Westend Capital Management LLC Has $9.84 Million Stock Holdings in GitLab Inc. (NASDAQ:GTLB)

Westend Capital Management LLC boosted its holdings in shares of GitLab Inc. (NASDAQ:GTLB) by 82.5% in the fourth quarter, Holdings Channel reports. The firm owned 174,666 shares of the company’s stock after purchasing an additional 78,940 shares during the quarter. GitLab comprises about 2.9% of Westend Capital Management LLC’s portfolio, making the stock its 18th biggest holding. Westend Capital Management LLC’s holdings in GitLab were worth $9,842,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of GTLB. Y Intercept Hong Kong Ltd acquired a new stake in GitLab in the 3rd quarter valued at $678,000. State Street Corp lifted its holdings in shares of GitLab by 5.8% during the third quarter. State Street Corp now owns 2,032,206 shares of the company’s stock valued at $104,740,000 after acquiring an additional 111,997 shares during the period. Barclays PLC boosted its stake in shares of GitLab by 189.1% in the 3rd quarter. Barclays PLC now owns 61,419 shares of the company’s stock valued at $3,164,000 after purchasing an additional 40,171 shares in the last quarter. Oddo BHF Asset Management Sas bought a new stake in shares of GitLab in the 3rd quarter worth about $6,865,000. Finally, ARK Investment Management LLC acquired a new stake in shares of GitLab during the 3rd quarter worth about $13,435,000. 95.04% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Macquarie restated an “outperform” rating and issued a $90.00 price target on shares of GitLab in a research report on Wednesday. Needham & Company LLC reissued a “buy” rating and issued a $85.00 target price on shares of GitLab in a report on Tuesday, January 7th. Canaccord Genuity Group raised their price target on GitLab from $65.00 to $78.00 and gave the company a “buy” rating in a report on Friday, December 6th. Cantor Fitzgerald boosted their price objective on GitLab from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Finally, Mizuho raised their target price on GitLab from $67.00 to $80.00 and gave the company an “outperform” rating in a research note on Monday, December 9th. Three equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $76.42.

GitLab Stock Down 1.8 %

GTLB stock opened at $63.02 on Friday. GitLab Inc. has a twelve month low of $40.72 and a twelve month high of $78.53. The company has a market cap of $10.23 billion, a price-to-earnings ratio of -196.94 and a beta of 0.57. The business has a 50 day moving average price of $61.30 and a two-hundred day moving average price of $54.79.

Insider Activity

In other GitLab news, CFO Brian G. Robins sold 16,666 shares of the firm’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $56.74, for a total transaction of $945,628.84. Following the completion of the sale, the chief financial officer now owns 242,803 shares of the company’s stock, valued at $13,776,642.22. This trade represents a 6.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Matthew Jacobson sold 547,679 shares of the company’s stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $59.72, for a total transaction of $32,707,389.88. Following the completion of the transaction, the director now owns 58,471 shares in the company, valued at approximately $3,491,888.12. This represents a 90.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 816,447 shares of company stock valued at $48,948,434. 21.36% of the stock is owned by insiders.

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.