Parallel Advisors LLC Grows Stock Holdings in GitLab Inc. (NASDAQ:GTLB)

Parallel Advisors LLC raised its position in GitLab Inc. (NASDAQ:GTLB) by 30.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,142 shares of the company’s stock after acquiring an additional 1,214 shares during the quarter. Parallel Advisors LLC’s holdings in GitLab were worth $242,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of GTLB. Vanguard Group Inc. raised its holdings in GitLab by 7.2% in the fourth quarter. Vanguard Group Inc. now owns 13,142,592 shares of the company’s stock worth $740,585,000 after buying an additional 885,955 shares during the last quarter. Norges Bank purchased a new stake in GitLab during the fourth quarter valued at approximately $279,089,000. Artisan Partners Limited Partnership increased its holdings in GitLab by 55.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock valued at $227,318,000 after buying an additional 1,443,160 shares during the last quarter. Franklin Resources Inc. increased its holdings in GitLab by 17.6% during the fourth quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company’s stock valued at $176,954,000 after buying an additional 470,192 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its position in shares of GitLab by 276.9% in the fourth quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company’s stock worth $121,435,000 after purchasing an additional 1,583,221 shares during the period. Institutional investors own 95.04% of the company’s stock.

GitLab Price Performance

Shares of NASDAQ GTLB opened at $47.39 on Thursday. The company has a market cap of $7.77 billion, a P/E ratio of -148.09 and a beta of 0.79. GitLab Inc. has a 1 year low of $37.90 and a 1 year high of $74.18. The firm has a 50-day simple moving average of $46.19 and a two-hundred day simple moving average of $56.25.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Truist Financial dropped their target price on shares of GitLab from $90.00 to $80.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Wells Fargo & Company dropped their target price on shares of GitLab from $85.00 to $65.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. Cantor Fitzgerald restated an “overweight” rating and set a $80.00 target price on shares of GitLab in a research report on Tuesday, March 4th. Needham & Company LLC restated a “buy” rating and set a $85.00 target price on shares of GitLab in a research report on Tuesday, March 4th. Finally, Robert W. Baird decreased their price target on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a research note on Monday, March 3rd. Three investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $71.33.

Insiders Place Their Bets

In other GitLab news, Director Karen Blasing sold 3,250 shares of the firm’s stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $45.00, for a total value of $146,250.00. Following the completion of the sale, the director now owns 111,983 shares of the company’s stock, valued at $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 available at this hyperlink. Also, Director Susan L. Bostrom sold 40,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $51.88, for a total value of $2,075,200.00. Following the completion of the sale, the director now owns 144,913 shares of the company’s stock, 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 sold a total of 461,584 shares of company stock valued at $23,192,574 over the last 90 days. Insiders own 16.37% of the company’s stock.

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.