State Street Corp Boosts Holdings in GitLab Inc. (NASDAQ:GTLB)

State Street Corp grew its position in GitLab Inc. (NASDAQ:GTLB) by 5.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,032,206 shares of the company’s stock after purchasing an additional 111,997 shares during the quarter. State Street Corp’s holdings in GitLab were worth $104,740,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the business. Future Financial Wealth Managment LLC acquired a new stake in shares of GitLab in the 3rd quarter worth $52,000. True Wealth Design LLC purchased a new stake in GitLab in the third quarter valued at about $56,000. Rakuten Securities Inc. boosted its holdings in GitLab by 268.1% in the third quarter. Rakuten Securities Inc. now owns 1,417 shares of the company’s stock worth $73,000 after acquiring an additional 1,032 shares in the last quarter. Quarry LP grew its stake in shares of GitLab by 527.0% during the second quarter. Quarry LP now owns 1,787 shares of the company’s stock worth $89,000 after acquiring an additional 1,502 shares during the last quarter. Finally, Capital Performance Advisors LLP acquired a new position in shares of GitLab during the third quarter valued at about $96,000. 95.04% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CAO Erin Mannix sold 1,433 shares of GitLab stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $52.80, for a total value of $75,662.40. Following the sale, the chief accounting officer now directly owns 72,448 shares in the company, valued at approximately $3,825,254.40. The trade was a 1.94 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Brian G. Robins sold 16,666 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $56.74, for a total value of $945,628.84. Following the transaction, the chief financial officer now directly owns 242,803 shares of the company’s stock, valued at $13,776,642.22. The trade was a 6.42 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 178,365 shares of company stock valued at $10,350,684. 21.36% of the stock is owned by corporate insiders.

GitLab Price Performance

GitLab stock opened at $58.60 on Monday. GitLab Inc. has a 12 month low of $40.72 and a 12 month high of $78.53. The stock has a market capitalization of $9.51 billion, a PE ratio of -183.13 and a beta of 0.54. The business has a 50 day simple moving average of $59.08 and a 200-day simple moving average of $52.45.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. BTIG Research boosted their target price on shares of GitLab from $58.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday, September 4th. Robert W. Baird boosted their price objective on shares of GitLab from $62.00 to $75.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Piper Sandler raised their target price on GitLab from $75.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Mizuho lifted their price target on GitLab from $67.00 to $80.00 and gave the stock an “outperform” rating in a research report on Monday, December 9th. Finally, Truist Financial reissued a “buy” rating and issued a $90.00 price objective (up from $80.00) on shares of GitLab in a report on Friday, December 6th. Three analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, GitLab presently has an average rating of “Moderate Buy” and a consensus price target of $76.42.

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.