Assetmark Inc. Buys 2,182 Shares of GitLab Inc. (NASDAQ:GTLB)

Assetmark Inc. grew its stake in GitLab Inc. (NASDAQ:GTLB) by 5.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 44,285 shares of the company’s stock after acquiring an additional 2,182 shares during the quarter. Assetmark Inc.’s holdings in GitLab were worth $2,495,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. Franklin Resources Inc. boosted its holdings in GitLab by 0.8% in the third quarter. Franklin Resources Inc. now owns 2,670,072 shares of the company’s stock worth $146,774,000 after acquiring an additional 21,976 shares in the last quarter. State Street Corp boosted its holdings in GitLab by 5.8% in the third quarter. State Street Corp now owns 2,032,206 shares of the company’s stock worth $104,740,000 after acquiring an additional 111,997 shares in the last quarter. Geode Capital Management LLC boosted its holdings in GitLab by 7.0% in the third quarter. Geode Capital Management LLC now owns 2,026,567 shares of the company’s stock worth $104,476,000 after acquiring an additional 132,548 shares in the last quarter. Bamco Inc. NY boosted its holdings in GitLab by 0.4% in the third quarter. Bamco Inc. NY now owns 1,253,244 shares of the company’s stock worth $64,592,000 after acquiring an additional 4,874 shares in the last quarter. Finally, ARK Investment Management LLC boosted its holdings in GitLab by 345.2% in the fourth quarter. ARK Investment Management LLC now owns 1,160,502 shares of the company’s stock worth $65,394,000 after acquiring an additional 899,823 shares in the last quarter. 95.04% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on GTLB shares. Canaccord Genuity Group boosted their price target on GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Scotiabank boosted their price target on GitLab from $65.00 to $75.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, December 4th. Robert W. Baird decreased their price target on GitLab from $80.00 to $76.00 and set an “outperform” rating for the company in a research note on Monday, March 3rd. Barclays decreased their price target on GitLab from $70.00 to $58.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 4th. Finally, DA Davidson decreased their price target on GitLab from $70.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday, February 28th. 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 company. According to MarketBeat, GitLab currently has an average rating of “Moderate Buy” and a consensus price target of $75.38.

GitLab Stock Down 3.2 %

Shares of GTLB opened at $56.38 on Monday. The business has a 50-day simple moving average of $64.31 and a two-hundred day simple moving average of $59.07. The stock has a market cap of $9.15 billion, a price-to-earnings ratio of -176.19 and a beta of 0.67. GitLab Inc. has a 52 week low of $40.72 and a 52 week high of $74.18.

Insiders Place Their Bets

In other news, CFO Brian G. Robins sold 10,000 shares of the company’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $56.24, for a total value of $562,400.00. Following the completion of the transaction, the chief financial officer now owns 267,380 shares of the company’s stock, valued at $15,037,451.20. This represents a 3.61 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Robin Schulman sold 9,251 shares of the company’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $70.00, for a total value of $647,570.00. Following the completion of the transaction, the insider now directly owns 121,893 shares of the company’s stock, valued at approximately $8,532,510. This trade represents a 7.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 730,257 shares of company stock worth $44,034,967 over the last quarter. 21.36% of the stock is currently owned by corporate insiders.

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.