Franklin Resources Inc. Buys 470,192 Shares of GitLab Inc. (NASDAQ:GTLB)

Franklin Resources Inc. boosted its stake in shares of GitLab Inc. (NASDAQ:GTLB) by 17.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,140,264 shares of the company’s stock after purchasing an additional 470,192 shares during the quarter. Franklin Resources Inc.’s holdings in GitLab were worth $176,954,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Y Intercept Hong Kong Ltd purchased a new stake in shares of GitLab during the third quarter valued at about $678,000. State Street Corp lifted its position in 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 last quarter. Barclays PLC boosted its stake in GitLab by 189.1% in the third quarter. Barclays PLC now owns 61,419 shares of the company’s stock valued at $3,164,000 after acquiring an additional 40,171 shares in the last quarter. Oddo BHF Asset Management Sas purchased a new position in GitLab in the third quarter worth $6,865,000. Finally, Swiss National Bank increased its position in shares of GitLab by 3.7% during the fourth quarter. Swiss National Bank now owns 215,000 shares of the company’s stock worth $12,115,000 after purchasing an additional 7,700 shares in the last quarter. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Insider Activity

In other news, Director Susan L. Bostrom sold 40,000 shares of the stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $51.88, for a total transaction of $2,075,200.00. Following the transaction, the director now owns 144,913 shares in the company, valued at $7,518,086.44. This trade represents a 21.63 % decrease in their position. The sale was disclosed in a filing 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 on Monday, March 24th. The stock was 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 approximately $25,832,616.36. The trade was a 23.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 329,216 shares of company stock worth $18,716,292 in the last ninety days. Company insiders own 21.36% of the company’s stock.

Analysts Set New Price Targets

GTLB has been the topic of several research analyst reports. The Goldman Sachs Group boosted their target price on GitLab from $80.00 to $88.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. DA Davidson dropped their price target on GitLab from $70.00 to $60.00 and set a “neutral” rating on the stock in a research note on Friday, February 28th. JPMorgan Chase & Co. decreased their price objective on shares of GitLab from $65.00 to $62.00 and set a “neutral” rating for the company in a research report on Tuesday, March 4th. Canaccord Genuity Group boosted their target price on shares of GitLab from $65.00 to $78.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $80.00 price target on shares of GitLab in a report on Tuesday, March 4th. Three analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $75.09.

GitLab Stock Performance

GTLB stock opened at $47.65 on Wednesday. The firm’s fifty day moving average is $61.03 and its 200 day moving average is $59.11. The firm has a market cap of $7.73 billion, a PE ratio of -148.91 and a beta of 0.67. GitLab Inc. has a one year low of $40.72 and a one year high of $74.18.

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.