Hudson Bay Capital Management LP Purchases 3,314 Shares of GitLab Inc. (NASDAQ:GTLB)

Hudson Bay Capital Management LP lifted its position in shares of GitLab Inc. (NASDAQ:GTLB) by 8.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 41,548 shares of the company’s stock after purchasing an additional 3,314 shares during the quarter. Hudson Bay Capital Management LP’s holdings in GitLab were worth $2,341,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GTLB. Vanguard Group Inc. lifted 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 acquiring an additional 885,955 shares in the last quarter. Norges Bank bought a new stake in GitLab in the 4th quarter valued at $279,089,000. Artisan Partners Limited Partnership lifted its position in GitLab by 55.7% in the 4th quarter. Artisan Partners Limited Partnership now owns 4,034,041 shares of the company’s stock valued at $227,318,000 after acquiring an additional 1,443,160 shares in the last quarter. Franklin Resources Inc. lifted its position in GitLab by 17.6% in the 4th quarter. Franklin Resources Inc. now owns 3,140,264 shares of the company’s stock valued at $176,954,000 after acquiring an additional 470,192 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its position in GitLab by 276.9% in the 4th quarter. Ameriprise Financial Inc. now owns 2,155,016 shares of the company’s stock valued at $121,435,000 after acquiring an additional 1,583,221 shares in the last quarter. 95.04% of the stock is owned by institutional investors.

GitLab Stock Performance

Shares of GTLB opened at $53.36 on Wednesday. GitLab Inc. has a 52 week low of $37.90 and a 52 week high of $74.18. The firm has a market cap of $8.66 billion, a P/E ratio of -166.75 and a beta of 0.79. The firm’s 50-day simple moving average is $47.25 and its 200 day simple moving average is $57.33.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on GTLB shares. Truist Financial cut their price objective on shares of GitLab from $90.00 to $80.00 and set a “buy” rating on the stock in a research report on Monday, March 31st. DA Davidson cut their price objective on shares of GitLab from $60.00 to $45.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Robert W. Baird cut their price target on shares of GitLab from $80.00 to $76.00 and set an “outperform” rating on the stock in a research report on Monday, March 3rd. KeyCorp cut their price target on shares of GitLab from $80.00 to $60.00 and set an “overweight” rating on the stock in a research report on Thursday, April 17th. Finally, JPMorgan Chase & Co. cut their price target on shares of GitLab from $65.00 to $62.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 4th. Three analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $71.73.

Insider Activity at GitLab

In other GitLab news, Director Susan L. Bostrom sold 40,000 shares of the business’s stock in a transaction dated 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Matthew Jacobson sold 152,884 shares of the business’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $52.34, for a total transaction of $8,001,948.56. Following the completion of the sale, the director now directly owns 493,554 shares of the company’s stock, valued at $25,832,616.36. This represents a 23.65% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 304,734 shares of company stock worth $14,879,081. Insiders own 16.37% of the company’s stock.

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.