Pier Capital LLC Has $7.82 Million Stake in GitLab Inc. (NASDAQ:GTLB)

Pier Capital LLC raised its holdings in GitLab Inc. (NASDAQ:GTLB) by 58.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 138,693 shares of the company’s stock after buying an additional 51,365 shares during the period. Pier Capital LLC owned 0.09% of GitLab worth $7,815,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in GTLB. ARK Investment Management LLC increased its position in shares of GitLab by 345.2% in the fourth quarter. ARK Investment Management LLC now owns 1,160,502 shares of the company’s stock valued at $65,394,000 after acquiring an additional 899,823 shares during the last quarter. Vanguard Group Inc. grew its stake in GitLab by 7.2% in the fourth 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 in the last quarter. Amundi increased its position in shares of GitLab by 613.0% during the 4th quarter. Amundi now owns 616,806 shares of the company’s stock worth $38,020,000 after purchasing an additional 530,297 shares during the last quarter. Atreides Management LP bought a new stake in shares of GitLab during the 3rd quarter worth approximately $25,605,000. Finally, Los Angeles Capital Management LLC boosted its holdings in shares of GitLab by 67.7% in the 4th quarter. Los Angeles Capital Management LLC now owns 1,003,010 shares of the company’s stock valued at $56,520,000 after buying an additional 404,895 shares during the last quarter. 95.04% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CFO Brian G. Robins sold 10,000 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $56.24, for a total transaction of $562,400.00. Following the completion of the sale, the chief financial officer now directly owns 267,380 shares in the company, valued at approximately $15,037,451.20. This represents a 3.61 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Susan L. Bostrom sold 40,000 shares of the firm’s stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $51.88, for a total value of $2,075,200.00. Following the completion of the transaction, the director now owns 144,913 shares in the company, valued at $7,518,086.44. The trade was a 21.63 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 744,011 shares of company stock valued at $44,546,933 over the last 90 days. 21.36% of the stock is owned by corporate insiders.

GitLab Stock Up 2.3 %

Shares of NASDAQ:GTLB opened at $52.12 on Tuesday. GitLab Inc. has a 12-month low of $40.72 and a 12-month high of $74.18. The company’s 50 day moving average price is $62.66 and its two-hundred day moving average price is $59.31. The firm has a market cap of $8.46 billion, a PE ratio of -162.88 and a beta of 0.67.

Analyst Ratings Changes

GTLB has been the topic of several analyst reports. Truist Financial reaffirmed a “buy” rating and set a $90.00 price target (up from $80.00) on shares of GitLab in a research report on Friday, December 6th. DA Davidson dropped their target price on shares of GitLab from $70.00 to $60.00 and set a “neutral” rating on the stock in a report on Friday, February 28th. Barclays reduced their price target on GitLab from $70.00 to $58.00 and set an “equal weight” rating for the company in a report on Tuesday, March 4th. The Goldman Sachs Group upped their price objective on GitLab from $80.00 to $88.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $80.00 target price on shares of GitLab in a research note on Tuesday, March 4th. Three 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 company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $75.52.

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.