IQ EQ FUND MANAGEMENT IRELAND Ltd Takes $778,000 Position in GitLab Inc. (NASDAQ:GTLB)

IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new position in GitLab Inc. (NASDAQ:GTLB) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 13,815 shares of the company’s stock, valued at approximately $778,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Artisan Partners Limited Partnership increased its position in shares of GitLab by 55.7% in the fourth quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock valued at $227,318,000 after acquiring an additional 1,443,160 shares during the period. ARK Investment Management LLC increased its holdings in GitLab by 345.2% during the 4th quarter. ARK Investment Management LLC now owns 1,160,502 shares of the company’s stock valued at $65,394,000 after purchasing an additional 899,823 shares during the period. Vanguard Group Inc. raised its position in GitLab by 7.2% during the 4th quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company’s stock valued at $740,585,000 after purchasing an additional 885,955 shares during the last quarter. Amundi lifted its holdings in GitLab by 613.0% in the 4th quarter. Amundi now owns 616,806 shares of the company’s stock worth $38,020,000 after buying an additional 530,297 shares during the period. Finally, Atreides Management LP bought a new stake in shares of GitLab in the 3rd quarter worth approximately $25,605,000. 95.04% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on GTLB. Robert W. Baird decreased their target price on GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a report on Monday, March 3rd. Scotiabank raised their target price on shares of GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, December 4th. Canaccord Genuity Group boosted their price target on shares of GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a research report on Friday, December 6th. KeyCorp increased their price target on shares of GitLab from $74.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $85.00 price objective on shares of GitLab in a research report on Tuesday, March 4th. Three investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $75.52.

GitLab Stock Down 2.4 %

Shares of NASDAQ GTLB opened at $50.18 on Friday. The company has a 50 day moving average of $61.99 and a 200 day moving average of $59.20. GitLab Inc. has a twelve month low of $40.72 and a twelve month high of $74.18. The firm has a market cap of $8.14 billion, a P/E ratio of -156.81 and a beta of 0.67.

Insider Transactions at GitLab

In other news, Director Karen Blasing sold 6,500 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $63.19, for a total transaction of $410,735.00. Following the transaction, the director now directly owns 128,233 shares of the company’s stock, valued at $8,103,043.27. This represents a 4.82 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Matthew Jacobson sold 152,884 shares of the company’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $52.34, for a total value of $8,001,948.56. Following the sale, the director now owns 493,554 shares of the company’s stock, valued at approximately $25,832,616.36. This trade represents a 23.65 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 349,216 shares of company stock worth $19,841,492 over the last quarter. 21.36% of the stock is currently 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.