1888 Investments LLC Makes New $1.89 Million Investment in GitLab Inc. (NASDAQ:GTLB)

1888 Investments LLC bought a new position in shares of GitLab Inc. (NASDAQ:GTLB) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 33,498 shares of the company’s stock, valued at approximately $1,888,000. GitLab accounts for 43.9% of 1888 Investments LLC’s portfolio, making the stock its largest position.

Several other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new position in GitLab during the 4th quarter valued at about $279,089,000. Artisan Partners Limited Partnership lifted its holdings in shares of GitLab by 55.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock valued at $227,318,000 after purchasing an additional 1,443,160 shares during the last quarter. ARK Investment Management LLC lifted its holdings in shares of GitLab by 345.2% during the fourth 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 last quarter. Vanguard Group Inc. boosted its position in shares of GitLab by 7.2% in the 4th quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company’s stock worth $740,585,000 after purchasing an additional 885,955 shares in the last quarter. Finally, Pictet Asset Management Holding SA increased its position in GitLab by 77.0% during the 4th quarter. Pictet Asset Management Holding SA now owns 1,921,908 shares of the company’s stock valued at $108,300,000 after buying an additional 836,114 shares in the last quarter. Institutional investors own 95.04% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Mizuho decreased their price objective on shares of GitLab from $80.00 to $72.00 and set an “outperform” rating for the company in a report on Tuesday, March 4th. JPMorgan Chase & Co. decreased their price target on GitLab from $65.00 to $62.00 and set a “neutral” rating for the company in a research note on Tuesday, March 4th. 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. The Goldman Sachs Group boosted their target price on GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Finally, Truist Financial reaffirmed a “buy” rating and set a $90.00 price target (up previously from $80.00) on shares of GitLab in a report on Friday, December 6th. Three equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $75.52.

Insider Transactions at GitLab

In related news, insider Sytse Sijbrandij sold 84,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $62.99, for a total value of $5,291,160.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Karen Blasing sold 6,500 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $63.19, for a total transaction of $410,735.00. Following the sale, the director now directly owns 128,233 shares of the company’s stock, valued at approximately $8,103,043.27. This trade represents a 4.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 349,216 shares of company stock valued at $19,841,492 over the last three months. Corporate insiders own 21.36% of the company’s stock.

GitLab Trading Down 3.6 %

NASDAQ GTLB opened at $48.38 on Friday. GitLab Inc. has a 12 month low of $40.72 and a 12 month high of $74.18. The stock has a market cap of $7.85 billion, a price-to-earnings ratio of -151.19 and a beta of 0.67. The company’s 50 day moving average is $61.70 and its two-hundred day moving average is $59.18.

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.