Franklin Resources Inc. Boosts Stake in GitLab Inc. (NASDAQ:GTLB)

Franklin Resources Inc. boosted its stake in shares of GitLab Inc. (NASDAQ:GTLB) by 17.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,140,264 shares of the company’s stock after purchasing an additional 470,192 shares during the period. Franklin Resources Inc. owned about 1.93% of GitLab worth $176,954,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Charles Schwab Investment Management Inc. lifted its position in shares of GitLab by 8.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 751,415 shares of the company’s stock valued at $38,728,000 after buying an additional 57,381 shares in the last quarter. Bank of Montreal Can raised its stake in GitLab by 360.4% during the 3rd quarter. Bank of Montreal Can now owns 59,200 shares of the company’s stock worth $3,058,000 after acquiring an additional 46,343 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in GitLab by 5.1% during the third quarter. The Manufacturers Life Insurance Company now owns 29,377 shares of the company’s stock valued at $1,514,000 after purchasing an additional 1,417 shares in the last quarter. BNP Paribas Financial Markets boosted its position in shares of GitLab by 26.5% in the third quarter. BNP Paribas Financial Markets now owns 62,877 shares of the company’s stock worth $3,241,000 after purchasing an additional 13,169 shares during the period. Finally, Glenmede Trust Co. NA increased its stake in shares of GitLab by 3.0% in the third quarter. Glenmede Trust Co. NA now owns 11,564 shares of the company’s stock worth $596,000 after purchasing an additional 334 shares in the last quarter. Institutional investors own 95.04% of the company’s stock.

Insider Activity at GitLab

In other GitLab news, Director Karen Blasing sold 6,500 shares of GitLab 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 completion of the sale, the director now directly owns 128,233 shares of the company’s stock, valued at $8,103,043.27. The trade was a 4.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Robin Schulman sold 7,330 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $56.98, for a total value of $417,663.40. Following the transaction, the insider now directly owns 121,893 shares in the company, valued at $6,945,463.14. The trade was a 5.67 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 329,216 shares of company stock worth $18,716,292 in the last 90 days. 21.36% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on GTLB shares. Royal Bank of Canada restated an “outperform” rating and set a $80.00 target price on shares of GitLab in a research note on Tuesday, March 4th. Piper Sandler upped their price objective on GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. KeyCorp lifted their target price on GitLab from $74.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Needham & Company LLC restated a “buy” rating and issued a $85.00 price target on shares of GitLab in a research note on Tuesday, March 4th. Finally, Wells Fargo & Company increased their price objective on shares of GitLab from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Three analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $75.09.

GitLab Trading Up 1.4 %

Shares of GTLB opened at $47.65 on Wednesday. The firm has a market capitalization of $7.73 billion, a P/E ratio of -148.91 and a beta of 0.67. GitLab Inc. has a 12-month low of $40.72 and a 12-month high of $74.18. The firm has a fifty day moving average price of $61.03 and a 200-day moving average price of $59.11.

About GitLab

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.