the stock is currently owned by company insiders.
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.
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