PDT Partners LLC Takes Position in GitLab Inc. (NASDAQ:GTLB)

PDT Partners LLC bought a new stake in GitLab Inc. (NASDAQ:GTLB) in the 4th quarter, Holdings Channel reports. The fund bought 10,586 shares of the company’s stock, valued at approximately $597,000.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in GitLab by 7.2% in the 4th quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company’s stock valued at $740,585,000 after buying an additional 885,955 shares during the last quarter. Norges Bank acquired a new position in shares of GitLab in the fourth quarter worth about $279,089,000. Artisan Partners Limited Partnership boosted its holdings in GitLab by 55.7% in the fourth quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock valued at $227,318,000 after purchasing an additional 1,443,160 shares during the last quarter. Franklin Resources Inc. grew its stake in GitLab by 17.6% during the 4th quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company’s stock valued at $176,954,000 after purchasing an additional 470,192 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in GitLab by 3.2% during the 4th quarter. Geode Capital Management LLC now owns 2,091,780 shares of the company’s stock worth $117,908,000 after purchasing an additional 65,213 shares during the last quarter. 95.04% of the stock is owned by institutional investors and hedge funds.

Insider Activity at GitLab

In other news, Director Karen Blasing sold 3,250 shares of the firm’s stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $45.00, for a total transaction of $146,250.00. Following the transaction, the director now directly owns 111,983 shares of the company’s stock, valued at approximately $5,039,235. This trade represents a 2.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Sytse Sijbrandij sold 108,600 shares of the company’s stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $42.87, for a total transaction of $4,655,682.00. The disclosure for this sale can be found here. Insiders have sold a total of 314,734 shares of company stock worth $15,587,381 in the last three months. 21.36% of the stock is owned by company insiders.

GitLab Trading Up 0.6 %

Shares of NASDAQ:GTLB opened at $46.96 on Friday. The firm’s 50 day moving average is $49.08 and its two-hundred day moving average is $57.64. The firm has a market capitalization of $7.62 billion, a P/E ratio of -146.75 and a beta of 0.79. GitLab Inc. has a 52 week low of $37.90 and a 52 week high of $74.18.

Wall Street Analysts Forecast Growth

GTLB has been the subject of a number of recent analyst reports. Mizuho decreased their price target 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. DA Davidson dropped their target price on shares of GitLab from $60.00 to $45.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $80.00 price target on shares of GitLab in a research report on Tuesday, March 4th. Macquarie reissued an “outperform” rating and issued a $90.00 price objective on shares of GitLab in a report on Tuesday, March 4th. Finally, KeyCorp reduced their target price on GitLab from $80.00 to $60.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Three analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $71.73.

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.