Federated Hermes Inc. Boosts Stake in GitLab Inc. (NASDAQ:GTLB)

Federated Hermes Inc. lifted its position in GitLab Inc. (NASDAQ:GTLB) by 37.2% in the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 461,221 shares of the company’s stock after acquiring an additional 125,074 shares during the period. Federated Hermes Inc.’s holdings in GitLab were worth $25,990,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. 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 purchasing an additional 885,955 shares in the last quarter. Norges Bank purchased a new stake in shares of GitLab in the 4th quarter worth about $279,089,000. Artisan Partners Limited Partnership grew its position in shares of GitLab by 55.7% in the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock worth $227,318,000 after buying an additional 1,443,160 shares during the period. Franklin Resources Inc. increased its stake in shares of GitLab by 17.6% in the 4th quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company’s stock worth $176,954,000 after acquiring an additional 470,192 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in GitLab by 3.2% during the 4th quarter. Geode Capital Management LLC now owns 2,091,780 shares of the company’s stock valued at $117,908,000 after acquiring an additional 65,213 shares during the period. Hedge funds and other institutional investors own 95.04% of the company’s stock.

GitLab Stock Performance

GitLab stock opened at $40.52 on Wednesday. GitLab Inc. has a one year low of $37.90 and a one year high of $74.18. The stock has a fifty day moving average of $58.14 and a 200 day moving average of $58.67. The stock has a market cap of $6.58 billion, a PE ratio of -126.63 and a beta of 0.79.

Insider Activity

In other news, Director Karen Blasing sold 6,500 shares of the company’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $63.19, for a total value of $410,735.00. Following the completion of the sale, the director now directly owns 128,233 shares in the company, valued at $8,103,043.27. This represents a 4.82 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Sytse Sijbrandij sold 84,000 shares of the firm’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $62.99, for a total value of $5,291,160.00. The disclosure for this sale can be found here. Insiders sold 311,886 shares of company stock valued at $17,736,229 in the last quarter. 21.36% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on GTLB shares. Mizuho cut their price objective on shares of GitLab from $80.00 to $72.00 and set an “outperform” rating on the stock in a report on Tuesday, March 4th. JPMorgan Chase & Co. cut their price target on GitLab from $65.00 to $62.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 4th. DA Davidson lowered their price objective on GitLab from $70.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday, February 28th. Macquarie reissued an “outperform” rating and issued a $90.00 target price on shares of GitLab in a report on Tuesday, March 4th. Finally, 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. Three investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, GitLab has an average rating of “Moderate Buy” and an average target price of $75.09.

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.