Sycomore Asset Management Has $6.87 Million Position in GitLab Inc. (NASDAQ:GTLB)

Sycomore Asset Management raised its stake in GitLab Inc. (NASDAQ:GTLB) by 6.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 133,668 shares of the company’s stock after buying an additional 8,204 shares during the period. Sycomore Asset Management owned 0.08% of GitLab worth $6,872,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Los Angeles Capital Management LLC bought a new position in GitLab in the 3rd quarter valued at approximately $30,827,000. Atreides Management LP acquired a new position in GitLab in the 3rd quarter valued at approximately $25,605,000. Thrivent Financial for Lutherans raised its stake in shares of GitLab by 128.8% during the third quarter. Thrivent Financial for Lutherans now owns 554,455 shares of the company’s stock valued at $28,577,000 after acquiring an additional 312,119 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of GitLab by 6,821.7% during the third 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 during the period. Finally, ARK Investment Management LLC bought a new stake in shares of GitLab in the third quarter worth $13,435,000. 95.04% of the stock is currently owned by institutional investors and hedge funds.

GitLab Price Performance

Shares of GitLab stock opened at $70.55 on Monday. GitLab Inc. has a 52 week low of $40.72 and a 52 week high of $78.53. The business has a 50 day moving average price of $63.04 and a 200-day moving average price of $56.50.

Analyst Ratings Changes

Several brokerages recently issued reports on GTLB. Needham & Company LLC reaffirmed a “buy” rating and set a $85.00 target price on shares of GitLab in a research report on Tuesday, January 7th. Morgan Stanley upped their target price on GitLab from $70.00 to $77.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Scotiabank raised their price target on shares of GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a report on Wednesday, December 4th. Royal Bank of Canada upped their price objective on shares of GitLab from $73.00 to $80.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Finally, JPMorgan Chase & Co. lifted their target price on shares of GitLab from $60.00 to $65.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Three investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $76.42.

Insider Activity at GitLab

In other news, CEO Sytse Sijbrandij sold 84,776 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $59.64, for a total value of $5,056,040.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Brian G. Robins sold 10,000 shares of the business’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $70.83, for a total transaction of $708,300.00. Following the transaction, the chief financial officer now owns 267,380 shares in the company, valued at approximately $18,938,525.40. This trade represents a 3.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 828,283 shares of company stock valued at $49,959,990. 21.36% of the stock is owned by insiders.

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.