Amundi Buys 530,297 Shares of GitLab Inc. (NASDAQ:GTLB)

Amundi increased its position in GitLab Inc. (NASDAQ:GTLB) by 613.0% during the fourth quarter, HoldingsChannel.com reports. The firm owned 616,806 shares of the company’s stock after acquiring an additional 530,297 shares during the quarter. Amundi’s holdings in GitLab were worth $38,020,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Janney Montgomery Scott LLC raised its holdings in GitLab by 4.0% in the third quarter. Janney Montgomery Scott LLC now owns 36,451 shares of the company’s stock worth $1,879,000 after buying an additional 1,388 shares during the last quarter. Assetmark Inc. raised its holdings in GitLab by 11.4% in the 3rd quarter. Assetmark Inc. now owns 42,103 shares of the company’s stock worth $2,170,000 after acquiring an additional 4,312 shares during the last quarter. Chartwell Investment Partners LLC bought a new position in GitLab in the 3rd quarter valued at approximately $650,000. GSA Capital Partners LLP purchased a new stake in GitLab during the 3rd quarter valued at $1,055,000. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of GitLab by 6,821.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 297,632 shares of the company’s stock worth $15,340,000 after purchasing an additional 293,332 shares in the last quarter. Institutional investors own 95.04% of the company’s stock.

Insider Buying and Selling

In other GitLab news, Director Karen Blasing sold 3,250 shares of the stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $58.99, for a total transaction of $191,717.50. Following the completion of the transaction, the director now owns 134,733 shares of the company’s stock, valued at $7,947,899.67. This represents a 2.36 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brian G. Robins sold 10,000 shares of the firm’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $70.83, for a total value of $708,300.00. Following the transaction, the chief financial officer now owns 267,380 shares of the company’s stock, valued at approximately $18,938,525.40. The trade was a 3.61 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 730,257 shares of company stock worth $44,034,967. 21.36% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on GTLB. Scotiabank increased their price objective on GitLab from $65.00 to $75.00 and gave the company a “sector outperform” rating in a research report on Wednesday, December 4th. Piper Sandler raised their price target on shares of GitLab from $75.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Morgan Stanley boosted their price objective on shares of GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Robert W. Baird dropped their target price on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a report on Monday, March 3rd. Finally, Mizuho cut their target price on shares of GitLab from $80.00 to $72.00 and set an “outperform” rating for the company in a research report on Tuesday, March 4th. Three research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, GitLab presently has an average rating of “Moderate Buy” and an average price target of $75.38.

GitLab Stock Performance

Shares of GTLB stock opened at $52.79 on Thursday. The stock has a fifty day simple moving average of $64.04 and a two-hundred day simple moving average of $59.10. GitLab Inc. has a 52-week low of $40.72 and a 52-week high of $74.18. The firm has a market capitalization of $8.57 billion, a PE ratio of -164.97 and a beta of 0.67.

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.